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Interview with Wayne Miller
Jaime Hernandez - April 28, 2008

PCGS: What is a regular day like in your coin shop?

WM: It’s all or nothing. Either it’s a slow day or it’s a crazy day. In March 2008 alone we sold over $2,400,000 worth of coins. April is looking like it will be 80% less. This market is mainly being driven by the bullion price adjustments and the weakness of the dollar. Most of our business has consisted of buying coins from all over Montana and from dealers on CCE and supplying big companies with product. However, my son John recently moved back to Montana. With his expertise on the Internet working for 8 years for David Hall Rare Coins and PCGS, waynemillercoins now has a strong presence on Ebay and is submitting coins for auction almost daily. Wayne Miller Coins will be reaching out to investors and collectors directly for the first time since the early 1990’s.

PCGS: How do you feel about the current metal price fluctuations?

WM: The prices of bullion are unprecedented and the premiums over spot are the highest I have ever seen. Silver rounds are in extremely short supply. I am currently paying .70 to .80 cents above spot. There is currently a huge physical demand for bullion. This is mainly due to the weakness of the dollar. In May the government will begin to distribute to taxpayers $150 billion to stimulate buying, in a misguided attempt to avoid a recession. This will add to our budget and trade deficits, and further weaken the dollar. The wars in Iraq and Afghanistan cost the government billions of dollars a week. All this makes the dollar devaluate and smart people turn to tangibles. This is why most commodities today are at record levels.

PCGS: Where do you see the bullion metals in the near future?

WM: Metals will move up with the weakness of the dollar. For the past 60 years the dollars’ strength has been unquestioned. Soon we will see whether it will survive these huge deficits. Vladimir Lenin said 80 years ago the easiest way to destroy a capitalist country is to debauch (make worthless) its currency. This is exactly what the leaders of this country are doing.

PCGS: Are more people buying or selling bullion coins right now?

WM: In March people were selling 20/1 but today, it’s the opposite as more people are buying than selling. Right now, I have to put up front money to buy silver and it might be 30 days before it is even shipped.

PCGS: Which metal do you like the best?

WM: Silver because it is more volatile and it has the widest price swings, and central banks do not stockpile silver as they do gold.

PCGS: Which coins do you feel are great buys?

WM: Certified gold coins are a great buy at today’s levels, specifically $20 Liberty and $20 Saint Gaudens. In the past year, most of these coins were heavily promoted by marketers until people grew tired of them. Marketers then moved on to other gold and silver coins, and prices dropped making $20.00 gold coins a good buy right now. I would also recommend generic dollars graded MS63 and MS64 but specifically, I feel 63’s are the best value. These coins are currently selling at about $50.

PCGS: How is the Morgan and Peace Dollar market currently performing?

WM: Morgan and Peace Dollars are due for a move up. For the past two years they have been fairly quiet. They usually aren’t quiet for long. In a long-ago survey, thirty-seven percent of serious collectors said their favorite series’ were Morgan and Peace Dollars. Dollars are the most popular coin series. So look for dollars to continue to be strong. More collectors are calling us for better dates. Customers who made profits on the metals run up are now buying dollars and $20 gold coins.

PCGS: What hobbies do you have outside of numismatics?

WM: Outside of numismatics I spend my leisure time reading, doing jigsaw puzzles, crosswords (especially the tough ones in the New York Times), and watching chick flicks with my wife and guy movies with my sons.

PCGS: What advice do you have for collectors in this current market?

WM: Watch coin cycles. Buy when nobody wants $20.00 Gold and Morgan and Peace Dollars and sell when everyone is screaming for them.

PCGS.com


Resource Investor - Commentary - Cramer Bullish on Gold: A Contrarian's Worst Nightmare?

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