This is all nice but I think they have overseas buyers who could spend more money in one day on precious metals than all of us here together in a year...so you think they are really listening to us? I wouldn't blame them,it is all business for them at the end of the day
Dragafem I am sure that these SS posts reach overseas buyers (I know they do) and suddenly demand may fall at Apmex when they realise their great newly aquired PM semi-numismatics are not too numismatic and are being remited faster than ASE. Then they will see their old coins lose value. The PM market is all about trust and changing rules part way through the game and applying it retrospectivly is not fair game. The PM may think it does not need a local market but as we know true numismatic value is apreciated when these coins are repatriated back to Oz. The negative sentiment I have heard from overseas is very interesting and should be a big wake up call to the PM. My recent message was from Hamburg Germany which asked about what was going on and if I reccomend that he buy PM coins or focus on German minted coins (Somali Elephants etc). Why he was asking me is crazy he should be asking Ron. We in WA will soon have our local meeting with a link up to a well known PM guy in the US - I will not be suprised if this subject comes up for discussion. The person is good mates with Andy Hoffman who was recently involved in a minor confrontation with the PM. The internet makes this world a very small place. We all realsie that there has been damage done and I think it is fair that we give the PM the oppotunity to rectify this once and for all. If they fall short then you will not be the only one to walk away. It is in their court...
Does anyone else read this as all Kook years now have a 1 million max mintage? Seems to imply that now 1990 can be re-minted up to one million.
If you are going to start a Perth Mint boycott, I'd suggest registering the domain PerthMintBoycott.com Get some real publicity happening about this fraudulent government owned mint. After the shenanigans they've pulled regarding semi-numismatic coins, I'd recommend anyone that has metals stored at the mint to remove them ASAP. Not to be trusted!
I personally am not talking about any formal boycott. I am hoping that the PM sees the light and does the right thing for them and us ( the collectors). A boycott would be a very dire move and not something I would support at this time. Let us all hope that this situation is resolved the sooner the better for all of us. I personally have no real issue with the privy releases but I recognise others do. My concern now is simply clarification on the non-1oz (2,10 oz and 1kg) older kooks. It is my strong belief these should be closed like the koalas and not reminted.
Sorry but you're talking about two separate companies. Source: http://www.perthmint.com.au/about_us_the_perth_mint_group_structure.aspx The Perth Mint is part of Western Australian Mint, a subsidiary of Gold Corporation. The depository is part of Gold Corporation. Any suggestion that someone should pull their metal from Depository over a minting policy in a subsidiary company is, well, scare mongering.
people are not as stupid as some big business might think, watched Australia post shot themselves in the foot just money grabbing and this company is heading the same way, there is no long term business plan going on here only short term gain, they will suffer long term pain. an ideal business plan is to set up long term demand of products where people cant wait to see whats being released , seems by looking at the 1st page of the mints new releases no one cares what they are selling. myself i have been slowly pulling back over the last few years , they used to have customer service and answer emails now they don't and don't care about people and for me this is about the last straw. plenty of other ways to buy silver and gold. the sad thing really for me is other people have based their businesses on the back of the PM having a solid plan for the future. that's the sad part.
Point taken, however having a trail of companies isn't something new. Many large organisations have varying levels of 'trusts' etc to minimise legal liability (& other accounting reasons) along the line... Gold Corp / Perth Mint - call it whatever you like, I have no trust/faith in them.
PROBLEM.. we are heavily vested in Perth Mint Coins? this is my problem... i have plowed a bunch of my money into PM product.. so i am heavily involved in what the PM does with this mintage policy.. i totally (well mainly) blame the 25% drop in my bullion holdings on this flawed PM policy and wish they could just do the right thing and mint new coins if they have more room for productivity..rather than employing quantitative easing on the Kook population. I really wish i had the foresight to see this was going to happen so i didnt buy into the lunar and kook phenom.. oh well now i have been burnt i shant be risking any more investment $$$ in a company that S*ITS where it eats. 1for1
Boycotts are not neccessary. What we need is for Perth to realise that they need a clear, open and simple mintage policy. Close all mintages after 12 months! If people don't buy the coin or coins within 12 months they miss-out! If they know that they will miss-out, they will buy! Simple!
Unfortunately, my feeling is that a lot of these gripes etc will disappear when silver prices improve. It will be a shame to see this organisation get away with blatant malicious activity. I really do hope there is someone with large enough pockets (and enough time on their hands) to take on Gold Corp. There are currently numerous class actions happening against the big banks. Hint hint!
