Have to agree to some extent. Many customers were under the impression Perth were extremely busy! Perth pushed back the release date of the 2012 Koalas and of course, there were no 1/2oz, 2oz or 5oz dragons for some time. Then we got shafted with the 2012 - 1oz privy dragon and the 1oz privy Koala. I've been one of the biggest fans of The Perth Mint, I do like their coins but I think it's time for a change of leadership at Perth. Australians are becoming embarrassed in front of the international community due to rediculous policies that can be changed at the strike of a pen by a competent Board Of Directors. I'd like to see the CEO, out the door, imo he has lost contact with International and local investors and does not have the impact to get things done. Perth needs new Leadership, a CEO who can implement policy and... who can scrap rediculous Archaic policies from the past. Perth needs a sales and minting policy that is clear and...understood by the International market for all their bullion coins! That policy should be: Sold-Out! H Goodbye Ed, time you left old guy and while your at it, take the Treasurer! 20 years is enough!
I think the point is that some of us held the view that Kooks (as opposed to say Koalas) were More than just bullion coins - they had a numis/semi-numis component, which has just been severely eroded so that they are now just bullion coins And since they are now just bullion coins, why would I pay a huge premium on them when I could buy say ASE's for much less?
Of course it's speculation, buying silver in itself hoping for price rise is speculation to a certain degree. Still gives collectors a right to be pissed. It's more to do with the fact that PM flooded the market with 92 Kooks without a second thought for the secondary market. They could've released over the years slowly but no, all at once flooooooood. Collectors have zero importance to Perth Mint, they only give a crap about their wholesale distributors.
I received mine a couple of minutes ago (from BB) and I think they are very nice. ...and I like the price too! A quick phone call to PM today has confirmed that they are re-mints and will probably happen with other years too.
Funny.. we used to be the Champions of the PM saying how superior the Kook was to the CML and the ASE... we didnt case we paid about $5 more cos we got a PVC capsule in return.. im with you XB.. and Ossie.. Kooks = Bullion = ASE = PHILLIES = CML = all just 1 oz legal tender.. milk spots or toning.. meh its all the same. Paying that much for a bullion coin is speculation - Guys... buying Kooks at a premium was speculation, now you have lost? are you pissed? Wasnt it obvious to you speculators that they PM was going to go back and remint to 300K cos im hearing it was ultra obvious? Wonder why no-one posted that they were going to do so? 1for1
If you want to know what will happen with the 92 kook price, look at the year of the mouse and see how sluggish sales were on them for a couple of years.. this will be more profound. 1for1
NO JUST NO. Do not start overreacting and acting like kookaburras are now an ASE. That is ABSURD. TOTALLY ABSURD. In a normal month there are 5-10x more of a single year ASE sold than the entire 300,000 or even 500,000 mintage kookaburra. Plus the eagles don't come in capsules so they get wear the kooks dont. I'm sorry but that pushed my buttons. It's a totally false statement.
2011 Silver eagle silver sales totals for the 1oz coin January-6,422,000 February-3,240,000 March-2,767,000 April-2,819,000 May-3,653,500 June-3,402,000 July-2,968,000 August-3,679,500 September-4,460,500 October-3,064,000 November-1,384,000 December-2,009,000 TOTAL: 39,868,500 ONE HUNDRED AND THIRTY THREE TIMES THE MINTAGE OF A 300,000 line of kookaburras!
Well said honest coins.. Still would like to rid Perth of Ron currie muncher though. Not to mention all the other grey fools at the PM.
Of course its absurd.. different countries, different mint - one unlimited one limited etc.. to think im not schooled in the differences is absurd~! Please digg a little deeper with your posts.. it might pay to read the whole thread or at least the current page. A: Kooks have a premium of around $3 per coin over ASE's B: Demand is the Key driver for Prices and ability to liquidate (NOT supply --- ie: why are NZ and FIJI numismatics worth a fraction of Aust pre-dec if Low mintages are the driver to an appreciating asset. (my thesis on investment trends and appreciation forecasting is coming along nicely thanks). C: United States has a greater population and a more famous and widely recognised product. D: the Whole reason the 92 kook was under 200,000 was cause the mint simply couldnt sell anymore - HINT - no demand at PM pricing. I was actually joking and mockingly making reference to a couple of earlier posts. Plus the eagles don't come in capsules so they get wear the kooks dont. - Hey! i said this TODAY in this thread?.. how you gonna tell me im wrong and pick up on my points (which should be indicative that i have spent the last two years telling people why PM product is superior to US mint and RCM product). Do not start overreacting and acting like Ill do what i do and you are free to do whatever you do.. as long as its not telling me what i can do.. for then you would be treading on me. 1for1
so when is 1993 kooka will be re-minted? I wanna buy again, the freshly newly minted coins just out of the mint no big speculative premium or meany seller trying to milk out of metal.
