I’m pretty sure it comes from not watching the prices carefully. Since I like to get a 1/10th ounce each year I was hoping for less expensive coins and am certainly not going to pay this much for one unless platinum goes way up. But I have no inside knowledge. If they lower them, I’d probably buy one right away.
Why can’t the mint adjust prices on a weekly basis for gold and platinum? Why should one gold first spouse coin be $100 less than another? Why would anyone buy some of these with such huge markups. Doesn’t the mint want to sell out of what they have made? I for one have cut way back on buying from the mint until their prices are more in line with what they should be. Other places that sell bullion can change their prices almost in real time, it’s time for a change.
I completely concur. Not being web-programming-savvy I can’t say for certain but I can’t imagine it would be too difficult to take a feed from a place like kitco.com, add the predetermined premium (a percentage) and then let us buy them.
My theory (I’m not sure entirely how the Mint works in this regard) is that the mint buys all the gold and platinum necessary to mint AE Platinum Eagles, First Spouse, etc and mints the maximum allowable coins and then melts later what they have leftover (if any). In this framework, they’re reluctant to take a loss on the coin by selling it when the spot price of the metal decreases. Thus AE Platinum goes on sale when platinum has fallen $300 in the past few weeks with higher prices. Of course, I could be completely wrong and they’re just not observant but I agree with Jay that these coins should be sold at a fixed percentage premium above that day’s spot price.
July 25th, 2008 at 3:42 pm
I’m pretty sure it comes from not watching the prices carefully. Since I like to get a 1/10th ounce each year I was hoping for less expensive coins and am certainly not going to pay this much for one unless platinum goes way up. But I have no inside knowledge. If they lower them, I’d probably buy one right away.
July 28th, 2008 at 9:32 am
Why can’t the mint adjust prices on a weekly basis for gold and platinum? Why should one gold first spouse coin be $100 less than another? Why would anyone buy some of these with such huge markups. Doesn’t the mint want to sell out of what they have made? I for one have cut way back on buying from the mint until their prices are more in line with what they should be. Other places that sell bullion can change their prices almost in real time, it’s time for a change.
Cheers.
July 28th, 2008 at 10:58 am
I completely concur. Not being web-programming-savvy I can’t say for certain but I can’t imagine it would be too difficult to take a feed from a place like kitco.com, add the predetermined premium (a percentage) and then let us buy them.
My theory (I’m not sure entirely how the Mint works in this regard) is that the mint buys all the gold and platinum necessary to mint AE Platinum Eagles, First Spouse, etc and mints the maximum allowable coins and then melts later what they have leftover (if any). In this framework, they’re reluctant to take a loss on the coin by selling it when the spot price of the metal decreases. Thus AE Platinum goes on sale when platinum has fallen $300 in the past few weeks with higher prices. Of course, I could be completely wrong and they’re just not observant but I agree with Jay that these coins should be sold at a fixed percentage premium above that day’s spot price.