Well certainly it is within their right, but a press release of update of their blog spot saying what is happening would allow investors to make an informed decision. As it it we are treated like mushrooms
Just to be clear, I'm not boycotting the Perth Mint because of this re-minting, it's because after the local dealers got shafted on the original bullion dragons allocations, the release of two dozen other "limited edition" dragon-themed coins, the can't-keep-up-with-demand-because-we're-too-busy-making-a-1-tonne-gold-coin-by-hand-to-piss-off-the-Canadians thing, the huge volume of colored coins that die in the arse on the secondary market, the mintage limit on the 1oz dragons being circumvented by adding a privvy, the expensive postage, the shoddy availability and the arrogant attitude towards their customers and piss-poor communication combined with this technically-okay-but-you-wouldn't-do-it-if-you-weren't-arse re-minting means I just don't prefer buying Perth Mint products any more.
I agree that all those things you said are all crappy things to do. As a texan, I'd still love to have the perth mint in my country instead of our silver eagle churning facility.
Im abit more of the opposite. yes the Perth Mint does produce some beautiful looking coins. But you pay for them in premiums. In the US all you needa do is buy silver eagle and maples for close to spot and not worry much about your stack.
"Everyone is acting like every year that isn't maxed is about to be flooded with new coins but that just isn't the case." No you right... they are flooding every year that isnt already maxed out one year at a time. (incrementality so the sheople dont see). It cool if you dont see the problem, precisely (id suggest) because you havent invested a large amount of money establishing a position in older Kooks, for if you had you would surely see how PM revisiting all the Kooks one year at a time will arode there value. The Whole Subjective opinion and "personal effect this has on your stack" thing is fine, but really this is about the PM doing something which negatively effects its loyal customers. And for the sake of repeat arguments.. Those of us that have an interest in this matter clearly understand the PM have not breached their own self-imposed 300k limit, but rather the tenacity they have shown by doing so, and secondly the precendent and eventual revisiting of the whole series until i fear all colllectability has been aroded from this once proud set, and all credibility of the PM has been lost. 1for1
I see the problem, it just doesn't bother me. I even think it's possible this could help the kookaburra market by bringing new blood in to the market which will drive them to seek out the coins that aren't being freshly minted. There is a betrayal involved, no doubt. I just think the emotion of that betrayal has created an overreaction. That's all. I mean no offense.
Exactly its cumulitive and this was the straw that broke the camels back (the Dragon Bullion was very poorly handled imo) (the Russian Redback was taking the piss) (this is so much more sneaky though.. imo the worst to date ive heard of in the industry).. but i will be still buying a roll of 2013 bullion snakes if they are a function of spot and may continue to buy PM on the 2nd hand market.. i will just have to studiously cherry pick items Maxmimum mintage reached... Seems like we will all need to study alll the PM legislation to prevent this kind of incident in the future.. IE: my 2007 Carded Koala.. can they keep cranking those out??? Where does it stop.. the UNLIMITED coins.. they are only minted in there respective year correct? 1for1
I dont see what the big fuss is about? The sales in these 1992 kooks don't reflect the majority view here. People voting with their cash and buying these up at our store at the moment.
I think the German collectors will go spare when they find out, just like they did with the revised Lunar S1 mintages.
Sure.... but in the LAW.. is it reasonable to assume when i purchased a 92 kook in 2008 with a stated mintage 198,356 that the PM would at a later date produce more.. there is no way your average investor was thinking that... only in forums like this with so many like minded-individuals pooling info were we able to piece together the facts. Having the statutory requiremnt is one thing but acting on it prior to announcing it effects more than just future purchasers, also all past investors - this is the argument i dont think the PM are alert too. 1for1
Mintage 300,000 198,356 old ones, anyone holding these = Screwed 101644 new ones, anyone buying these = Happy There... I explained it for you Or a visual of collectors who just wasted their $$
I think it is reaonable to assume that mintage would go to 300,000. Why you may ask? BECAUSE THEY SAID SO all the way back in 1992 that production would be limited to 300,000. Why would you think any different? If I say im going to produce a coin (which is popular and profitable) and limit it at 300,000 coins. How many do you think I am going to produce?
I'm pretty much of the opinion that the PM has effectively devalued all 1oz kooks and the market for them is now just a purely bullion market, like ASE'S. I will hold my 1oz kooks, simply because I can't sell them for the premium I have paid for them based on current spot, but as soon as I can I will.
Not a bad buy now at similar prices to Koalas. But for most collectors which bought before now, they paid a premium which is now gone. They have every right to be pissed. Also, you won't see the people who aren't buying your Kooks and voting with their cash. I recall selling my Kooks for 50 a pop when spot was 35, good luck getting that in 2012.
Yep that's pretty much it. Although I won't be buying kooks unless they are absolute bargain anymore if I can and will shift to ASE's or similar
Its a duality.. people still want them cos they are cheap.. i mean how often can you buy brand new coins from 1992... it's some crazy back to the future schitt (after going to the past).. Id also suggest that people were mislead about these being old stock sent back to the mint and repackaged so the lack of information has certainly not prevented any sales like it may have if the real story came out before people purchased Regardless they are a good buy - In fact a golden oppertunity for those new to the hobby but wanting a throwback coin from 20 years ago, old skoolers will most likely be pissy and will be getting the 82 libertad rolls for $709 instead* (actually minted C1982) My personal angle on the negative is the precentent now set: 1. Now they will revisit all the dates not yet maxed out 2. This will drive down the value of ALL 92's but especially the 20 year old ones that will now look madcore crummy againest the brand spankers. 3. They were 198,356, now they are 300,000 - collectors but ESPECIALLY PM collectors are UBER interested in mintages.. adding an extra 33% is not going to be good for its future value. 1for1
I could be biased, sitting on the other side but to me paying that much for a bullion coin is speculation. And when you speculate you win some you lose some.
