MOUNT PLEASANT — Are you looking for a new investment?
For those who can afford it, metals such as gold and silver are still the way to go, multiple dealers agreed Sunday at the 74th annual Racine Numismatic Society Coin Show. But some cautioned there is still a risk.
Gold was at $1,774 an ounce Sunday, said Bill Spencer of Racine, who owns American Coin and Jewelry, at the corner of Highway 20 and Ohio Street.
That is up from about $800 an ounce in the beginning of 2008, before the recession hit. Silver is also up from about $15 then to $35.41 an ounce now.
On Sunday, an estimated 400 people attended the show at Roma Lodge, 7130 Spring St., with coin enthusiasts buying and selling coins, dollars and metals.
People probably should be holding on to a lot of it, but some people cannot afford to, Spencer said.
“If (the government) had to back our currency with gold, it would be worth $20,000 an ounce,” Spencer said. “If this (economy) gets good, gold and silver will get bad ... (but) do you think that will happen?” Spencer asked skeptically.
But Peter Gass, 46, of Sturtevant, who works at U.S. Bank and sells and buys coins at weekend shows, said he doesn’t think the value of gold and silver will keep going up.
“At the height of where it’s at, it’s unstable,” Gass said. “If you don’t like volatility, this might not be the place to be,” pointing to the real estate market and the dot-com bubble, which both burst.
For a more stable investment, Gass said he thinks coins are the way to go.
But Tom Rebler, a coin dealer from Waukesha and retired truck driver, said that for the average person gold and silver are a better way to go, because coin collecting can be very technical.
Also he estimates gold will reach at least $2,000 an ounce by the end of the year, and silver will go up to the low $40s.
Pete Laehr, 61, who owns a coin shop in Watertown, also said, “We haven’t seen the max.”
But in reality, many people cannot afford to buy right now, Laehr said.
People buy coins from him at shows like the one in Mount Pleasant, but not in his hometown, where people are just selling.
“It’s a good time to buy,” Laehr said. “But with the economy in Watertown, people are selling, not buying.”
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