Ok I think I understand the theory here. Correct me if I'm wrong but the idea is that right now the Perth Mint is selling 10oz Dragon coins for $360, which is only $6.13 over spot. So technically its not really a numismatic, since minted silver coins typically command $4-5 premiums anyway. But next year being the "Year of the Dragon" in China means a high likelihood that they will be sought after over and above the usual demand and thus will be priced quite a bit over spot. Is that the idea? If so, I might as well start buying 10oz Dragons instead of 10oz bars because they're only $3.65 premium over the bars. At the very least even if the "Dragon Fever" doesn't materialize, it wouldn't be hard to sell the coins at the same premium they were bought for. Does this constitute a "low risk numismatic" opportunity?
Sounds good. I may head over to the P.M. to pick up 2 or 3 of them. Although the silver price itself probably hasn't finished dropping yet; maybe I'll wait till next week and buy 4.
I just tried the Perth Mint website to buy some Dragon bullion - no 1/2oz, 1oz, 2oz, 5oz, 10oz or 1kg silver! Think they must be a bit low on stock :/
Holy cow! With prices that low, how do they not run out of stock instantly? I'd like to buy 10 of these. I'll have to sell 2kg of silver bars to raise the money though. I think it'd be worth it. I hate metric bars anyway.
get a group buy going, we just bought 16 x 1kg dragons in a bulk group buy and got a really good price
You'll like this then http://bullionbourse.com/index.htm#ecwid:category=584923&mode=product&product=2114698
hmm yeah that's good too. BullionMoney's price is a hair cheaper though. Do most of you guys insure your shipments? Is it a significant risk not to? (meaning is the courier system in this country reliable enough)
Ok I have a question. Why would there be a 30% price difference between ebay and dealers like this? I mean, you can buy 10oz silver dragons for the above price, and if you look at ebay's auctions for the same product - completed auctions where there was an actual sale - you find they go for heaps more. What audience is buying these on ebay that doesn't just go to the online dealer and get them there? Is it a case of not knowing where to shop, or being stupid, or what? I'm considering the idea of buying a bunch of these from the dealer and selling them straight away on ebay for huge profits, then putting the proceeds into more of the same. Lather, rinse, repeat. At over $100 profit per coin, it'd be more than worth the trouble of setting up the auctions. Is there a flaw in this logic? What am I missing?
Umm... Feepay is full of fees and scammers and 10% may not cover losses due to corruption and or incompetency
The above posters have it right. Ebay attracts higher prices because there are significant Ebay and Paypal fees involved. The seller has ~7% of his sale price taken in the form of fees, not to mention the listing fees on top of that (although they are doing a 30 free listings per month thing at the moment). On top of that you have the fact that if you buy something on Ebay you are going to get it in your hands pretty quickly. If a seller is selling something, they have it available to ship to you when the auction is over. As opposed to dealers where they might advertise a silver product but not actually have it in stock and have a month+ delay in actually shipping it to you (e.g. I am STILL waiting for Dragons I bought from Bullion Bourse over a month ago!). So people are happy to pay a bit more to get the coin they want quickly from Ebay. Ebay also has a greater variety of stuff available (e.g. most dealers only have a handful of previous year Lunars in stock, whereas you can find most of them on Ebay if you look around). Along with this goes the fact that yes, Paypal sucks and loves freezing your account for no reason, and there are scammers/fakes around on Ebay. So again, higher risk attracts higher price.
They do it all the time. It's happened at least twice to me, and in each case I had to do random stuff like fax a copy of my ID to an international number and wait weeks for them to review my account etc. before they'd unlock my account. Anything their stupid algorithms detect as "suspicious activity" is enough to get your account auto-frozen. In my case it was because I logged into my Paypal account from a different country than I normally did (apparently Paypal has never heard of aeroplanes before). I've also heard it happening to people who had logged in using a VPN with an endpoint in a different country, then logging in subsequently without the VPN (so to Paypal it looks like the person has 'travelled' to a different country in a matter of minutes). Paypal isn't a bank and you aren't well protected if they decide to take your money and run, unfortunately.
Ok tomorrow I'm planning on buying ten 10oz silver dragons! I was a bit ticked about the price of silver jumping up $1.50 like it did last night, but what can you do? I've got my $3600 ready to go by tomorrow morning, so hopefully the price of silver will behave befor that time and not make me cry any worse. I'm wondering about this Bullion Money site, and if they'd give me faster service than Bullion Bourse. I know with BB its a guaranteed huge delay. BM may be just as slow but their site doesn't indicate any delays. Does anyone have experience dealing with Bullion Money?
Wow I called "Ossie" at BullionMoney and he told me that they actually have the 10oz silver dragons IN STOCK!! I'm very, very surprised at this, being that Bullion Bourse has an indefinite delay on their stock. Their prices have been going back and forth (sometimes BB is more expensive than BM - sometimes less) but are almost exactly the same price as one another. So now I'm going to purchase ten 10oz silver dragons from BM for about $3680!! He told me I'd have the coins in about a week and a half, that they'd ship 'em as soon as the bank transfer was cleared. Wow, exciting!! First though, a sanity check before I buy: Does anyone here see any reason why I should not purchase these things right now? I'll wait a bit and see if anyone has any words of wisdom, as I may not be thinking entirely clearly due to the excitement. [edit] The site says there aren't enough in stock so I called him back. He said that was surprising but someone may have placed a large order this morning since the system is usually correct about stock counts. He did mention that if they don't have enough, that he's expecting FOUR HUNDRED more of these to be coming in form the Perth Mint in a couple weeks. So instead of a week and a half it'd be about 2 1/2 weeks delay, which is fine. But this raises a point I'd like to share here and that is the fact that perhaps stock isn't as tight as we've all been discussing?? If he has 400 10oz silver dragons coming in from the PM soon, everyone here should be snatching them up. Also, BB is probably going to have more stock soon too. Thoughts?
