NWT Shipment just arrived via FEDEX
gecko109
Posts: 8,231 ✭
Some of you will remember a post I made in a thread back on October 31st about an order I placed with the Northwest Territory Mint. I ordered 185 ounces in the form of 5oz bars at a price of $10.85(that included the premium). The deal was simple. You lock in at just $1.25 over spot/oz for as much as you wanted. Send them a check within 2 business days, and take delivery 12-14 weeks later. It sure seemed like a heck of a backlog, but with everyone and their brother at the time selling silver at spot + $3-$4 over....it seemed like the wise move. One neat caveat about the deal was that although you dont take physical possesion for almost 3 months, you retain the "rights" to your order. Therefore, I had the option of selling my unfilled order back to them at the paper price, which was a nice option. I had no intentions of "cashing out" on this order as we all know how hard it is to get silver affordably these days. Well, over 3 months later, here is the shipment. Well worth the wait, wouldnt you agree?
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Comments
Loves me some shiny!
Edited to say... is it all going to get melted into your own pour bars now?
Click on this link to see my ebay listings.
<< <i>Very Nice!
Edited to say... is it all going to get melted into your own pour bars now? >>
No way! My handmade bars are made using ONLY .999 shot from APMEX. The last 2 of these 5oz bars to sell on ebay were saturday and sunday, at $87 each!
<< <i>Very nice, but risky to wait so long for shipment. >>
I dont see the "risk" really. Just because some large companies are folding doesnt mean all are. In fact, I'd say its safe to assume that well above 95% of America's large sized companies are doing fine and well. Its just like Sars, avian bird flu, west nile virus, mad cow, etc. Do you know a single person who has been afflicted by any one of these? Yet 25 people will die tonight in drunk driving accidents, and the media is nowhere to be found. Dont be a chicken little!
hearsay about this company yet never ordered themselves. NWT has
been around longer then most bullion dealers i imagine.
thanks for following this up.
<< <i>This kind of thing doesn't inspire too much confidence (click link). >>
yes. that is the same internet news people have been pulling out
since this PM forum was started. Everytime I personally talked with
NWT, they very bluntly said they were behind and delivery dates were
months in the future.
I have a feeling that small article does not give the full story and I
am too lazy to dig up the real facts.
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<< <i>This kind of thing doesn't inspire too much confidence (click link). >>
yes. that is the same internet news people have been pulling out
since this PM forum was started. Everytime I personally talked with
NWT, they very bluntly said they were behind and delivery dates were
months in the future.
I have a feeling that small article does not give the full story and I
am too lazy to dig up the real facts. >>
Maybe they have gotten better since the lawsuit ? Still way too long of a wait for me.
The fact that it took an AG investigation to get them to correct their business practices doesn't speak well of NWT and doesn't give me, as a consumer, a lot of confidence. It's likely they had been ignoring consumer complaints for a long time before the AG finally stepped in.
That doesn't really relate to the issue of waiting 12 weeks for your bars, but it should give you some pause. If not... well, it's your money. Do with it as you wish.
<< <i>just goes to show that many people here were basically repeating
hearsay about this company yet never ordered themselves. NWT has
been around longer then most bullion dealers i imagine.
thanks for following this up. >>
Didnt Mr. Deadhorse say this was a "bad idea"? I guess he was DEADWRONG!
At the time I placed this order, it was nearly impossible to get silver for less than $3/oz over spot. I saved myself $323.75 in "premiums" by doing it this way. Thats a full 16% savings on my $2007 order. Definately worth the wait. And to Mr. Deadwrong....I mean Deadweight....no, thats Deadhorse (my mistake)...check out the latest closing prices on eBay for THIS EXACT SAME BAR! So much for his "bottom feeding" philosophy!
