Just some of my bearish thoughts, this evening/morning I had a short discussion with someone earlier about how the vintage bears seem to be doing very well lately, and it got me thinking that perhaps we are going to see some high price movements in the vintage (pre2000) bears this year. This belief is partly based on the recent group buy that took place, where I saw that some Panda years were very very low on inventory - so low I needed to hunt harder than usual. Similarly the recent repricing/restocking of Pandas at APMEX got me thinking more about the nature of vintage bears. [imgz=http://forums.silverstackers.com/uploads/675_1989buf.jpg][/imgz] Here's an example of their current pricing: 1989 BU (OMP) $89.99USD 1989 PCGS MS69 $149.99USD 1989 NGC MS68 $119.99USD 1989 NGC MS67 $109.99USD Notice something strange? Not only is the MS68 out pricing the OMP price, the MS67 is also out pricing the OMP. Usually, MS68s drop in value equivalent to that of OMP, and MS67s are much lower than OMP... yet here this is not the case. I certainly think, that as the Pandamonium and number of Panda collectors increase, we are going to see the value of even the lower grades (e.g. MS67) start to move upwards, especially with the older bears. If we consider that a 1989 1oz Silver Panda is equivalently priced to that of a 2009 1oz Silver Panda (approx $85-$95USD), despite having half of its mintage size (2009 BU Est. 600,000; 1989 BU Est. 255,000) ... I think that the 1989 1oz Silver Panda is long overdue for a price increase . I could be totally wrong - but I'm hoping that I'm right. I think that a lot of new collectors/stackers are collecting their Pandas starting from the latest 2011 Panda, and working backwards in sequence - which is why the 2009s and 2010s are doing relatively well (2-3x spot). As tao's (Panda sets) start moving back into the vintage era (pre2000), I think we are going to see some new records for earlier Pandas... even among the low grade slabbed Pandas - if only because there are not enough top Pandas to go around. I hope this was interesting and makes sense/cents.