To Bron Suchecki:- Bron, I've read a number of your posts and articles over the years and generally been impressed. Your latest post on this thread, well, all I can say is you have excelled. I have an even heightened respect for you in light of your unflappable ability to stay cool, calm and collected under fire. My gawd man, you'll be rivalling Captain Kookaburra in the cool runnings soon! I particularly liked the post which included Ed Steer's comment about you. You obviously have Ed on your side and he's a man who should 'know'. Well done mate and, as they say, don't let the turkeys get you down. P.S: If you follow the ramblings of Larry Edelson from Uncommon Wisdom you'll know that gold is on its way to a super special price of low 1500's or 1400's and silver to $26 or less. Happy times for buyers boys and girls! Soon be time to stock up on your precious 50's again ('66 round 50's that is!). Larry is very rarely wrong . . . Cheers, P50.
Isn't it just common business sense? If I have 1000oz of silver and I can decide to sell it as: 1. 10x100oz bar and make ~$500 profit 2. 1000x1oz coins and make ~$6000 profit 3. 1000x1oz proof coins and make ~$60000 profit I would sell dragon coins in all colours, sizes and shapes and maximize my profit.
Heavy Metal - Very well put. With straightforward reasoning like that you & Bron effectively cancel each other out lol! That doesn't mean that the expectations of PM domestically & internationally aren't broken - they clearly are. I suggest the much-heralded increase in production capacity earlier this year is whatever Bron says a dud... and it would be more appropriate to address questions & assuage concerns from core buyers in the domestic market before sending an email to his mates abroad asking for some kind of moral back-up... that's a pretty odd thing in itself I'd say. VRS x
I email Ed Steer occassionaly with stuff he may be interested in, as many of his readers do. In this case, I merely sent him this thread as an FYI and with no request for "back-up" and nor did I think it was the sort of thing he would want to write about. I don't need anyones back-up. I also think you are questioning his integrity - Ed writes what he wants and say it as he sees it.
They say (2 weeks+) on the site. Which could mean anything. I'm itching to buy some 10ozers, but not too keen on waiting ages to get 'em. EDIT: Just noticed that you can't even add them to your cart anymore. Bugger.
If this is how difficult it is to get silver now just imagine what would happen in panic buying? If there is still so much silver available a buyer should be able to lock in a silver price today for bars if he is willing to wait the weeks/months for delivery. I reckon the truth is that they do not want to sell the silver at such a low price so they are limiting supply!
I note now that bullionbourse has put out a perth mint specific waver about there products: Please note some silver products are still currently on backorder. Perth Mint products, in particular are arriving very slowly from the mint. This is due to unprecedented demand, high turnover and popularity of the new 2012 Perth Mint releases. Product listings should indicate the approximate delay, although keep in mind all Perth Mint silver products may be on extended delays. Thank you for your patience through this busy, and if delivery time is an issue please consider non-Perth Mint silver products. period. There is nothing suttle about these.. im still waiting on around 120 perth mint ounces.. most from 10th Sept RE: first time deamnd has gone up when price has dropped.. i call BS on that.. in 08 we had the exact same thing.. mad delays of 8 weeks sourcing PM bars (and most other bars such as ABC).. ive had a 12 week wait back in 08 when the price dropped from 21 to 9 (US$) so see the same trend which DOES defy supply/demand equilibrium... usually a price drop would be due to a decrease in demand.. when there is a price drop and demand for physical increases you can be sure there is nothing REAL about the drop and the price decrease is basically a godsend for physical stackers... 1for1
Your right.. but there are only xxx amount of suckers who are prepared to pay crazy prices for the Whack perth mint coloured or proof product. For everyone else looking to get a good investment vechile the perth mint must cater to their needs also or customers will simply shop elsewhere.. What i now consider to be semi permanant delays by the perth mint must be hurting business as regular customers grow annnoyed of the all-to-common wait times and source there bullion from dealers who actually hold stock (even if it means paying an actual market price) Somethings gotta give and well crafted PR responses wont change public investor opinion or fundamentals. (remember the everyone will get there dragon allocation PR spin? ouch!) 1for1
Since Perth Mint capacity is limited they can predict this financial year profit from the Mint maximum capacity to produce gold and silver.
I have also been impressed with Bron's contributions over the years, and I also respect his knowledge and his professionalism, but does that mean I can never disagree with something he writes without being subject to personal abuse from sideline barrackers? As far as I know, Bron has never claimed to be infallible. I don't claim it for myself either. We can all be misinformed, unaware of relevant facts and circumstances, or make incorrect assumptions. The best way to clarify the situation is to debate the issues. Bron is taking the initiative to respond to criticism on behalf of the PM, and I don't know if he is required to do that or not. I also don't know if he has any responsibility for the decisions that he has been defending. But he is answering criticism on behalf of the mint, and I respect that, even if I have not (yet) been convinced by his arguments on this particular occasion. I have put forward my views from the external customer perspective, and no doubt they express my frustration, and make clear criticisms of Perth Mint. But there was never any intention to criticise Bron himself. If anything I have written has been interpreted as a personal criticism of Bron, then I will be happy to withdraw the comment, apologise, and articulate my argument more clearly. As for Ed Steer, I do occasionally read his column and often find it worthwhile. He has made some fairly strong criticism of the CFTC recently, using language that has been much more colourful than mine, and at times bordering on defamation when criminal activities are alleged. I suppose that if Gary Gensler read some of Steer's comments, he might also complain of crude and ignorant remarks from people who have no commercial understanding...and aren't prepared to accept that it may not be as simple as they think. At the end of the day, I think that I am expressing frustration that is widespread amongst PM customers. That perception is real and it's out there. If that perception is unfair, or based on an incomplete understanding of all the issues, then that is still an issue that the Perth Mint needs to address. Making ad hominem attacks, and labeling anybody who dares to question the PM production efficiency as "turkeys", is not particularly helpful.