Sold for $17.40/oz this past Sunday (5oz bar)
Sold for $17.50/oz this past Saturday (5oz bar)
Sold for $18.25/oz a week ago today (5oz bar)
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<< <i>Very nice, but risky to wait so long for shipment. >>
I dont see the "risk" really. Just because some large companies are folding doesnt mean all are. In fact, I'd say its safe to assume that well above 95% of America's large sized companies are doing fine and well. Its just like Sars, avian bird flu, west nile virus, mad cow, etc. Do you know a single person who has been afflicted by any one of these? Yet 25 people will die tonight in drunk driving accidents, and the media is nowhere to be found. Dont be a chicken little! >>
The risk as I see it is that they would just renig. They are basicly playing the bullion market gambling that they can buy cheaper in the months ahead. I don't think they had an opportunity so I think they lost money. I have an aquaintance expecting some platinum in the same situation and he is wondering if he will get it. You have more protection with a company than with an individual but selling can be very flakey on deals like this. A guy says, "I'll take the gold but can't pay for 2 weeks. 2 weeks goes by and if gold is up he shows up with the money. If gold is down, he comes up with an excuse. --Jerry
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<< <i>Very nice, but risky to wait so long for shipment. >>
I dont see the "risk" really. Just because some large companies are folding doesnt mean all are. In fact, I'd say its safe to assume that well above 95% of America's large sized companies are doing fine and well. Its just like Sars, avian bird flu, west nile virus, mad cow, etc. Do you know a single person who has been afflicted by any one of these? Yet 25 people will die tonight in drunk driving accidents, and the media is nowhere to be found. Dont be a chicken little! >>
The risk as I see it is that they would just renig. They are basicly playing the bullion market gambling that they can buy cheaper in the months ahead. I don't think they had an opportunity so I think they lost money. I have an aquaintance expecting some platinum in the same situation and he is wondering if he will get it. You have more protection with a company than with an individual but selling can be very flakey on deals like this. A guy says, "I'll take the gold but can't pay for 2 weeks. 2 weeks goes by and if gold is up he shows up with the money. If gold is down, he comes up with an excuse. --Jerry >>
If thats the case, then why didnt NWT Mint give me the runaround before shipping my bars? I bought it when silver was at $9.60, and they shipped it when silver was at $13.40. Thats a 40% jump, and fits in perfectly with your scammer scenario. Why didnt they just renig on my order and refund my original $$$$ amount? They had the chance, and the incentive. You know why they didnt Jerry? Because they are an honest company trying to run an honest business. Why is that so hard for people to understand/accept these days?
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<< <i>
<< <i>Very nice, but risky to wait so long for shipment. >>
I dont see the "risk" really. Just because some large companies are folding doesnt mean all are. In fact, I'd say its safe to assume that well above 95% of America's large sized companies are doing fine and well. Its just like Sars, avian bird flu, west nile virus, mad cow, etc. Do you know a single person who has been afflicted by any one of these? Yet 25 people will die tonight in drunk driving accidents, and the media is nowhere to be found. Dont be a chicken little! >>
The risk as I see it is that they would just renig. They are basicly playing the bullion market gambling that they can buy cheaper in the months ahead. I don't think they had an opportunity so I think they lost money. I have an aquaintance expecting some platinum in the same situation and he is wondering if he will get it. You have more protection with a company than with an individual but selling can be very flakey on deals like this. A guy says, "I'll take the gold but can't pay for 2 weeks. 2 weeks goes by and if gold is up he shows up with the money. If gold is down, he comes up with an excuse. --Jerry >>
would it not make more sense that they take an order, buy the silver
on the open market, wait the regular amount of time for the delivery,
fabicrate the bars, and then prepare them for shipment?
with a busy schedule and being behind on orders... this all results in
orders taking longer and longer to deliver...
it is not like NWT can buy 100,000 ounces of silver on the open market
and get it delivered in a week.. it probably gets deliveries when everyone
else does when buying large quantities... i imagine at the end of the
month or something like that.
still.. i will agree with others... it is a long time to wait. that is the most
bothersome thing in my mind.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
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<< <i>Very nice, but risky to wait so long for shipment. >>
I dont see the "risk" really. Just because some large companies are folding doesnt mean all are. In fact, I'd say its safe to assume that well above 95% of America's large sized companies are doing fine and well. Its just like Sars, avian bird flu, west nile virus, mad cow, etc. Do you know a single person who has been afflicted by any one of these? Yet 25 people will die tonight in drunk driving accidents, and the media is nowhere to be found. Dont be a chicken little! >>
The risk as I see it is that they would just renig. They are basicly playing the bullion market gambling that they can buy cheaper in the months ahead. I don't think they had an opportunity so I think they lost money. I have an aquaintance expecting some platinum in the same situation and he is wondering if he will get it. You have more protection with a company than with an individual but selling can be very flakey on deals like this. A guy says, "I'll take the gold but can't pay for 2 weeks. 2 weeks goes by and if gold is up he shows up with the money. If gold is down, he comes up with an excuse. --Jerry >>
If thats the case, then why didnt NWT Mint give me the runaround before shipping my bars? I bought it when silver was at $9.60, and they shipped it when silver was at $13.40. Thats a 40% jump, and fits in perfectly with your scammer scenario. Why didnt they just renig on my order and refund my original $$$$ amount? They had the chance, and the incentive. You know why they didnt Jerry? Because they are an honest company trying to run an honest business. Why is that so hard for people to understand/accept these days? >>
That is the same answer that I came up with, they must be honest. But I wouldn't have known about that several months ago. That's why I called it a risk. So my buddy is more likely to get his now than I thought he might be. --Jerry
<< <i>Congrats ! That was worth the wait !! Betcha wish you'd bought 135 ozs of 5 oz Gold bars now
What bank would I rob to raise the cash for a deal like that?!?!?!?!