These were $4265 at first issue, and now are $4665, so they have gone up $400 thanks to the mint screwing up. The dealer who gave back the 2000 should have asked for an extra $400 per coin.
@HalfDime said:
These were $4265 at first issue, and now are $4665, so they have gone up $400 thanks to the mint screwing up. The dealer who gave back the 2000 should have asked for an extra $400 per coin.
Why do you think that these 2000 coins are dealer returns?
@HalfDime said:
These were $4265 at first issue, and now are $4665, so they have gone up $400 thanks to the mint screwing up. The dealer who gave back the 2000 should have asked for an extra $400 per coin.
The Mint didn't "screw up." This was an intentional screwing of the general public.
We are only seeing the coins now because it turns out the bulk buyer was unable to liquidate them as planned, and was given a risk free option to return them. At this point, people can take a pass if they don't want to be used like this.
If they are, instead, grateful to be allowed to buy now, at whatever price, it is what it is. And what it is is a green light for the Mint to continue doing things like this.
As far as the dealer goes, they clearly had ability to ask for an extra anything for anything. They tried to move them at a small discount to last week's lower Mint retail price, and had no takers among the dealers.
They are extremely lucky they were able to avoid a loss. Asking for an extra $400 per coin was never in the cards. If that was a possibility, they would never have been returned to the Mint in the first place. And people wouldn't be given the pleasure of being allowed to buy them now, one at a time, for $4665 each.
It's no small thing to move 2K units of anything selling for more than $4K each. Which is why people don't fully appreciate the risks and costs associated with what all the TV guys do day in and day out when they criticize their pricing. And why the Mint should NEVER have taken this quantity away from the general public, and placed it in the hands of a single large buyer, any single large buyer, in the first place.
The dealer had no choice but to bail, or risk taking a multi million dollar loss, depending on what happens to the price of gold, or these specifically, going forward. Plus they likely had financing costs associated with their purchase.
Unfortunately, we, the general public, can always be counted on to bail out large interests when schemes like this don't work out for them. Heads they win, tails we lose.
@NJCoin said:
They are extremely lucky they were able to avoid a loss. Asking for an extra $400 per coin was never in the cards. If that was a possibility, they would never have been returned to the Mint in the first place. And people wouldn't be given the pleasure of being allowed to buy them now, one at a time, for $4665 each.
The mint removed the HHL yesterday so anyone can buy all the rest of the coins. The mint was probably happy to take these back, making $800,000 on the deal once these sell out. As I said they think they are doing a wonderful job.
Someone mentioned the ship date for the second batch was September 26. so the restock of this 2000 coming back online lines up with the dealer having to cancel his order before taking shipment. He probably just canceled it and that’s what the mint did and nobody thought twice about it
Comments
Unfortunately, these coins released by the Mint won't qualify for first strike, otherwise I would have bought more.
September is coming to a close with this gold coin priced at almost 5K .
These were $4265 at first issue, and now are $4665, so they have gone up $400 thanks to the mint screwing up. The dealer who gave back the 2000 should have asked for an extra $400 per coin.
Why do you think that these 2000 coins are dealer returns?
start here and search backwards for the wondercin posts
The Mint didn't "screw up." This was an intentional screwing of the general public.
We are only seeing the coins now because it turns out the bulk buyer was unable to liquidate them as planned, and was given a risk free option to return them. At this point, people can take a pass if they don't want to be used like this.
If they are, instead, grateful to be allowed to buy now, at whatever price, it is what it is. And what it is is a green light for the Mint to continue doing things like this.
As far as the dealer goes, they clearly had ability to ask for an extra anything for anything. They tried to move them at a small discount to last week's lower Mint retail price, and had no takers among the dealers.
They are extremely lucky they were able to avoid a loss. Asking for an extra $400 per coin was never in the cards. If that was a possibility, they would never have been returned to the Mint in the first place. And people wouldn't be given the pleasure of being allowed to buy them now, one at a time, for $4665 each.
It's no small thing to move 2K units of anything selling for more than $4K each. Which is why people don't fully appreciate the risks and costs associated with what all the TV guys do day in and day out when they criticize their pricing. And why the Mint should NEVER have taken this quantity away from the general public, and placed it in the hands of a single large buyer, any single large buyer, in the first place.
The dealer had no choice but to bail, or risk taking a multi million dollar loss, depending on what happens to the price of gold, or these specifically, going forward. Plus they likely had financing costs associated with their purchase.
Unfortunately, we, the general public, can always be counted on to bail out large interests when schemes like this don't work out for them. Heads they win, tails we lose.
The mint removed the HHL yesterday so anyone can buy all the rest of the coins. The mint was probably happy to take these back, making $800,000 on the deal once these sell out. As I said they think they are doing a wonderful job.
The mint will never change.
Someone mentioned the ship date for the second batch was September 26. so the restock of this 2000 coming back online lines up with the dealer having to cancel his order before taking shipment. He probably just canceled it and that’s what the mint did and nobody thought twice about it
it was just a rogue dealer.
ATS is 700. I think these will be gone by end of day today latest Monday.
Better get yours or they’ll be gone for real forever