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I’m normally reluctant to mention my own investments in my blog, because one’s motive can be easily misconstrued. But as some readers will already be aware, I have a fair degree of exposure in my portfolio to tangible assets, particularly rare coins.

While most of this is via my own coin collection, I also have exposure to this particular collectables market through a long-standing shareholding in Avarae Global Coins. (AVR)

Avarae is a listed investment company that invests in high end coins of a quality that, if I wanted to buy them physically, would be way beyond my fiscal reach.

I mention this only because, in the last two trading days, Avarae’s shares have risen 15%, although even at the current price of 11.75p they are still at a discount of 17% to the last published NAV. It is entirely possibly that published NAV will increase again before too many months elapse.

The company’s year-end is at the end of March and a new set of accounts should be published in the summer.

The strength in this little company is not an isolated instance, however.

Shares in Noble Investments (NBL), the listed coin dealer that manages Avarae’s portfolio and in which it has a percentage stake in the ‘teens, are up by 14.5% in the last month and 65.9% since the beginning of last year. Stamp dealer Stanley Gibbons' (SGI) shares are up by 9.2% and 18.8% respectively over the same period.

I don’t think this can be coincidence. There is a dynamic underlying recent movements like this which is nothing to do with bullion prices or a flight to physical assets. Bullion prices represent a small fraction of the value of rare gold coins, for example.

The message is basically coming loud and clear from auction results that high-value rarities, whether stamps or coins, attract substantial investment from affluent collectors in the USA, Russia, China, India and the Middle East.

Noble’s auction of the stunning Prospero Collection of more than 600 rare ancient coins in New York on January 4 2012, for example, saw the marathon eight-hour sale produce a total of over $25m, more than pre-sale estimates.

This pattern has been repeated in stamps and in some sections of the art market. Stanley Gibbons index of rare Chinese stamps shows prices tripling in five years. Its index of GB Rarities has taken 14 years to register the same gain, but that’s still a compound annual gain of nearly 11%.

It might be a bit late in the day to chase prices too much higher in either category. Stamps underwent a major bubble in the late 1970s, and contemporary art prices and wine have proved pretty cyclical in times of financial crisis.

There are also hefty transaction costs involved in buying and selling physical investments like this. Conventional shares may do better from now on.

But as long as auction results continue to reflect the enthusiasm of wealthy collectors in the way they have in the last couple of years, shares like Stanley Gibbons, Noble and Avarae will continue to prosper. 

For more from The Colonel and others, take a look at Interactive Investor's share trading blogs.

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Tangible assets – a double-sided coin?

Reporting from Indianapolis—

Andrew Luck and Robert Griffin III, this town is big enough for both of them.

For the moment.

But come April 26, the first day of the NFL draft, Stanford's Luck and Baylor's Griffin — the top two quarterbacks at the scouting combine this week — will head in different directions to begin their pro careers. In a league so focused on passing, they are the shiny superstars in the making, players likely to be inexorably linked as the first quarterbacks to go 1-2 in the draft in more than a decade.

Their styles are different, but Luck and Griffin have notable similarities. They grew up in Texas about 200 miles apart — Luck in Houston, Griffin in tiny Copperas Cove in the middle of the state — and each was an A-student. Both were cornerstones in the revival of moribund college football programs.

Likewise, they will be expected to do that in the pros. By all indications, the Indianapolis Colts plan to use the No. 1 pick on Luck, who would take the torch — either immediately or eventually — from future Hall of Famer Peyton Manning.

While saying it's "absolutely" important to him to be the top pick, Luck said he doesn't view it as a head-to-head competition with Griffin.

"Good thing about football is it's a team game," Luck said. "Robert's a great quarterback, a great competitor, a great guy, really easy to get along with. I don't get motivation by competing against him for something. I don't think it's one player versus another by any means."

St. Louis has the No. 2 pick and already has a quarterback in Sam Bradford. The Rams are in prime position to trade that selection, however, especially with franchises such as Cleveland, Washington and Miami in need of a quarterback.

The last time quarterbacks were chosen in succession at the top of the draft was 1999, when Tim Couch, Donovan McNabb and Akili Smith were selected 1-2-3. A year before that, in the Exhibit A of divergent career paths, Manning was taken first by Indianapolis, and Ryan Leaf second by San Diego.

Although the Colts are picking first again, and appear to be locked in on Luck, there is no indication that either Luck or Griffin is headed for a Leaf-like flameout. (Of course, with the benefit of 20/20 hindsight, virtually every NFL scout and draft maven now says it was plain to see Leaf would be a bust, even though Manning-Leaf was a hotly contested debate at the time.)