Great comparison............ /sarcasm The metal market in America is also about 11ty billion times bigger than the Australian market. Flooding a VERY small (in comparison) market with a LARGE amount of Kooks, (almost the equivalent of what was released in an entire year back in 1992) is going to reduce Kooks to bullion status (very similar to ASEs in America) for many years to come.
This is fine example how Perth Mint operates these days. The question is why they waited 20 years for restriking the coins, but most of all why are they doing it now when they don't even able to supply current year demand with the same premium. They do not even make extra money as the currently unproduced 2 oz dragons would have the same premium. First of all they couldn't do it in the early 90s when silver was $4 and they sold the coins for $15, so they had to wait. In the early 2000s the extra premium stated to disappear as sliver price was low and falling. Until about 2006-07 there was no premium on 1 oz kooks on any year, despite the original early mintage yeas weren't even intended as bullion coins with their 300% premiums. (Do not forget this was the only reason mintage limit was not reached.) Matter of fact thousands of returned kooks were melted at the Perth Mint years after year. Took about 17 years people see old kooks again as collectables just like (early pandas, late 90s liberteds and some others like lunar 1). Bad luck because Perth Mint developed this current vulture culture with very sharp eye on the secondary market if any of their earlier products accumulated any numismatic value. If they see potential good demand for it they will take a careful look of the old fine print on that product, and if allowed to mint them they go for the kill. Never mind they can't even keep up with current years demand and they have to shut down their production lines to mess up with the old coin. They just want to slaughter the market anyway.
This will probably migrate to the Series One Lunars as-well, that will mean the 1oz and 1/2oz coins will be affected. The only way to stop this rediculous policy is to get rid of the policy makers. The Perth mint is not above the politicians in the Western Australian Government, all it takes is a few letters to your local member to get the ball rolling. I'm sure Perth would enjoy an investigation into why they are re-minting out of date coins and I'm sure the local media would also be interested. Bullion or not, you should stand up for collectors and stackers. The fact is, there is no reason to re-mint old coins when the mint has adequate bullion coins that investors can buy right this very moment. I've said it before, the Board is full of dead wood! The CEO has not got a grip of what the international and local investors expect. The treasuer, can't even provide up to date mintage figures for a handfull of bullion coins, yet this same bloke has had 20 years in the job! How could any International investor have the confidence to buy allocated or unallocated metal with the Perth Mint? You would have to be frigging nuts! H There is no need to mint old coinage.
As long as the CEO is making money for the State (and therefore people) of WA, I doubt he could give two turtles about the mintage limit of a particular coin.
A new CEO could implement policy that could make the good people of Western Australia a lot more tax dollars if the CEO had the balls to make policies on about a hundred other issues! One being! Put in the frigging infrastructure so Internatiuonal clients can actaully make a purchase on-line without their stinking websites crashing and their phone lines congesting! Then the WA people would get more frigging money! How about un-locking the Bullion site so international customers can buy bullion instead of the crap sitting their for fing ages! How about getting a logistics chain that works in eak periods so customers don't have to wait for 3 weeks to get one frigging coin! Are you for real mate! Look at the big picture not just one little snippit! Those maagers at Perth are incompetent! The CEO has his pet hobbies like a big gold coin while the resources could be put in place to fix the human resource issues and the IT problems they have! Australians look like fools in front of the International market! If I was on that Board Of Directors I'd move a no confidence motion! Id sack the lot! Not over a stupid piddly 1992 Kook but because the whole system is a nigtmare. If it was a civillian business, with no ties to the Government the old boy net would be smashed and perth wouyld have a new productive team that had the resources and leadership to make huge profits for Western Australians and the rest of the country. Don't get suckered into their BS excuses and don't believe that, that business could not be ten-fold more profitable. No, they, the Senior mangers know they are on easy street, they are complacenet and have out-dated policies that do not reflect modern practices. Keep the workers, sack the Board! H
