Who still got them silver dragons .... whats your dragon story ....
- Thread starter pmstacker
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Didn't buy even ONE Dragon and probably won't buy any
It was a massive con paying 2, 3 and in some cases more over spot for Bullion coinage based purely on speculation IMHO
The whole dragon saga set in stone the mindset of the participants (both buying and selling) in what I expected the market to be. It was actually quite painful to watch the flipping frenzy and associated attitudes unwind on SS during the early period and I was more than happy to stay well out of the way whilst people lost their speculative minds over the whole thing
A small premium for a desirable collectable I can understand but the whole dragon stampede was nothing more than a shameful speculative flip fest with a minority opportunist winners and a bunch of people sitting around kidding themselves paying $100 plus per ounce was a good deal
It's still a bunch of 1oz bullion coins at the end of the day and I'd rather have 300 oz generic silver rounds than 100 oz 'premium' Perth mint dragons, but that's just me
For those who willingly pay more than issue price for dragons I say good luck, but your bloody mad and should have just gone more ounces instead IMHO. You would have completely screwed yourself on simple opportunity cost for more ounces and realistically placed all your eggs in the one speculative basket hoping you'll have another 2000 repeat.
The whole dragon fiasco I strongly believe lead people with the right core stacking mindset in the wrong direction, but then again I can see why people wouldn't rather be simply patient and wait for spot to realize a profit
Mind you if spot fires to $150 per oz you're going to kick yourselves that you bought collectable silver at 100 an ounce when you could have bought generic at 35 to 40
But if you bought your dragons at issue price well done, that was realistically the only smart way to go with it imho
/rant
It was a massive con paying 2, 3 and in some cases more over spot for Bullion coinage based purely on speculation IMHO
The whole dragon saga set in stone the mindset of the participants (both buying and selling) in what I expected the market to be. It was actually quite painful to watch the flipping frenzy and associated attitudes unwind on SS during the early period and I was more than happy to stay well out of the way whilst people lost their speculative minds over the whole thing
A small premium for a desirable collectable I can understand but the whole dragon stampede was nothing more than a shameful speculative flip fest with a minority opportunist winners and a bunch of people sitting around kidding themselves paying $100 plus per ounce was a good deal
It's still a bunch of 1oz bullion coins at the end of the day and I'd rather have 300 oz generic silver rounds than 100 oz 'premium' Perth mint dragons, but that's just me
For those who willingly pay more than issue price for dragons I say good luck, but your bloody mad and should have just gone more ounces instead IMHO. You would have completely screwed yourself on simple opportunity cost for more ounces and realistically placed all your eggs in the one speculative basket hoping you'll have another 2000 repeat.
The whole dragon fiasco I strongly believe lead people with the right core stacking mindset in the wrong direction, but then again I can see why people wouldn't rather be simply patient and wait for spot to realize a profit
Mind you if spot fires to $150 per oz you're going to kick yourselves that you bought collectable silver at 100 an ounce when you could have bought generic at 35 to 40
But if you bought your dragons at issue price well done, that was realistically the only smart way to go with it imho
/rant
Dirtbikepilot
Active Member
I got some coloured proofs 1 & 1/2oz, a few gilded and a type set all at issue price. I haven't even tried selling any of them yet, not sure when I will.
I'm quite happy to sit on them and bide my time at the moment. I probably wouldn't be real happy if I had paid a whole heap above issue price.
I'm quite happy to sit on them and bide my time at the moment. I probably wouldn't be real happy if I had paid a whole heap above issue price.
I got a roll of 20 on the launch day and immediately traded it on SS for a 1oz gold certicard.
cdnmetalmetalhead
New Member
I'd be interested in a gilded dragon if anyone has one
cdnmetalmetalhead
New Member
alor said:
Where? the BST section?
I'd be willing to trade maples grizzlies pandas etc etc
G
Guest
Guest
Ausecon said:As i was reading i thought you might've been trying to include the word speculative or a derivative in every paragraph!
Yeah, sorry about that. It was both fascinating and frustrating to watch it all unfold on release day. The smart money knew the flip was on and some people had no problems doubling and even trippling down close to release as people who got caught up in the frenzy starting paying silly sums for what's really just a bog standard bullion coin, but with 'limited' mintage.
I stayed away from the circus, but it was interesting to see some aggressive attitudes come out here as questions on asking price that was obviously a gouging effort came to the fore.
We ripped straight into those scum dealers with massive release markups, only to do the same thing here and then got pretty shirty when the questions were asked. I was pretty 'wow, hypocritical much?' over the whole thing, but that's how it panned out.
But it was also interesting to see the nature of the speculative market play it's hand on supply and demand too, especially on SS where you'd have to say the average mindset of the community members are (generally) a cut above the sheeple.
The Dragon release distinctly said to me that even with the learned stacker ideology in place, when the speculative market beckons even the most jaded will potentially be willing to roll the dice.
Some people on SS (as evidenced by the reports above) did very well on buying at issue price, flipping for really no effort at all and cash in on the speculative market.
