Mint Julep Cup I remember a time like this several years ago, when people were taking their Kentucky Derby Mint Julep Cups and crushing them to sell as scrap. Today, with the current price of silver, I'd bet they wish those cups were still in their showcase. In fact, on eBay, a 7 oz.1850 pure coin silver Mint Julep Cup by Peter Krider sold 2/27 for $600.
Yes, I was a little early in my call to sell silver, and it has gone up another 20% making it an even better sell. Anyone who says they can pick the very top or bottom in a market is someone to be fearful of. No, I didn't think the dollar would continue to fall through the floor, but it has. Neither did I suspect that crude prices would continue to skyrocket above $100 a barrel, but it did. So does that make my reasoning wrong? Not at all. Where I was right in my thinking was that corn would gain in value because of the production of ethanol. However, I did not take into consideration that this would cause the price of soybeans to go over $13 a bushel, or wheat would sell at $16. Who would've thought that? Because of these sharp, elevated prices in the futures market, their fall will be even steeper than their gains. So, yes I still say sell silver while it is still going up. This cycle will come to its end soon.
This new high in the price of silver now provides a better place to sell for those that didn't sell when I first wrote about this. I know of several people who sold a portion of their holdings the first time around. Now they can average up their selling price. I truly believe that as soon as the political parties have their candidates selected, the markets will begin to change, and by the third quarter, the economy will have righted itself. That will make this buying frenzy over.
I also recommend graded coins be sold. The interest in collecting coins has always been with the new collector, and this market isn't a fraction of what it was fifty years ago. So as soon as the glitter is off the metals, the elevated prices of the graded coins will drop significantly. Remember, starting collectors can't pay the prices being ask for coins in the market today.
There is more than one way to lose money in this over exuberant market, however. A friend of mine from Kentucky had over $1100 in silver coins for sale in a showcase at an Antique Mall. It seems that several people entered the mall distracted the attendant lifted the top of the case and helped themselves to his coins. It is too bad we don't have the justice that they used in the Old Testament today.
There are two things to be learned here. Yes, there were cameras but they didn't cover all the booths in the mall. My friend's booth wasn't covered. So if you set up at a mall, be sure that your booth is covered by the security camera. Second, when you set up at a mall you usually are asked to sign a document that states that the mall isn't responsible for losses, so you must carry your own insurance.
Anyone controlling a large amount of silver and gold at these prices might be well advised to deposit them in a safety deposit box. A person who has collected coins for several years might be surprising what the value of their holdings are today. It's best to protect these assets.
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