They will keep the supply chain moving only if they can source silver at current prices from their suppliers. Maybe the current supplies are sourced at the $35-40 range. They wouldn't want to be selling at $30 now, unless they are certain suppliers can resupply silver for fabrication at its current prices. I am eagerly waiting for the whole supply chain to implode on itself, the paper price can only hold up for so long until total supply is bought out and mines refuse to supply at current prices. Keep on loading up if stock is available. Slam
One further comment that I would like to make, hopefully to be received as a constructive suggestion rather than a destructive criticism, is that demand management need not be limited to production capacity alone. The Perth Mint is not just a manufacturer. It is also a trader, and it has other corporate policy options that are not currently being used. Future demand can be "locked in" and therefore made more predictable (and bankable). As already mentioned above, the PM could accept orders subject to delayed delivery when inventory is down and production capacity is limited. It's not the ideal situation, and some customers won't like it, but at least it would be one way for them to lock in a price and for PM to reduce demand uncertainty. The PM could also reduce delivery delays by using alternate, non-production methods to increase inventory. Like increasing product buy back prices. Maybe even to above the nominal paper-based spot level, if the demand is high enough. Selling margins could still be maintained, and should not need to be as high anyway given that the manufacturing process was not required for bought-back silver. There are actions that the Perth Mint could take to alleviate unexpected high demand situations. There is no need to throw hands up in the air and say it's all too hard, and close off all sales. Risks can almost always be hedged or otherwise mitigated, to reduce the fear of adverse consequences.
I don't know Ed Bron, that's why I asked for the source - to which noone replied - excuse my ignorance, but there was absolutely no suggestion or inference regarding anyone's integrity intended or implied, so sorry if that's the way you choose to interpret. VRS x
HM - I'll happily give you a ref if you want to apply for the job/s about to be vacated in the PM PR Dept mate. Also, Bron, did you put your hand up for this role or did the rest of the line step backward one pace? We could be here talking (& taking) forever - there's absolutely no point in that - PM has it's job to do - if it can't do it well, or meet demand, or makes wrong/untimely decisions in relation to the market then we have to live with that, and they have to deal with the consequences in terms of foregoing business to other sources. I have people even now during periods of high demand phoning me every day asking me for my business - and I'm very glad that's the way it is, because they all know I'm a good payer and consistent. I also didn't have to do the full microwave body scan, DNA sample, or get the written consent of both sets of great-grandparents (deceased) to open an account. VRS x
Bron has been posting here in a personal capacity for years. It's not part of his job description - he does it to be helpful and give us an insight into the inner workings of the Mint. Ron Curry and the guy who runs the Perth Mint blog/social media stuff are the ones who should be here answering the public's concerns.
I hear ya Big AD - And I know Bron has been here for some time - that wasn't my question - I was simply wondering why Ron's not here also so that any discourse may be related in an official capacity rather than an informal series of unofficial conversational exchanges that serve no other real purpose but to keep his seat warm... it's pretty pointless if you ask me. I have businesses to run and don't really have the luxury of more time to contribute on such a 'pally' level (thread) when my customers choose to arrive at my door with flaming torches & pitchforks rather than turn up at PM, have a coffee and stare in wonderment at the empty cases whilst contemplating the purchase of a single Kook... as a souvenir. VRS x
Fair enough Heavy Metal. I take your point completely. I was not actually thinking of your posts when I made the turkey comment. I apologise for any misunderstanding. You posts are also well argued and constructively written. I have also had previous frustration with PM in the past but nothing we didn't work out. My original post was just to say I respected the 'style' and the 'language' Bron used when defending his arguments. When others (not you) were casting dispersions upon his character and motives he didn't respond the same way - with fire. Instead he behaved as a gentleman, professional and stayed on message. This is not always easy to do when things are getting hot! It was the language and style of 'some' of the other posters to which I was referring, not your posts. Incidentally, it is a well known old saying "don't let the turkeys get you down" and is sometimes accompanied by a cute cartoon to convey its full meaning. (a Boynton cartoon I think) Finally, to those asking if Bron speaks for himself or the mint, well, that's a no-brainer . . . there's a disclosure at the end of each post he makes. I had a suspicion his posts were not being read properly! Cheers, P50
the perth mints sole job is to provide pm's. why are people defending their repeated inability to do so?
