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 Replies: 18 / Views: 1,720 |
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Pillar of the Community
United States
5318 Posts |
Okie, I currently live in Silicon Valley, where everyone assumes the economy will somehow continue as before. While people are supposedly "wealthy" here, my dealer friends whose business comprised perhaps 60% bullion transactions have seen a huge slowdown already. And in two weeks, there will be a local coin show, where I expect more inventory/less traffic. I've always been a frugal collector, so my buying will stay about the same. That's not to say I'm not deeply concerned about the availability of money for business renewal. I'm currently in a product development phase, and I don't know whether I'll see any money-- but I won't dismiss the power of optimism. Best wishes to all my friends here.  Edited by KurtS
10/27/2008 12:55 am
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Pillar of the Community
United States
3098 Posts |
Hey, where in Silicon Valley?
I live in Cupertino, and it's basically the same mindset. I mean the houses at still maintaining their $1 million tag, and they were built 50 years ago!
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Pillar of the Community
United States
5318 Posts |
I recently relocated to Sunnyvale from up North. Yes, the "google effect" here too--people are blowing crazy money on sticks and stucco, lol. I've seen sales at $800-1000/sqft even over the past few months. However, that may be coming to a close. |
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Pillar of the Community
United States
3098 Posts |
Well, I think my area is mostly buoyed by the school district (I live 3 blocks from Lynbrook). I understand how Asian parents want to stuff their kids into the best schools, so I think that mindset will keep at least this area alive.
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Pillar of the Community
United States
3294 Posts |
I have ceased buying all coins for now, the stock market seems to have a ton of bargains right now.
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Pillar of the Community
United States
1208 Posts |
You guys s*ck!  I can't buy anything. When coin prices are up, I have money, when they are down, I don't have money. It's been that way all my life. By "coin prices", I mean good deals on anything numismatist related, like precious metals too. |
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Pillar of the Community
United States
2540 Posts |
wd1040:
Hey, you are on Long Island?
Same here, East Meadow, but I lived in Lynbrook years ago.
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Valued Member
United States
191 Posts |
I work in the oilfield and our business is booming. I currently live in northern michigan. My company is gonna be sending crews to Wyoming for 28 days at a time. I have not noticed any prices coming down on coins. However I am gettin ready to start buying all I can. Like I said I am not hurting for work now. I just wish everyone else who wanted to could work all they want. I am collectin for the love of coins. I also want to help my kids go to college If they wish. Good luck and my prayers are with all who are having financial hardship now.
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Moderator
 United States
188770 Posts |
Quote:
And in two weeks, there will be a local coin show, where I expect more inventory/less traffic The coin show I went to this weekend was seemed to be less inventory and less traffic. Based on the dealer directory map, there were some no-shows. Some of the guys I talked to hinted (but never really admitted) that they "packed light" expecting to be taking more back with them (i.e. people selling their things in hard times). I did notice that junk silver was selling at 10-12 times face. Not sure what they were paying though; I was not lucky enough to witness any of those transactions. |
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Pillar of the Community
United States
5318 Posts |
Quote:
Based on the dealer directory map, there were some no-shows. At our local show last spring, I recall that a half-dozen smaller dealers went home after the first day. They mostly looked like retirees doing it for supplemental income. However, does anyone know of Anaconda coins? He was the guy selling very nice, high-end toned Morgans etc. He definitely looked on his last legs at that show; I believe he really cut prices to move inventory and may now be gone altogether. Then again, the bullion brokers were very busy, and I'll guess they will be busy again this November--at least buying.  |
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Pillar of the Community
United States
1231 Posts |
Quote:
I work in the oilfield and our business is booming. I currently live in northern michigan. My company is gonna be sending crews to Wyoming for 28 days at a time. I live in NH and they are having a Job fair this week for jobs in Wyoming. Anaconda is no longer in buisness. Adrian and Brandon parted ways. Adrian ran off to Costa Rica. And Anaconda's coins were consigned to Heritage to sell at the Summer FUN auction |
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Pillar of the Community
United States
2734 Posts |
Quote:
Good luck and my prayers are with all who are having financial hardship now.  Likewise!  |
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Pillar of the Community
United States
3098 Posts |
To TreasHunt:
No, I live in San Jose, but my high school is called Lynbrook
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Pillar of the Community
United States
666 Posts |
I work in the oilfield also... the boom in Texas is cooling off from what I can see. I'm sure the dip in oil prices / demand is the reason.
Anadarko is cutting back on drilling, Penn Virginia is cutting back on drilling, Newfield isn't cutting back but isn't expanding like they had planned. 6 months ago everyone was getting hot and heavy getting ready to make a play on the Hannesville shale (ArkLaTex region), and many operators are still moving rigs into the area... Just not at the rate that was planned.
The slowdown actually might be a bit of a good thing for me, I've been working non stop for months now even though I'm scheduled to work a 2 on 2 off sort of schedule... Don't know when the last time I saw 2 weeks off was... I'm lucky if I get 4 or 5 days before the work cell starts vibrating.
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Pillar of the Community
United States
2734 Posts |
Quote:
nod2003: I have ceased buying all coins for now, the stock market seems to have a ton of bargains right now. You, sir, are a braver man than I !  A number of companies would be 'good buys' right now. The problem is, if the 'bear ain't done eatin' yet', they'll be 'even better buys' next year.  Lucky me: The moment I heard the word 'bailout', I took my 401(k) allocations completely out of the stock market.       ...and they will stay out of there for at least a year! Unfortunately, a lot of employers' 401(k) plans didn't give the planholders an option to move to a 'stock-free' interest-income type of fund.  Normally, you wouldn't want to pick such a fund because of the very minimal income growth over time, but it's a perfect place to 'wait out' a big bear market! Here's a NumisMaster article: "Collector Coin Market Stays Strong" http://www.numismaster.com/ta/numis...ticleId=5507Edited by DNA
10/27/2008 11:35 pm
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Posted 10/27/2008 01:39 am
