Horrific milking already on the 2016 1 oz. Silver Kangaroos!

Spotted by ninteno:

Translated by google:

 

Provident Metals have a disclaimer on their sales page:

 

yeah, hopefully no one is surprised by white spots on this coin, or the crocs, or the funnel webs. It's just the way it is folks. Treat these the same way you would any other generic coin (eagle, phil, maple, elephant, etc..). A BIG FAT BIRD Turd. 2.49 over spot. POS. I'll stick with the Kilo Lunars...at about the same cost, and less chance of crap like these.

 

I will not buy 1 ounce of these coins...my money is better spent on low premium blobs which don't lactate.




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Resale value for tubes of these will be little more than spot.

 

Maybe they did use RCM bullion blanks after all... :lol:

 

they should be about .10 over spot, or maybe under. lol.

 

Yep, if Perth Mint were a private company, it'd never come to this.

You've got to think of the attitude of the Perth Mint to allow this to continue.
Here's the board members: http://www.perthmint.com.au/about_us_gold_corporation_board.aspx

Richard Haynes has been the CEO since July 1 2015.
http://blog.perthmint.com.au/2015/06/22/perth-mint-announces-new-chair-and-ceo/

I think he needs to do something radical. This is really damaging to everyone and isn't really being taken seriously, it's all words. Suspend production for a week. Fix the issues and move forwards.

 

Collectors should well be disgruntled , but all of us STACKERS should not really care.
If you are a collector then do not buy , but if you are a stacker then you should be looking at getting these CHEAP on the secondary market from the upset collectors trying to offload these and others.
The coins i collect do not get milk spots as they are all government issue old style 50% and up.
I only want to get SILVER at the lowest price possible and this is my only goal.
I know i bought a bar over spot recently but the is just a few OZT out of many and shit it was just too pretty

 

Ok... If PM really wanted to compete in the bullion investment coin market, how do they hope to win against maples now that everybody knows that these new coins milk spot so nicely as well? Maples have 5 CAD face value, so bye bye mr Milky Kangaroo.

 

damn that's a shame, its a good looking coin... will steer clear of them milky coins!

 

The new CEO has been in the job for 3 months.

Here's an article, Richard Hayes is the gentleman to the right.

Richard's linkedin account: https://au.linkedin.com/pub/richard-hayes/b/6a7/116

Perhaps he's not even aware of the issues? You never know. His bio reads him as super experienced and let's hope he can tackle the issues that Perth Mint are facing.

 

Much thanks for sharing, everyone.
I almost bought a few tubes.
I have decided to stay clear of it.
Nice coins but not worth it with those milky spots.

 

Yep, apparently my fears have come true!

From the start, I said nice design, but concern over quality (even if it is "just bullion").


Really haven't purchased many modern Ag coins in months, partly because of stuff like this..

I've got plenty of other categories that I have the experience, familiarity & interest in -- and my budget can & does go into those, instead.


I'm not so sure I'll be going very heavy into the 2016 Ag coins of *any* mint.


And I really hope PM pays great attention to the quality of the '16 Kooks, because that's the one true highlight of the new line-up, IMO.

 

QUOTE - Sure those who sell the product won't tell you not to buy them, and why would they ! There is always someone out there who will buy a used car with a blown motor. Unfortunately, that used car will be just as quick in the wreckers as a milky coin is to a smelters crucible.

 

Ok that's just bullshit business practices by the Perth Mint.
Promise so much four 9 purity, security mark laser engraved oh and btw we didn't put a quality control department in the new building so they are going to look like shit.

Just a quick question, does this problem qualify for Perth Mints 30 day return policy?
Just wondering what would happen if all those people who pre-ordered them sent them back. Might be a wake up call to the Mint.

 

I haven't bought these and kinda glad I didn't. I'm also staying away from a lot of products this year that are notorious for spotting. That or I clean them up if the price is right, but I'm not about to pay a premium for a product that's defect from the get go.

 

Shame, I was going to buy a couple to take to the coin club to show the latest security features off, but none of the members would be interested in stealing any of these anyway.

I will take some of the older milk spotted coins along as many of our members do buy Perth Mint Products so it might be of interest to them.

 

I stopped buying coins 18 months ago for these reasons, when my premium Rams started spotting that was it for me, all bars now

 

I'm super dissapointed because I really do like the design on these.