Armstrong Economics Blog/Inflation Re-Posted Jan 14, 2022 by Martin Armstrong
The annual New York Coin show auctions set some unbelievable records this year. This beautiful Dekadrachm of Syracuse which last year would have sold for $50,000, brought $132,000. Another Dekadrachm signed by the artist Kimon estimated at $60,000 sold for $252,000. Granted, this was a famous coin that was part of the J.P. Morgan collection of ancient coins at CNG’s XXV Auction.
This denarius of Quintus Labienus Parthicus brought $150,000 which would have brought $35,000 10 years ago. Then there was one of two known Mark Antony legionary denarius noting Legion XXXII brought $62,400 on a $2,000 estimate. A simple bronze coin of Phoenicia with Mark Antony and Cleopatra estimated at $1,500 sold for $24,000. Many coins appear to have sold up about 50% from the previous year.
The dollar has clearly peaked in terms of purchasing power given that all tangible assets are rising from collectibles, antique cars, art, real estate, and even comic books. This appears to be part of the entire shift from Public to Private with respect to confidence is concerned. This is a Private Wave that will peak in 2032 with the collapse in confidence of government; Biden and the rest of the COVID nonsense are doing a great job at that. The previous Private Wave peak in 1929.75 followed by the Great Depression and political change by 1934. The same will be true come 2032-2037.