Regardless, there are no such red flags with Luck and Griffin, only a division along the lines of style. While Luck is mobile and not drop-back dinosaur, he is at least closer to the traditional quarterback mold of a Manning than is Griffin, who, although an accurate passer, is a more dangerous runner than Luck and played in a less-conventional college offense.

"I look at both of them as two unbelievable prospects," said Denver Broncos executive John Elway, a former Stanford quarterback and No. 1 overall draft pick to whom Luck has been compared. "I think that if you look at what they both did this year with Andrew at Stanford and 'RG3' down at Baylor, they're two tremendous talents — tremendously mature, intelligent guys that I look at as two [who] are going to have a lot of success in the NFL."

The Colts have until March 8 to decide whether to pay a $28-million bonus to keep Manning, who sat out last season recuperating from multiple neck surgeries. One scenario — perhaps prohibitively expensive — is to keep him and draft Luck, allowing the young quarterback to learn at his elbow the way Aaron Rodgers learned behind Brett Favre in Green Bay.

Luck said he'd be perfectly comfortable with that, calling Manning "my hero growing up." Griffin echoed that, saying that if the Colts were to make him the top pick and keep Manning, "I'd hold that clipboard with pride."

Griffin, who like Luck opted not to throw for scouts at the combine, said he is looking forward to his campus pro day and beyond to disprove "a misconception that comes with being a dual-threat quarterback: You're run first, throw second. I think I've proven I'm throw first, then run if I need to."

The success in Carolina of last year's No. 1 pick, Auburn's Cam Newton, can only bolster Griffin's stock. Newton not only made the transition from a college spread offense to the Panthers' pro-style scheme much more quickly and seamlessly than most observers expected, but also was named the league's offensive rookie of the year.

In meeting with the media this week, Griffin addressed the comparison to fellow Heisman Trophy winner Newton.

"As a runner he is a little more shifty than I am, but I'm faster than he is," said Griffin, who rushed for 2,254 yards and 33 touchdowns in 41 college games. "[I am] more experienced in the passing game in college. Not that I'm more polished and he's not polished, just we threw it a little bit more at Baylor than they did at Auburn. Other than that, confidence-wise his confidence is off the charts. I try to keep my confidence on the charts. But I'm a confident guy as well."

In a way, Griffin was standing a little taller this week — at least officially. It's not uncommon at this point in the year for people to search for a prospect's flaws, a rationale for why he won't succeed at the next level. The talk in some circles was that Griffin was shorter and lighter than the 6 feet 2, 220 pounds at which Baylor listed him.

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Andrew Luck, Robert Griffin III: Two sides of a golden NFL coin

February, 24, 2012

Feb 24

7:00

AM ET

Here are the most interesting stories Friday morning in the AFC East: The Miami Dolphins hope to get lucky Friday with a coin flip at the NFL combine against the Carolina Panthers. Morning take: Miami will get either the No. 8 or No. 9 pick. It doesn't sound like much, but every bit helps in the offseason.
The Buffalo Bills are set to meet with pending free-agent receiver Steve Johnson Friday. Morning take: This is crunch time for Johnson and the Bills. Both sides have been negotiating on and off since the regular season. If progress isn't made at the combine, Johnson's chances of remaining a Bill look dim.
The New England Patriots won't tip their hand on another pending free-agent receiver: Wes Welker. Morning take: The Patriots aren't going to let Welker walk. So expect New England to hand him the franchise tag soon. We will have more on Welker later in the AFC East blog (hint, hint).
Morning take: It will be hard for Ryan to change his boastful ways, but I think he learned a valuable lesson this past season. There are ways to be confident without being brash. Tags:

Miami Dolphins, New England Patriots, New York Jets, NFL, AFC East, New England Patriots, AFC East, Rex Ryan, Wes Welker, Miami Dolphins, New York Jets, Steve Johnson, Buffalo Bills

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Morning take: Miami Dolphins flip a coin

It was the Nick Emery and TJ Haws show Tuesday night in Highland as Lone Peak (18-3, 9-1) dispatched Bingham (8-13, 0-0) with a late barrage of 3-point baskets to win decisively, 70-43.

While not quite as notorious, Emery and Haws are every bit as intimidating to opposing teams as Butch Cassidy and the Sundance Kid. Haws typically plays the role of Sundance, but his school-record-tying eight 3-point baskets and career-high 31 points earned "The Kid" top billing on senior night.

The two teams started out thuggish, combing for eight fouls in the first eight minutes as they were locked in a 3-3 stalemate halfway through the first quarter. Emery and Haws connected on three treys and accounted for all of the Knights' 11 points. Senior Brody Berry was the first player not named Nick or TJ to record a basket, nearly four minutes into the second period.

