Home› Precious Metals
Options

Sharks and spot price...

nibannynibanny Posts: 2,761 ✭
in Precious Metals
I have received an email from Apmex about the latest Perth Mint release, the 1/2 oz Shark coin!
Besides the fact that I like more the tube than the coin itself (go figure!), I noticed that Apmex makes confusion with spot and melt.
The coin is sold for "as low as $2.49 over spot".

Spot being $19.83, I would expect the coin to be:

($19.83 + $2.49) / 2 = $11.16

The lowest price is instead $12.40 which is $19.83 / 2 + $2.49.

Shouldn't they say $2.49 over melt?!


Great White Shark at Apmex
The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009

Comments

  • Options
    MGLICKERMGLICKER Posts: 7,995 ✭✭✭
    Apmex works in an alternate universe where bullion coins are listed as errors and buy 8 and get 2 free is a misleading promotion.

    Sounds like you figured out the pricing and determined whether it is a good deal or not.
  • Options
    rickoricko Posts: 98,724 ✭✭✭✭✭
    Not impressed with the coin...too much like a cartoon caricature...Cheers, RickO
  • Options
    PerryHallPerryHall Posts: 45,421 ✭✭✭✭✭
    Rule of thumb---the smaller the round/bar, the higher the premium over melt value.

    Worry is the interest you pay on a debt you may not owe.

  • Options
    dontippetdontippet Posts: 2,585 ✭✭✭✭
    I'm currently on "Live Chat" with Chrystal from APMEX. Her reply was, "OK, Thank you". When I asked when it would get changed, she replied, "I will sent the request to my Supervisor". Other than some grammatical and puncuation errors in her typing, hopefully it will get revised.

    Edited to spell "grammatical" correctly. LOL
    > [Click on this link to see my ebay listings.](https://www.ebay.com/sch/i.html?_nkw=&_in_kw=1&_ex_kw=&_sacat=0&_udlo=&_udhi=&_ftrt=901&_ftrv=1&_sabdlo=&_sabdhi=&_samilow=&_samihi=&_sadis=15&_stpos=61611&_sargn=-1&saslc=1&_salic=1&_fss=1&_fsradio=&LH_SpecificSeller=1&_saslop=1&_sasl=mygirlsthree3&_sop=12&_dmd=1&_ipg=50&_fosrp=1)
    >

    Successful transactions on the BST boards with rtimmer, coincoins, gerard, tincup, tjm965, MMR, mission16, dirtygoldman, AUandAG, deadmunny, thedutymon, leadoff4, Kid4HOF03, BRI2327, colebear, mcholke, rpcolettrane, rockdjrw, publius, quik, kalinefan, Allen, JackWESQ, CON40, Griffeyfan2430, blue227, Tiggs2012, ndleo, CDsNuts, ve3rules, doh, MurphDawg, tennessebanker, and gene1978.
  • Options
    nibannynibanny Posts: 2,761 ✭


    << <i>I'm currently on "Live Chat" with Chrystal from APMEX. Her reply was, "OK, Thank you". When I asked when it would get changed, she replied, "I will sent the request to my Supervisor". Other than some grammatical and puncuation errors in her typing, hopefully it will get revised.

    Edited to spell "grammatical" correctly. LOL >>



    I don't think it is going to change, they use it almost everywhere.
    I don't know if they do it on purpose (what purpose?) or...I can't come up with any other reason.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • Options
    rawteam1rawteam1 Posts: 2,472 ✭✭✭
    Spot x 1/2 + 2.49...
    keceph `anah
  • Options
    lcoopielcoopie Posts: 8,767 ✭✭✭✭✭
    you may have misread what they said

    you said

    as low as $2.49 over spot

    the ad says

    As low as $2.49 per coin over spot!
    LCoopie = Les
  • Options
    nibannynibanny Posts: 2,761 ✭


    << <i>you may have misread what they said

    you said

    as low as $2.49 over spot

    the ad says

    As low as $2.49 per coin over spot! >>



    It doesn't change the fact that the premium is over melt and not spot.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • Options
    OPAOPA Posts: 17,104 ✭✭✭✭✭


