Ok Slam me members. How can the U.S. Mint Raise prices on Metals already sold?

YaHa · February 15, 2008 10:06AM

Example the 2007 10th anniversary set platinum 2x $50 coins. Sale on Dec 12/07 $1,940.00 now a huge hike.

Now the metals crash do we get a discount by law?

I think the metal prices will be a good indicator that prices will be high for a longtime people because why would our Mint take a chance on changing pricing if they don't know something we don't know.

Is there a law against price gouging? The U.S. mint seems they can do it. The 2007 platinum 10th set was already minted and was selling I don't think it is right for the Government to do this, they are not Coin Dealers/ so why is this allowed?

BECOKA · February 15, 2008 10:08AM

Good point, if they have already acqired supply and priced accordingly they should only reprice when they get new supply.

edited: only for prices already set. If they bought the gold at $300 I don't expect that but if they put a product for sale at a current price and bullion goes over that during it's brief so be it unless they have to mint more.

ILikeMercs · February 15, 2008 10:10AM

as of 2004, the US had 252 mil. oz of gold. You still want it for $450 an OZ?

edit: 262 mil OZ.

Bochiman · February 15, 2008 10:13AM

Sure they can do it...replacement cost of the metals.
You want them to sell it for under market value? If so, you know you wouldn't get any, right? The big dealers would. Then you would be complaining about that.

In all seriousness, do you really expect/want them to sell bullion related products for under current "melt" value? I don't want ANY of my government agencies to do that.

Manorcourtman · February 15, 2008 10:13AM

Stupid question.......................They are the US Mint......they do what they want

Bear · February 15, 2008 10:15AM

With the huge increases in Gold and Plats,

there would appear to be a great risk buying

Mint product at these high prices. It is only a

function of time when we could see a dramatic

drop in value.

BECOKA · February 15, 2008 10:17AM

<< <i>With the huge increases in Gold and Plats,

there would appear to be a great risk buying

Mint product at these high prices. It is only a

function of time when we could see a dramatic

drop in value. >>

I will be buying my plat set back when it gets back down to $1600.

charley · February 15, 2008 10:18AM

Interesting. My question(s)- Is it not the cost to replace the pm and protect the public investment? Would it be failure of fiduciary responsibility to the taxpayers? Oil is not sold "upstream" at the price paid midstream if the midstream price increases after purchase.. The "upstream" cost must be able to be sold at a return that allows purchase at the new price, is this not true? Respectfully, John Curlis

Mark · February 15, 2008 10:27AM

How many people are willing to sell their houses at what they paid for them 20 years ago? It's the same with the mint--they should sell gold or other precious metals at the current price not at the price they paid for it.

charley · February 15, 2008 10:33AM

Mark, my son HOPES I will....

BTW, help that young man get into the fine University you teach at. With Respect, John Curlis(Thread went Poof).

rgCoinGuy · February 15, 2008 10:33AM

Your question is invalid, as they are not 'already sold". If they were you would be enjoying the price increase (or whomever the buyer was). Since you didn't we the people are enjoying the price increase.

seemyauction · February 15, 2008 10:36AM

"How can the U.S. Mint Raise prices on Metals already sold?" its simple, when you are the bigest bullion buyer & seller, well ya got it like that....you can pretty much do what ya want.

Sorry no slam..........

charley · February 15, 2008 10:39AM

The question may not be invalid if we take Bears' astute comment in to account.. would the People suffer monetary harm if the Govt. made anticipatory replacement purchases and the pm prices dropped? Respectfully, John Curlis

skramer · February 15, 2008 10:43AM

The same could be said for the use of gasoline as well. When the price of crude oil goes up, the street price we pay for gasoline will follow, yet the price to manufacture that gasoline we are pumping into our tank was purchased @ more then likely a lower rate for the crude oil

rgCoinGuy · February 15, 2008 10:47AM

<< <i>The question may not be invalid if we take Bears' astute comment in to account.. would the People suffer monetary harm if the Govt. made anticipatory replacement purchases and the pm prices dropped? Respectfully, John Curlis >>

Speechless, I think I need a few more

to get into this conversation

OPA · February 15, 2008 10:53AM

If your credit card has not been charged ... the mint has not sold it to you. All you did was place an order & the mint has the option to cancell the order.

jamakin · February 15, 2008 10:58AM

Hey wait a minute it's the real world!
Get that guy that made those threats on the BST forum to sue em!!!

YaHa · February 15, 2008 1:00PM

The F=ing Mint is not regulated because if they were they wouldn't be able to sell a set price placed on a previous minted coin and resell it because of the market boom.

Really think about what I am saying people I don't have no problem that the mint removed and halted sales, hell raise the price on the new struck 2008 platinums, but not raise the price on a coin that was already for sale, the is F-ing PRICE GOUGING!!

If you guys don't see it you are blind.

If they are allowed to do this what type of profits are the people of this country suppose to make. Some guy is edging coin collectors profits out of your wallet right before your eyes if you can't see it. What edge will we ever have If we invest in something?

Lastly think about this, If my house isn't worth what it was for last year can I say to the bank, hey I paid to0 much I need you to lower my payments at the going rate. Now I know one of you clowns will say, how bout the money your making when house prices go up. You home is your future and LONG TERM investment for most Americans, not a up and down stock market place to play/gamble with
your money like most people do. I am tired hope you see this in another way.

trozau · February 15, 2008 1:12PM

The bullion coins will always be tied to the spot price (it is the nature of the beast and it is always bought and sold around the current spot price). Because of the intrinsic metal value the pricing has to fluctuate as well (not as quickly when it goes down compared to when it goes up).

OPA · February 15, 2008 1:19PM

<< <i>The bullion coins will always be tied to the spot price (it is the nature of the beast and it is always bought and sold around the current spot price). Because of the intrinsic metal value the pricing has to fluctuate as well (not as quickly when it goes down compared to when it goes up). >>

In addition to the above comment ... Most collectors don't refer to bullion as collectible coins in the first place, but just another commodity. Try to order bullion products through NN or CW at the advertised rate & see what happens. That's why it is always: "subject to change based on spot price."

percyb · February 15, 2008 1:31PM

<< <i>Example the 2007 10th anniversary set platinum 2x $50 coins. Sale on Dec 12/07 $1,940.00 now a huge hike.

Now the metals crash do we get a discount by law?

I think the metal prices will be a good indicator that prices will be high for a longtime people because why would our Mint take a chance on changing pricing if they don't know something we don't know.

Is there a law against price gouging? The U.S. mint seems they can do it. The 2007 platinum 10th set was already minted and was selling I don't think it is right for the Government to do this, they are not Coin Dealers/ so why is this allowed? >>

There's the USMINT, and then there's God, and then there's us.

Kablemodem · February 15, 2008 1:38PM

You need to look up the definition of price gouging and you will see that it does not apply in this case.

The price you negotiate to buy a house is final once the contract is signed. If real estate prices go up you can sell the house to someone else at a higher price.

How do you feel about the rising value of these coins on the open market? Do you think it is unfair for people who bought the coins from the Mint to resell them at higher prices as the value of bullion increases?

BAJJERFAN · February 15, 2008 1:48PM

Why do service station folks raise the price of gasoline in their tanks when the oil that just went up $6 a barrel is still in the ground in the Middle East and won't be in the service station's tanks for another 6 weeks. Like the platinum they are selling it for what its worth now.

Ok Slam me members. How can the U.S. Mint Raise prices on Metals already sold?

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