Have to agree. If the PM did this, it would show that they care about us investors/collectors instead of putting profits first. I used to be proud of the Perth Mint, Australia's own world class mint, producing high quality products. Something we sell that overseas buyers want. What happened in the last 1 or 2 years? This sudden change has me suspecting a change in management that put profits before customers. It's premature to talk about boycotting when the Perth Mint is trying to work with the community. It doesn't just hurt them but us holders of PM products. Still a way from the ideal mintage policies but at least it is better than before. I don't really envy Ronnie Currie's position at the moment, must be a hard job having to appease both the community and the PM but at least he is listening to us. Also agree that it is better to design new coins instead of inflating mintages for popular coins, which is good but don't go over board, like the 100 different varieties we had with 2012 dragons!
So what I think I am reading by these cleverly worded policy changes, that the regular Bullion Lunar ser. 2 coins in all sizes except the kilo will not be minted after the current years end except the 1 oz which can be minted up to 300,000 (which does not include a privy marked coin) , but does the 1 oz silver mintage of 300,000 include the coins in special packaging like the typeset and the 10 coin colored dragon set? or are those in addition to the 300,000? And same with the other size bullion can they be minted after the years end if they are for a special order set in different packaging ? Sorry if this has been clearly answered but the way they word this stuff is very confusing and seems to leave out answers to these questions.
It would seem so simple! To stop minting a certain years coin at the end of that year, what a genius idea!
The Perth Mint pulled the 'additional mintage' stunt because they knew of the hype surrounding the dragons. The damage has already been done & they made what they could while they could. I have a solution for the Perth Mint introducing an additional 200,000 bullion dragons into the marketplace, when they were only supposed to mint 300,000.... They should buy them all back from people at current market price; similar to the young lad that had to learn his lesson in this thread; http://forums.silverstackers.com/topic-33914-you-just-can-t-help-some-people-update.html
Hint Hint Maybe it wouldn't stand a chance because Perth can legally mint what they like IAW what Treasury authorizes them to mint. The Currency ACT is law, Perth haven't breached that law with any of their bullion products. The proof and collector coins also have mintage limits and although there is some anomalies with the Certificate Of Authenticity, generally those pieces of paper indicate mintages that Perth are happy to release. Perth could mint more proof or collector coins but they don't wish to "But They Could" IAW what Treasury allows them to. The issue here, is to get a mintage policy that's workable for us, the collector and stacker and to hopefully give Perth a message that they are damaging our coin collections in the short and medium term. We need Perth to close off those limited and un-limited mintages for gold, silver and platinum products (Which they are starting to do) and we need to allow them to get on with the job of producing outcomes that are beneficial to all parties. Be-aware that Perth have the right "legally" to remint many more coins, what we are asking, is for Perth not to. Give Perth a chance to re-assess what they can do. They've already listened to us! Now is a time to suggest what you want and why, give Perth clear cut opinions and guide lines as to why their policy hurts you, so that Perth can amend their Mintage policy. Their current mintage policy says it can be ammended and I think that when Ron and the rest of Perth re-convene 13 January 2013, they'll hopefully come up with an amended policy and a lot of closed mintages. Give them ago, if things don't work-out for the better in the new-year, then perhaps something else needs to be done. The Lunar Bullion coins have clear mintage policy that's acceptable. The Koala's Bullion coins have clear mintage policy that's acceptable. The Kookaburra bullion coin policy is not acceptable. The collector coin policy for Proofs and other collector items needs attention because re-minting collector coins a few years after coins have been released erodes collector value. Older proof sets need to be closed because!!! Perth have demonstrated via the release of the 2oz proof series coins and the High Relief coins that they will indeed restrike collector coins. This affect us as collectors because a set of coins from years ago has had a certain mintage or sales figures that we are aware of or it can be found in coin catalogues; if these coins are re-minted the value of our collection goes down. It's also bad because a person cannot buy on the secondary market with confidence because they will always be thinking..... When will Perth re-strike these collector or Kookaburra bullion coins. As a collector and stacker I want Perth to guarantee me, via hard-copy, (Their Blog) that older mintages are closed off and until then I view my collector sets as vunerable to Perth's re-minting policy. H
Yes, the big banks also thought they had a legal right to do as they pleased. The 'status quo' remains unless there are enough people that make a noise.
