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Nice write up on CLCT. I bought some this past August. I liked the dividend and, since I've been slowly accumulating bullion over the last 9 or so years, have had reason to have run across the PCGS brand during my various shopping episodes. It is a well respected brand (I would choose PCGS over NGC all else being equal, but suspect I might have to pay a slightly higher premium, thus all things would rarely be equal).

In my bullion collection I have some sets of PCGS Silver Eagles and some PCGS older smaller gold coins ($2.5, & $5.00 gold pieces). I happened to buy them because they were on sale and took advantage of the sale. To me, the bullion I own will all be eventually sold when I think the market timing is correct.

As far as their particular business model is concerned, there are a certain number of folks who want to buy coins or older baseball cards, etc. Of that population, a fairly high percentage feel better about spending a few extra bucks to have the item already slabbed (vernacular for having been reviewed and evaluated by professional eyes).

You are correct, however, in that it is a quirky little niche company. The last time I looked, Yahoo finance shows that no analysts are covering it yet.

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