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Market At A Glance

The past five years has made for many interesting conversations. With the rise in precious and base metal prices, unprecedented government spending, unemployment at near depression levels and a housing market that is weaker than any time in our lifetime, people are apprehensive to put it mildly.
Inflation numbers in my opinion are being manipulated. Every trip to the gas station or grocery brings a bigger pinch to our wallets than the previous week. None of us need a degree in economics to understand what is happening to the U.S. dollar. Further pressure on our economic health is being pressured by our military actions across the Middle East at a cost of billions of dollars each month. To make matters worse, U.S. debt to other nations, particularly China compounds an unstable economy. This being said, I do have confidence in the American people to be resilient, and once again regain our economic strength.
What does this have to do with the coin market? Well, history tends to repeat itself. We faced many of the same concerns in the late 70’s and early 80’s. As precious metals also made a run in 1979 and 1980, coins took a bit of a back seat. Again we have seen the coin market slow as people have turned their attention to the rise in precious metals. As the metals market reached historic levels, the coin market began to heat up. We watched MS65 silver dollars move from under $100.00 to $800.00. A move was underway to offset the falling dollar through other instruments. Rare coins, art, Ming dynasty pottery, and even oriental rugs began to rise. I am unfamiliar with current price trends of other collectibles, but we are seeing renewed interest in rare coins particularly silver dollars. Uncirculated or not, dollars are on the move with gains similar to what was seen in the early markets of the 80’s.
As a collector and dealer who participated in the market then, current conditions seem very similar now. I believe this market truly has legs and new markets and opportunities will emerge as emotions and supply demands are redefined.
In the meantime, watch for opportunity and happy collecting!
Mike Gambill

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