Dealers disclosing trad-in PM?

K

Kelsey

New Member
Should dealers fully disclose trade-in PM v New sales?

Last year I purchased some 100 kooks and 100 kangaroos from ainsliebullion in Brisbane, bit disappointed that the kooks where tarnished and the kangaroos had the tube seals broken, milk spotted and older then the date I'd ordered.

I mentioned it too them they didn't seem to care or care for my call in general, because i'm new to stacking and got a decent price I didn't press the issues.

The other day I went to order from them again, some 10 oz bars, I thought I'd check first to make sure I get sent new bars.
I was told there is no guarantee I'd get new bars, however make a note on the order and they'd try and add new bars if they have them, if they don't I'd get traded in bars.
I was told they don't distinguish between new and trad-in PM to make it better for clients to trade back to them., which I consider pretty lame excuse as they hardly give the best buy back price tbh?

Also every other Aussie dealer I dealt with clearly states when they are selling trad-ins or new?


So should dealers fully disclose trade-in PM v New sales?
 
Interesting question, I look forward to hearing other stackers' take on this. In retail generally it is accepted that a customer is to be supplied with a new product and if it is second hand this must be disclosed. I don't see that bullion dealers are exempt from this. I see that Goldstackers takes care to note such things on their items. It's just good manners and reasonable disclosure.
 
Yes they should. If you are paying for new you should get new. If they can not guarantee new then I would go elsewhere.

I bought a 10 oz Perth Mint Bar from them in 2017 and it was not new. In fact I have bought better ones here. Since then I am very fussy about who I buy from. Bought a lot of stuff from KJC and Ainslie and it was all new. If they won't guarantee new, I won't buy it. Sales where they say, buybacks and years of our choice can be anything so I don't mind. All they need to do is tell you the truth and I am happy.
 
Do you have a link where you purchased these coins from? You may have bought one of those low premium mashes/'mystery boxes' due to your statement.
Kelsey said:
older then the date I'd ordered.
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These boxes will be all various years and conditions and due to this, it's low premium. If you specifically ordered just one date then you got a completely different product.

It's like be going to Toyota and ordering a new Prado and they roll out a 2010 Hilux and telling me it's a new prado. A link to exactly what you ordered would help.

Kelsey said:
I mentioned it too them they didn't seem to care or care for my call in general
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For this point alone I would not deal with them again. There are better bullion dealers with the same if not better prices and services.

Kelsey said:
because i'm new to stacking and got a decent price I didn't press the issues.
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There are two main mindsets when stacking. Buy anything as close to spot as possible and don't care what it is. Silver is silver. Or buy nice high premium items that you like and expect the item to be in perfect condition to reflect the premium.

For me silver is silver and closer to spot better. I don't care if its tarnished or banged up. If the purity and weight are good that all I care about, so you need to think which one you are as that could change your dilemma you posted.
(Some people are inbetween these mindsets and buy anything they see but that's just greedy :D)
 
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Thanks for the replies all, clarify when I say "got a decent price" that was more to do timing a dip in the spot price then getting a real discount.
StewyD32, the exact link is not there anymore, the purchase was back in Aug, tried searching myself a few times to double check if in anyway it was an oversight on my part (which I don't believe it was though I was very much a newbie at the time).

The receipt for example says "1oz 9999 Silver Kangaroo Coin 2017 Perth Mint" as it was purchased in 2018 its not unreasonable to assume 2017 from a dealer (unless otherwise) stated isn't a trade-in. For example I've since bought listed as "New" 2014 Gold Pandas for kjc that appear to be precisely that; New.

These are what I was going to order the other day until they couldn't guarantee I wouldn't receive traded-in bullion.
https://www.ainsliebullion.com.au/p...2643-1893-4192-b83d-190dc3026719/default.aspx

I don't see anything there should make me think I'd receive anything but new bullion? Should buyers have to ring up and check everytime?, and again the dealer on the phone told me straight they don't distinguish between new and traded in :(

I'm in no way against buying traded-in bullion., but its something we should be told straight up, so we can judge prices, like for like across retailers, private sellers here etc etc.

As for what type of stacker, a bit of both. I aim to get close to spot but I think its worth paying extra for coins from a recognised mint and paying slightly more per ounce then generic bullion. Also I do have a separate small but growing coin collection., so any bad coin purchases can go in the bullion pile, or excellent bullion coin purchases (like the above pandas) become part of the coin collection :)

However eventually for the bulk I'm likely to go close to spot bullion. Still learning before buying the bulk.
 
I like their stacker bar
10 OZ AINSLIE SILVER STACKER BAR
next time will get
 
Kelsey said:
These are what I was going to order the other day until they couldn't guarantee I wouldn't receive traded-in bullion.
https://www.ainsliebullion.com.au/p...2643-1893-4192-b83d-190dc3026719/default.aspx
Click to expand...
I bought several 10 oz bars from KJC and all were sealed and brand new. I go to bullion dealers for brand new and I pay brand new prices. If I wanted buybacks/second hand then I expect it a bit cheaper. I wouldn't buy from the link you supplied for second hand buybacks.
 
there should be "circulated in good condition" etc usually this item has a promotional price
but if this item is post out, really hard to tell...since the wrap is new, and sometimes the sealed pack can be damaged due to shipping/handling
 
yes (there is buy back) there
price usually for a bit lesser
our expectation = sometime we get put off from their generic picture,
when you see the bar in person, it is brand new (inside the sealed) = good luck for cheaper price = lucky !!!

sometimes I buy the collectible old bar at premium, so it is possible one day in the future there are people who wants them
such item can not be new, condition may vary
 
I buy from ABC Bullion. Never a problem. New is "New" and buy backs are clearly noted and sold as such and at discounted prices. The buy-back Maples I got end of 2018 were at AUD22.00 each and a clear discount on new and sealed ones. Got them and they were basically new and untouched. Got lucky I guess.
 
All the buy-backs I’ve gotten from Ainslie stated their condition in the listing. Everything other purchase was brand new.

Don’t think I’d be coming back if I bought new and got used.
 
Neither the Ainslie nor ABC website shows specific years for the maples - as an example. The ABC site does say "PLEASE NOTE: year and design of coin may vary from image shown." as it is showing a 2018 maple. The Ainslie site is silent about what year the maple coin you buy will be, the picture is of an older maple. When I asked the Ainslie rep about it when I was buying in person, he said something along the line that they are a bullion company and they focus on the bullion not the year of the coin.
 
Well... From my perspective as an ex:retailer, I think it's important to be absolutely clear when selling buybacks.

Goldstackers would get a lot of buybacks and were always clear about this.

Managing SKUs where there are both types are difficult. However, it is reasonable to expect that a 2017 coin in 2018 is likely to be a buyback. Again Goldstackers would always bring this to the customers attention.

When I'm buying I do a keyword search on "buyback" to find the bargains.

Ck.
 
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