Actually, IMHO, that is technically NOT a default, because it is technically not a contract. Mintage limits are not a contract or obligation (as we have seen with reminted kooks). They are production targets which may be fulfilled at a later time. To call this a contract default is misconstrued and blinkered. I am waiting for the same end-game as you, but wishing or imagining it is so, unfortunately does not make it so.
the only reason perth mint would stop the 2013 kooks at 500k is if they have run out of physical silver it doesnt make sense to stop otherwise sales are strong
Do you work for a bank ? I work in the real world where a promise is as good as a contract. If you as an organization declare in writing that you will do something which has implications for your customers then in mid stream change direction, that is a broken promise or a default. You can couch the terminology in any way you want, but to me and most people buying from the PM it is a default on their commitment. In today's world of lies, deceit and broken promises - you are right it is not a default...... its just business. After all we can change the definition of anything....
I agree ronny .things have definately changed in business now with all the flip flopping & BS that comes along with it. Its a different world . I remember when your word was everything & promises were set in stone ...now its like a leaf in the wind going which ever way the wind blows.
After 6 months since release the 2013 kooks had sold less than half the 1 million. Bringing the mintage max back to 500 000 wont cost them any customers and may even restore some faith in jaded kook collectors eyes. BTW who does the Perth Mint have their contracts to mint with? Do they sit down with a bunch of Dealers and Collectors and sign off on things?
Bu reducing mintages they will impact price. Some collectors may have decided to not get the 2013 kook as the mintage had doubled. Now they can't get them. I assure you faced with current demand the only reason to stop the mintage is shortage of silver metal supply. The contract is with us the public. They published their data on the web in September 2012. They undertook to mint 1 Million kooks. You don't need to sign a contract to break a promise or default. When you deposit cash in a bank does the manager sign a contract? You sign he doesn't. If he runs off with your cash like John Corzine - where is his signature. Is John Corzine in jail. No of course not that is business!
^^^ Why dont you sue the Perth Mint for breach of contract. You could accept 500000 2013 kooks as compensation.
Absolute and utter crap! Fair dinkum kook collecters would already have them, but if not they can still get them. goldstackers (and Im sure many others) are still accepting orders. $30.65 ea, $29.00 per 100, $28.35 for 500.
Maybe they'd calculated that they wouldn't sell the million by years end. According to the new policy they'd declare the mintage at year's end, and if the mintage fell well short of 1m they might be thinking it would bad for the brand? As an earlier critic I have to say I don't think they have been given enough credit for listening to consumer protests and making radical changes Their modern designs are another matter - haven't changed my mind there.
No. :| I work in the real world too. It would be nice to be able to rely on hand-shakes and promises, but if you stake a bundle on goodwill, sooner or later you will do your ass. You're kidding? The public backlash against the 1 million mintage was huge. Especially on this forum. Maybe they listened. Seems PM can't win. It seems Gubermint and banks lead the way with broken promises, and are constantly lambasted on this forum for it. Ironically, high up on the list seem to be the self-proclaimed saviours of the above mentioned gangsters, and those that we adhere to. That's right. Bullion companies. The good guys. You mention PM, then there is RSC, SSBS..... these are bullion companies built on the philosophy of trust, freedom, sound money, etc... - "a concious solution to collectivist problems..... listen to all, follow none." While it seems you can't trust a declaration of good intention by anyone nowadays, a default it does not make.
That is a general term as I covered several items. I don't think I want to hear your explanation so please don't give it. Obviously you don't know the details of MF Global or the details of "modern" banking.
I just went out into the real world and purchased some 2013 kooks. (Actually I just stayed sitting on my arse and clicked the goldstackers tab.) I have a contract with goldstackers. I do not have a contract with Perth Mint.
I don't consider bullion dealers or mints by their business 'good guys' or 'bad guys' how assinine ! It's like saying all doctors are good people. Their profession or occupation has nothing to do with their morals. The only people I consider good are those I have dealt with and have judged by their actions. A piece of paper signed or not is only worth a piece of paper.
^^^ I made 3 statements of fact. Good luck with the scaremongering Ronnie666, if I dont get the kooks Ive ordered due to Perth Mint not making them I shall declare you absolutely and utterly correct. Sort of the opposite to what you are at present.
Jeff Nielson on the paper metal disconnect as well as the premiums and paper discounts Paper Bugs you don't have to listen to me or Holdfast listen to Jeff Before you get caught with your paper pants down.... http://www.youtube.com/watch?feature=player_embedded&v=QIPxOICdLJM
ETF's are being liquidated, the global economic slowdown means lower industrial production - therefore less silver used by industries World-wide, then there's gold's fall - it drags silver down... and several other factors as well.
