Are YOU in the Platinum Business? WHY NOT?!?!?!?!?
MsMorrisine
Posts: 33,071 ✭✭✭✭✭
MsMorrisine
Posts: 33,071 ✭✭✭✭✭
Comments
When you put it like that...
And cost from the mint? Their ask might seem high, but its a reflection of cost of product. That and demand and lack of supply of new 2020 material.
Sadly, APMEX is high on a lot of their products. You are almost certain to take a haircut when you sell this stuff later on...
My YouTube Channel
I do not collect/stack platinum... However, I must say, they certainly provide fantastic designs on those coins. Cheers, RickO
The Mint has been ramping up their production of platinum bullion for the past few years - this year is in contention to be the 2nd highest mintage of 1 oz. Plats. I don't know what it means, but I'm not sure how Apmex can get away with such a high price when they are supposed to follow the Mint's guidelines as a primary distributor.
Maybe someone should check with the Mint and see what they have to say about it. Seems like a breach of contract, but maybe the Mint just doesn't care...
I like platinum alot, and I have enough "extras" to enjoy a nice price increase. The volatility is pretty wild now (down $43 today as I type this) but if you can find it at a low premium (and that is a pretty big "if"), it's a good speculation these days.
PS - I just checked the sold items on ebay, and it looks like the going rate is easily (with few exceptions) over $1,300/oz - even for raw, ungraded Plats. Nice!
I knew it would happen.
Same exact reason I'm not in the palladium business.
The whole worlds off its rocker, buy Gold™.
FYI -
Chad
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Hi, I'm a long time customer and I'm wondering why your premium for Platinum Eagles is $400? Doesn't the Mint require that you maintain a pricing structure that is nominally-higher than the spot price, around 2% or 4% - enough to cover distribution costs and profits? I don't understand what's going on with your pricing. JW
Sent2 Sep 11:16 AM
Thanks for contacting APMEX! Someone will be with you shortly.
Received2 Sep 11:16 AM
You are now chatting with Chad from Customer Service
Hello! Do you have a specific product you are looking at?
Received2 Sep 11:18 AM
2020 1 oz Platinum Eagle. You don't have much else available.
Sent2 Sep 11:18 AM
Normally, the premiums added range between 2-6%, but I do not know of any requirements put in place by the U.S. Mint regarding pricing.
Received2 Sep 11:22 AM
As a primary distributor, don't you have a specific guideline? It certainly used to be that way. Don't you have a distributor contract? If not, it would be enlightening to know that.
Sent2 Sep 11:24 AM
Hello? I've been waiting for you, Chad. Hey, I just want to know the situation. What gives? Are you going to reply? I have to go pretty soon.
Sent2 Sep 11:30 AM
My apologies for the delay. We set our premiums based on a number of factors including cost, demand, as well as the current market price for the product.
Received2 Sep 11:33 AM
I might note that your cost is <$1,000/oz. So, you don't have to follow any Mint guidelines. Is that right? You can check my buying history. I can't be a customer of yours under these circumstances. Thanks for your time.
Sent2 Sep 11:36 AM
To my knowledge, the mint does not issue pricing guidelines for us to adhere to.
Received2 Sep 11:38 AM
Have a great day, Chad. Now I know where I stand.
Sent2 Sep 11:38 AM
Please let us know if we can be of further assistance.
Received2 Sep 11:40 AM
Thank you for contacting APMEX, and have a great day!
Received2 Sep 11:40 AM
I knew it would happen.
Chad sounds like one of those AI robots.
The whole worlds off its rocker, buy Gold™.
I got a 1oz JM Platinum from APMEX for $1100 about a week ago. This was around $950/$975 Platinum spot. I thought it was a bit pricy but I seldom see them, and they are no longer made (and I needed one for my collection) so I went for it. They had a few of them, but sold out very quickly.
It's all about what the people want...
Palladium coins are nice too. I like both of them.
Chad sounds like one of those AI robots.
Low level employees just regurgitate what they are told to say and management thinks that loyal customers will keep coming back regardless of how ridiculous their premiums are.
That's a mistake on management's part. There's still a free market out there somewhere.
I knew it would happen.
Not hard to buy them from Apmex for ~1100 per, just need to have them price match assuming one has that standing with them.
Chad is doing you a favor bird dogging you "off" an overpriced garbage metal.
price match who?
Silver and gold move strongly up and instead you are fiddling with high spread low demand crap?
go die on that hill if you must , don't say you haven't been warned about 1000 times
no seriously though? therapy would be cheaper than all this point proving wouldnt it?
The Mad Real World Chad:
Hello sir, I would like to know why your premium is so high?
Coin store (Named Chad) owner: Are you buying or complaining?
Me: Just checking.
Chad: Well, go check somewhere else.
Me: Hey, you can’t talk me like that! I will let the Mint know.
Chad: Reaches under the counter to the “problem customers” shelf area.
Me: The sound of my skeedaddle to the soundtrack of “Pumped Up Kicks”.....
Back to the Bay.
premiums did not used to be almost 50% bronco.
it means its not liquid so avoid at all costs. seeing an awful price and opting out should be the cheapest lesson learned of all , net cost 0$
it's in high demand.
try to find a 2020 platinum eagle in stock elsewhere. it is hard.
no one has ever explained why they are even looking for them.
