what ever happens me for one am done with PM coins unless they are spot + 5% because thats all they are worth . ithe humble round 50 cent coin is the way to stack.
And I am going to need to reinfoce it! Fortunately I can't afford the 10kg, or all the stuff that was only sold abroad, plus we will probably never really know how many Dragon varieties the mint released so it is not like I can go for a full set anyway. I ordered 10 of the ever so slightly different 1oz bullion coins from Germany, with bank fees, insurance and postage to my door they work out to be about $47 each. Hopefully BB gets his way and they melt the rest down shortly after my order arrives.
hope they melt them for your investment they melted the melbourne florin and look what its worth now so there is always hope. at 47 each its not such a big gamble as 107 each no more coloured coins for me might get some of these lion marks if the price is right anyone know of which dealers have them or will be getting them? thanks for the help !
This issue has struck a nerve and rightly so. What they did was dishonorable and shameful. To blow the mintage out an extra 200,000 is outrageous.
Well that really depends on how much you bought into the mania I guess. I've only got one 1oz dragon so far - paid the ridiculous price of $60. So from my perspective, this new development is quite welcome. If it manages to drive down the market price of 1oz dragons (privy or not) down to something more reasonable, I might be able to pick up some more. Mind you I think all of the lunars are overpriced - but then what do I know..... Now of course for anyone that bought rolls or boxes at some of the earlier prices such as $70 or even $85 an oz, this is definitely not good news. But then again anyone that did this was paying a premium and taking a punt (gamble) that the premium would rise in the future. You takes your chances....sometimes you win, sometimes you lose...
Actually I don't see what they are doing as dishonorable. I would totally agree if they were doing it with a limited edition proof coin that they sell at very large premiums (4 times spot). But we are talking about a bullion coin with a mintage in the hundreds of thousands, sold by the mint at standard bullion premiums. It was some distributors and 'flippers' (including some here on silverstackers) that drove the aftermarket prices up. If anybody should be called out for being dishonorable it should be those overseas distributors trying to gouge the public for the most possible.
I take issue with it because big Ron from the mint said they would not do this. That's misleading people.
I agree with you, it wasn't the mint who drove the prices to a stupid level so they are not obligated to look after everyones poor investment choice. They are a bullion coin, that's the reality, and now that we have another 200k coming we should see them recognized as such. Sucks for those who bought into the mania (i cringe as I remember people buying at $80-$100) but use it as a learning experience.
Agreed. Its crap. I used to think that the dragons I purchased had 'special' numismatic value, and this value would greatly increase as the years went by. Now there are dragons everywhere. Thankfully I only paid $46 an oz. Rather than holding them for a decade or two, I'll be happy to just dump them for the bullion value, after silver has gone up a lot more. Shame... should have brought more Tigers. Back at Ainlie's old shop in Queen Street, I remember seeing dozens of boxes of tigers stacked up inside Geoff's room. Hindsight is wonderful. :/
Attempted to post comment on blog... doubt it will be approved: "This is very shady Ron Currie... Short sighted and shady."
500 or more AUD 39.31 each Mmmm now that is a group buy I would like to participate in There are only 3096 items remaining in stock.
I was happy to find these yesterday on the PM website when I logged in to buy 2 1oz coins for my son. He's only 17 months old and we have decided to raid his piggy bank every now and then and buy him silver coins rather than keeping worthless currrency for him. I had thought of it when the dragons were released but didn't get around to it quick enough. So seeing the new release with the mark on it was a happy day for me by the time he's old enough to think about selling them they will all be worth much much more than what we would have paid for any kind, privy mark or not.
Hehe good point. I some day would like to do this for my kids. its a nice bonus for them when they reach adult hood. maybe can cash them in for a car later in life or a nice deposit for a home.