    << <i>

    << <i>you may have misread what they said

    you said

    as low as $2.49 over spot

    the ad says

    As low as $2.49 per coin over spot! >>



    It doesn't change the fact that the premium is over melt and not spot. >>



    I always thought that the spot & melt price are one and the same...so what's the price difference. Spot on 1/2 oz items is the same as the melt for that item.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Options
    nibannynibanny Posts: 2,761 ✭


    << <i>

    << <i>

    << <i>you may have misread what they said

    you said

    as low as $2.49 over spot

    the ad says

    As low as $2.49 per coin over spot! >>



    It doesn't change the fact that the premium is over melt and not spot. >>



    I always thought that the spot & melt price are one and the same...so what's the price difference. Spot on 1/2 oz items is the same as the melt for that item. >>



    The devil is in the details...image
    Spot and melt may be the same but a premium over melt is different than a premium over spot (unless you buy one full ounce).
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • Options
    VanHalenVanHalen Posts: 3,807 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>you may have misread what they said

    you said

    as low as $2.49 over spot

    the ad says

    As low as $2.49 per coin over spot! >>



    It doesn't change the fact that the premium is over melt and not spot. >>



    I always thought that the spot & melt price are one and the same...so what's the price difference. Spot on 1/2 oz items is the same as the melt for that item. >>



    They are not but many people use them as if they were the same. Spot is simply a price per trading unit and with PMs it's nearly always per troy ounce. Melt is the metallic value of the metal in a piece.

    When someone says, "I bought this $5 gold commem for spot" then they are saying they paid the price of one full troy ounce of gold and got 0.2419 toz! What they should say is, "I bought this $5 gold commem for melt" which is the actual value of gold contained in the coin.
  • Options
    BaleyBaley Posts: 22,658 ✭✭✭✭✭
    yes.

    you know what else?

    what people refer to as "pennies" in the United States are really, technically "cents" or "one cent coins"

    it's true! But there's not point in going around and correcting people all day about it. They're not the ones with the semantic "problem" image

    Liberty: Parent of Science & Industry

  • Options
    dontippetdontippet Posts: 2,585 ✭✭✭✭
    When Apmex says $2.49 over spot, IMO this means that you will pay just $2.49 more than the price for one ounces of silver. In fact, it is actually $4.98 over spot. $2.49 sounds like a similar deal as one ounce rounds, but it isn't. I consider it false advertising.
    > [Click on this link to see my ebay listings.](https://www.ebay.com/sch/i.html?_nkw=&amp;_in_kw=1&amp;_ex_kw=&amp;_sacat=0&amp;_udlo=&amp;_udhi=&amp;_ftrt=901&amp;_ftrv=1&amp;_sabdlo=&amp;_sabdhi=&amp;_samilow=&amp;_samihi=&amp;_sadis=15&amp;_stpos=61611&amp;_sargn=-1&saslc=1&amp;_salic=1&amp;_fss=1&amp;_fsradio=&LH_SpecificSeller=1&amp;_saslop=1&amp;_sasl=mygirlsthree3&amp;_sop=12&amp;_dmd=1&amp;_ipg=50&amp;_fosrp=1)
    >

    Successful transactions on the BST boards with rtimmer, coincoins, gerard, tincup, tjm965, MMR, mission16, dirtygoldman, AUandAG, deadmunny, thedutymon, leadoff4, Kid4HOF03, BRI2327, colebear, mcholke, rpcolettrane, rockdjrw, publius, quik, kalinefan, Allen, JackWESQ, CON40, Griffeyfan2430, blue227, Tiggs2012, ndleo, CDsNuts, ve3rules, doh, MurphDawg, tennessebanker, and gene1978.
  • Options
    BAJJERFANBAJJERFAN Posts: 30,987 ✭✭✭✭✭
    They don't do the same for stuff like half ounce gold eagles, etc. Maybe they should just give the price of the coin. If they want to say $2.49 over spot, they could say a minimum purchase of 2 coins is required. It is a bit confusing, but most folks on the ball should figure it out.
    theknowitalltroll;
    MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Sign In or Register to comment.