After playing tough at the outset, the Miners failed to capitalize on poor shooting and turnovers for Lone Peak and that is something no team can afford when playing a club the caliber of the Knights. Lone Peak took advantage of a chance to catch a second wind and came out firing in the second quarter as the Knights used a mini Emery burst to fuel a 14-2 run, pushing the lead to 25-8.

The Miners chipped away at the lead taking advantage of the Knights' aggressive play and getting to the line as they used a 9-0 run of their own to keep things close. They were able to keep within 10 points and striking distance but it was Sundance to the rescue for Lone Peak as Haws drained a 3 to end the quarter and extend the lead to 30-17.

Twelve of Lone Peak's 19 points in the third came off 3-point baskets by Emery and Haws. None were more impressive than Emery's buzzer-beater that gave the Knights a 49-32 lead. After a missed shot, Berry jumped over the baseline and saved the possession by tossing the ball well beyond the arc and Emery connected from way downtown on a fade-away 3-point basket with a hand in his face.

Haws took over in the fourth scoring three quick 3-pointers, taking a steal coast-to-coast finishing with a strong one handed dunk and knifing through the defense for another lay-up. Haws' 13-point fourth quarter sparked a 17-4 run that would end any and all hope for Bingham (8-13, 4-6), as he and the Knights would ride off into the sunset with a 27 point win.

Next up for Lone Peak (18-3, 9-1) is a trip to the state 5A tournament next week. The Knights tied American Fork for the top spot in Region 4, but the Knights lost the coin flip with the Cavemen and will enter the tournament as the No. 2 seed from the region. They will play at 9:30 a.m. on Tuesday against the third-place team from Region 2.

BINGHAM (43): Morely 2, McKee 2, Benson 11, Williams 7, Schultz 3, Miles 4, Hannay 5, Bagley 2, Sandquist 2, Sanders 2, Turner 3. Totals 13 14-19 43.

LONE PEAK (70): Berry 4, Hansen 2, Toolson 7, Buck 4, Squires 2, Emery 20, Haws 31. Totals 26 9-10 70.

Bingham 6 11 15 11 -- 43

Lone Peak 11 19 19 21 -- 70

3-point goals: Bingham 3 (Benson 2, Turner), Lone Peak 13 (Toolson, Emery 4, Haws 8).

• American Fork 60, Pleasant Grove 49: At Pleasant Grove, Zac Hunter had 13 points to lead a balanced American Fork attack as the Cavemen (18-2, 9-1) ended the regular season tied for first in Region 4 after a win over Pleasant Grove (4-17, 1-9).

Quincy Bair added 12 points and Danny Beddes and Marcel Davis added 11 points apiece.

Alan Hamson led Pleasant Grove with 17 points.

The Cavement won the coin flip with Lone Peak and will enter the Class 5A tournament as the No. 1 seed from Region 4. They will play at 5:50 p.m. Tuesday at the Maverick Center against the No. 4 team from Region 2.

AMERICAN FORK (60): Beddes 11, Davis 11, Waddoups 9, Bair 12, Hunter 13, Andrus 4. Totals 20 17-25 60.

PLEASANT GROVE (49): Court 1, Anderson 2, Bischoff 5, S.Pincock 5, Jensen 6, F.Pincock 2, Banks 2, Hamson 17, Sampson 9. Totals 17 12-22 49.

American Fork 15 11 18 16 -- 60

Pleasant Grove 10 8 10 21 -- 49

3-point goals: American Fork 3 (Waddoups, Bair, Hunter), Pleasant Grove 3 (Jensen 2, Bischoff).

• Riverton 64, Lehi 43: At Riverton, the Silverwolves jumped out to a 20-10 lead and then went on a 17-10 run in the third quarter and Lehi never recovered as Riverton (11-10, 4-6) topped the Pioneers (11-10, 3-7) in Region 4.

Colton Colledge led Lehi with 12 points.

LEHI (43): Cleveringa 7, McGregor 6, Nerdin 4, Colledge 12, christofferson 3, Pittard 8, Christensen 3. Totals 15 10-14 43.

RIVERTON (64): Stone 9, McCleary 18, Worsham 18, Holm 12, Loamanu 5, Rindlisbacher 2. Totals 17 22-24 64.

Lehi 10 10 10 13 -- 43

Riverton 20 7 17 20 -- 64

3-point goals: Lehi 1 (Christensen), Riverton 2 (Stone, Loamanu).

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Lone Peak boys beat Bingham