What do you all honestly think the flippers did with their extra cash windfall from the proceedings?
Why, buy MORE OUNCES of course! THEY were the smart ones!
The only question I have for the buyers of $100+ oz silver now, are you sure you really made a good decision once the dust has settled?
Personally, if I was buying at over $100 per Oz, I'd feel like a right frakking idiot about now. I couldn't fathom how you'd place conviction in collectable premium appreciation over simple spot movement over the long term, but that's just the pure 'stacker' in me thinking. I KNOW many folks will point to the 2000 market for Dragons as proof of concept, but you have to realise that even those highly sought after premium coins go for not really that much over what was just paid for the 2012 version of the coin.
You'd have to see pretty big price appreciation on the speccie market for the 2012 to realise the sort of profit you'd hope for - and then hope that this margin is better than if you'd just bought more ounces, been patient and let spot realise your profits instead. Huge risk IMHO.
I reckon if you buy your lunars *at issue price* or even just a shade above, you've gotten the best possible outcome as there's always going to be fools willing to roll the speccie dice.
All my lunars that I've bought were at issue price, but I didn't buy dragons at all and there's no way in hell I'd be paying the asking prices for dragons that are expected in the current 2nd market either.
If you already have your core position in silver / gold and are satisfied with taking a punt, good luck to ya. But if you're still building your core position (and let's face it, most of us are) you'll have to forgive me in saying you made a poor choice in buying $100 silver when you simply could have gone for more ounces.
But it's said and done now and whilst silver has flattened out somewhat in recent months the frenzy has died a bit, the market is relatively stable right now until Silver moves again. I've absolutely no doubt once silver breaks the magic $50 psychological barrier well get another raft of stacker newbies looking to cash in and you can flip all those dragons to the next sucker in line instead.
Whilst I'll probably pick up a few of the non-1oz denominations in Dragons just for variety whilst they're on issue, there's not a snowball's chance in hell I'll touch the 1oz market.
Silver is silver is silver at the end of the day and whilst I don't mind a little premium stuff for the kitty, the dragon thing was just too crazy for this old war horse to make real sense of.
Just pass me those 'junk' 1966 50c coins and pre-decimal fractionals, plus simple bullion bars thanks. That'll do me.
I got mine a roll that worked out $51 per coin. I was only going to get 5 coins initially, but influenced by forum members, so changed my mind to end up getting a roll. Sold 10 for $78 each and no intention or hurry for selling the rest.
Although most people seem to dislike the design of the 2012 dragon or the gilded, I am the minority who likes both
Although most people seem to dislike the design of the 2012 dragon or the gilded, I am the minority who likes both
cdnmetalmetalhead
New Member
Elemental said:
Says unaviable.
I was going to pick these up but ended up buying a roll of Maples instead since spot was right around 30 at the time.
cdnmetalmetalhead said:
What happen with these gilded lunars is that even it is currently showing as 'unavailable', it will from time to time change back to 'available'. Similar case to the gilded tigar, it was shown as 'unavailable' before, then I called Perth Mint and the next day, it became 'available' again. Call Perth Mint now so that you can take advantage of the 'free shipping' before 31st Dec for purchase of $75.
I bought some at bullion prices with the idea of adding very liquid bullion to my stack. I am sure people will fall over themselves here if they are equally priced as koalas.
Liquidity is king for me.
Paying $100 a coin.. Glad that's not my dollars going to waste through either laziness(not searching for a better deal) or getting sucked into the hype, make that both.
With more and more waking up to the idea of tangible assets no doubt more people will get drawn in september next year and pay the lunar hype tax.
And Gold lunar proofs..... Massive star trek guy facepalm.
Liquidity is king for me.
Paying $100 a coin.. Glad that's not my dollars going to waste through either laziness(not searching for a better deal) or getting sucked into the hype, make that both.
With more and more waking up to the idea of tangible assets no doubt more people will get drawn in september next year and pay the lunar hype tax.
And Gold lunar proofs..... Massive star trek guy facepalm.
I bought a box of 100, and sold 80 from that at the price I needed to break even on the box.
I think once ainslie sells out prices may increase.
I heard they got allocated 20,000
I heard they got allocated 20,000
Don't know how they are still in stock then.Nedsnotdead said:
Pretty sure Brisbane stackers that I've met, are alone responsible for purchasing 2-3 thousand.
cdnmetalmetalhead said:
http://www.perthmint.com.au/catalog...i-2012-year-of-the-dragon-gilded-edition.aspx
http://www.perthmint.com.au/catalogue/australian-lunar-gilded-edition-12-year-collection-case.aspx
try to check the links in a few weeks... may still have.
Bullion Baron said:
+1.
I flipped a half dozen on ebay as I was fortunate to pick up a roll from the Perth Mint on release day. Buy it now with international shipping offered. I didnt think they would sell but were snapped up within a day. Crazy.
If it happens, the frenzy around silver will be truly epic. Despite any frenzy however, if people arent prepared to sell into it because of moral or emotional attachment reasons then there isnt much point to stacking. imho.