Hasn't the US mint done enough damage to collectors already?
You will never convince me its real demand and not another in a long list of manipulated pump and dump type shortages.
Me: Hey, you can’t talk me like that! I will let the Mint know.
Chad: Reaches under the counter to the “problem customers” shelf area.
Seriously, don't you remember that in order to become a Mint distributor, a firm had to meet several types of requirements, and that included a standard markup price range? Did the Mint drop that requirement at some point?
As to being a problem customer...schucks, I thought I was being rather easy on them.
premiums did not used to be almost 50%
That's correct, typically a 1 ozer bullion might run around a 10% or 12% premium, so no - rejecting a 50% premium doesn't really warrant a "problem customer" notation, it really means something much more unflattering, to anyone who really wants to buy some platinum - even a very-well established customer.
I knew it would happen.
I only have a 1/10 oz 2002 platinum coin.
I have never seen anybody walk into a coin shop to sell platinum. Don't even know whether many of these shops are even interested in buying it.
As a matter of fact, I don't know if I've ever seen a coin shop selling platinum.
Platinum doesn't seem liquid enough to me.
Always people selling gold and silver as far as I can see.
>
Because the shops offer such terrible prices that the sellers know better . They are sitting at home sobbing over their wee slivers of unwanted "PM"
There is no valid exit strategy for platinum for the shops either. The ones that do have some on the shelves have to hire a special crew to vacuum the dust off them once a decade
The US Navy has been filing patents for aerospace/underwater vehicles the past five years. Namely, an inertial mass reduction device (patent #US10144532B2 or here: https://patents.google.com/patent/US10144532B2/en )
The patent is 5 years old. It was filed by Salvatore Cezar Pais, who has also filed a significant number of other patents for the US Navy. Brilliant guy check out his education and credentials or any number of his other highly specialized military patents.
More or less, it creates a vacuum state around the object wherein it doesnt have to abide by the same rules our planes do. It takes very little energy to increase the speed and takes no energy to stop. I'm sure by now anybody with an internet connection has seen similar all over Facebook, YT, twitter, etc.
Anyway, I'm very aware that our reality-bending alien tech space ships sounds super crazy. But to be honest, the whole situation makes me feel lacking in metals. Technological marvels like this are incredibly exciting especially aerospace; and, not just that, if it can exist without drag in air and space, it can exist without drag underwater.
The off planet tech applications will be mindblowing. Travel will be fundamentally changed forever, and however awesome all of that would be, it still wouldn't hold a candle to what it would mean for exploration and perpetuating our species across the universe.
If I was a platinum or palladium guy, I'd give the whole thing a look. Make no mistake, there will absolutely be a run on the raw materials for this tech. I'd be very interested in any anti satellite weaponry coming out, too. The 2020s are going to be very interesting.
The US government and US Navy announcing and acknowledging all of this only makes me that much more excited.
buy an EFT if you believe in the metals future appreciation and trade the metals dont buy it as coins or you will be buried with them
this is public info but has not been on the news.
here is a blurb (fought) off the patent pdf.
"reduce ... gravitational mass."
now the world can manipulate gravity? I'll believe it when I see it with my own eyes. and it hasn't been on the news in 5 years?
here is a patent. https://patents.google.com/patent/US6368227B1/ it is famous in the patent world. a patent examiner turned me on to it.
I knew a guy in the platinum business. He got pinned under a car while removing the converter.
https://www.ebay.com/itm/100-PLATINUM-EAGLE-COIN-999-PURE-2020/124318043308
how high will it go? (with bad pics)
Other dealers although would just buy from them. I found another with in stock supply then, just do a little legwork and setup notifications. Try checking 10 dealers for starters.
Many low level customer service agents use scripts with canned answers to common questions so that they don't have to think of the response offhand.
Have a few Pd ouncers. I like the miners as a investment.
100% Positive BST transactions
With platinum approaching 1000 an ounce. https://www.ebay.com/itm/2020-100-Platinum-Eagle-NGC-MS70-Early-Release/193659959523?hash=item2d170878e3:g:Q~sAAOSwS5tfXUm2
With platinum approaching 1000 an ounce.
25% premium??? You can do better. 25% is too much for a BU 1 ozer.
I knew it would happen.
I enjoy thinking about all of the people who went nuts for platinum wedding bands thinking they were way better than us lowly gold band people, now who's laughing...
i was told long ago by a japanese that japanese prefer platinum due to the relative scarcity
Im pretty sure the Ferengi prefer gold plated latinum.
Knowledge is the enemy of fear
Trekie nerd!
If he were a true trekkie nerd, he'd have said gold-pressed latinum.
https://www.google.com/amp/s/www.urbandictionary.com/define.php?term=gold-pressed+latinum&amp=true
Liberty: Parent of Science & Industry
Youre right Baley. My mind was preoccupied by Seven of Nine.
Knowledge is the enemy of fear
Rip RBG this ones for you although all my plats are offsite in a secret bunker, so a stock photo will need to suffice.