Weekly LCS report

[agmoose]

Unfortunately, I knew walking in that I'd be window shopping only today, as I am dry on extra cash for a few days unless I tap into my savings, which my wife and I have a certain agreement on, so it wouldn't be likely.

When I got to the shop at about 1045, there wasn't a parking spot empty. Ut-oh. I parked across the street and walked in. Six people at the junk silver and ASE case. Two more looking through the numismatic stuff, and one at the gold case. No one selling, all buying.

Price on junk was still 22x, and by the time I got to the counter, there were no halves, no dimes and probably only $5 face in slick Standing Lib and Barber quarters left. One guy bought all the halves and ten ASE's. Another bought all the dimes. A couple guys bought out all six of his ten ounce bars at $290 each cash price, and a lady bought several commemorative halves, all the 40% and a few Buffalo rounds.

The guy at the gold case bought quite a bit, and negotiated with the owner direct, and discreetly. He paid in cash, but went to the back to finish the transaction. My guess is he spent around $10k.

Afterwards, I stood to the side and chatted with the owner, explained why I was only a spectator, and the condition of the markets today. I have a hunch he had more 90% in the back, but was hesitant to sell it yet. He did say that now the only gold he had left were the four fractional in the case.

If I'd have had the cash today, I'd have bought some ASE's at $29.50 each. Maybe next week.....

[beauanderos]

Yeah, you gotta know the coin dealers hate days like today... damned if they do, damned if they don't. The little guys have no way to hedge against unnatural downdrafts like today except to pull their stock and show bare shelves.