1 Ounce Dragons up on Apmex

[TomD]

BUT, there's always a but, but this but (or series of buts) is a doozie.

But: Limit 1, one that is.

But: In order to buy even one you must have previously bought series 2 Lunars from Apmex or have used the alert me function for the dragon coin.

But: They don't have them yet. "Hope" to by Oct 4th. Frankly, I "hope" to eventually have the $4,000 in other size Dragons that I bought and paid for a freaking month ago.

But: The 1 (one) 1 oz BU Dragon will cost you $110 (minimum) delivered.

I'm pissed, frankly for $100, I'd much rather have the 2 oz coins that I paid for a month ago (but haven seen yet). This whole Dragon release has been a cock up. Reminds me of the Perth Mint fiasco with the release of the final 3 years of series 1. I predicted purchase limits a few days ago but I figured a roll. But 1 and you have to qualify for that???

[madfranks]

I can't seem to find it on the APMEX site, do you have a link or a price?

[bl96S5eu]

Dear Loser (ok it didn't say loser but that is how it feels right now),

The 2012 Year of the Dragon 1 oz Silver coins have been highly anticipated around the globe. With over 2 million requests received by the Perth Mint, the total mintage of only 300,000 coins has made the 2012 Silver Dragon even harder to find.

Due to the overwhelming demand, the 1 oz. Silver Dragon coin will only be available to customers who have previously purchased 1 oz. Silver Australian Lunar Series 2 coins from us, or those who participated in the AlertMe! feature. In order to accommodate as many requests as possible, each customer may purchase only 1 coin at this time. We appreciate your understanding. To show our appreciation, we are offering this 2012 1 oz. Silver Dragon coin at a one-time-only price of $99.99. This special offer extends to Friday, September 23, 2011, or while supplies last. These products will ship by October 4, 2011 or sooner.

Click here for the 2012 Silver Dragon

Respectfully,

The American Precious Metals Exchange

[bl96S5eu]

Exactly my feelings TomD. How about I get the same amount of dragons to match the rest of 1ozers from series 2 that I purchased APMEX? Interesting they didn't seem to mind that I bought more than 1 set of the Series 2 Lunars. Think that maybe those customers should get at least a matching amount of dragons?!?

I've been an APMEX customer for years but this situation is seriously pissing me off right now.

[bl96S5eu]

So here is a question for some of you theoretically stocking up on dragons for investment purposes. Do you still feel confident in your decision to purchase dragons at such a significant markup over spot?

Looking at what dragons were selling for the year they came out [just happen to have a few purchase receipts ;) ] and what they're selling for now it seems this time the dealers are charging significantly more markup.

[TomD]

So here is a question for some of you theoretically stocking up on dragons for investment purposes. Do you still feel confident in your decision to purchase dragons at such a significant markup over spot?

Looking at what dragons were selling for the year they came out [just happen to have a few purchase receipts ;) ] and what they're selling for now it seems this time the dealers are charging significantly more markup.

You could say that, my first 2000 dragons dragons cost me spot + $5 in 2005. But spot was around $7-$8 at the time they were priced around 165% spot, better than the 250% of spot yesterday. I just looked up the data for the 2009 Series 2 Tigers that I ordered from Apmex on Sept 1, 2009. For the 1 oz coins I paid $19.87/each, spot closed on that day at $14.75; that is 135% of spot on that day. Going back another year to 2008 and, for the Series 2 Ox coins on Nov 13, I paid $15.21 each and spot was $9.37. The Ox coins cost me 162% spot. The mouse coins cost $142%. 250% of spot is historically high.

BTW: Looking at the receipts, at the times I bought Lunars, I also ordered Kooks and Koalas for that year. All the coins cost the same. This year, Kooks and Koalas, etc were selling for spot + around $7. I guess you could conclude that the Mint and the dealers are profiteering. I can raise hell about it but I guess that if I were sitting on a few thousand dragons, I would be profiteering too.

Personally, for an initial price of spot +$60, I bought 1 one-oz coin, just to keep the set complete. And even that pissed me off. There's still a potential upside but even if it pans out, the percentage won't approach the upside of the Lunar 1's. If you could have bought in at more traditional Lunar prices relative to spot (usually spot +$7-$10), it would made a good investment. About a month ago, I bought a fair amount in the 2, 5, & 10 oz dragon coins at about $50/oz. I'm OK with that.

[Joe King]

It's called maximization of profit off of a built-in customer base that needs to complete a collection. Pretty smart if you ask me.

Does it cost any more to strike a Dragon than any other coin or round?

[bl96S5eu]

@TomD

Sounds like you and I are in agreement. I'm completing the sets I have by purchasing the remaining dragons from other sources but am pissed the times I hit the 'Confirm Order' button.

On a side note Tom, I've always admired your coin pics, keep 'em coming.

@Joe King
The problem with your statement [ not you ;) ] is they're demonstrating the lack of value they place on existing customers. They're not giving those of us who have made our previous Lunar 2 series purchases through them any additional benefit versus someone who has never purchased a Lunar 2 coin and instead signed up for the AlertMe.

[Joe King]

@Joe King
The problem with your statement [ not you ;) ] is they're demonstrating the lack of value they place on existing customers. They're not giving those of us who have made our previous Lunar 2 series purchases through them any additional benefit versus someone who has never purchased a Lunar 2 coin and instead signed up for the AlertMe.I totally agree. The only "value" they place on their customers is as a cash-cow. The way I see it, they've built up a demand for them and then intentionally limit the quantitys in order to maximize the price.
ie they should make enough of them so anyone who wants some, can get them. They'd still make a killing.

Again, does it cost any more to strike a Dragon than it does to strike any other round or coin? I don't think it does.

[bl96S5eu]

Again, does it cost any more to strike a Dragon than it does to strike any other round or coin? I don't think it does.
Didn't you read the description of the minting process at Perth? They bring in one of Charlie Sheen's kids, Max (a.k.a. Dragon blood), and he rubs each silver blank used for the dragon which transfers just enough oil from his fingertip to give the coin true dragon status.

[Joe King]

Oh wow, I didn't know that. So they're obviously well worth it then. Does he eat potato chips while he's handling them, too? I've read somewhere that it's good for the coins.

[bl96S5eu]

It depends if you consider Pringles potato chips. But when a Sheen eats them they're called shingles.

[bl96S5eu]

Apparently the 'shortage' didn't turn out to be as significant as they expected or they were able to secure many more from a source.
http://www.apmex.com/Product/62665/2012_1_oz_Silver_Australian_Lunar_Year_of_the_Drag on_Coin.aspx

[EE_]

I'm not a big fan of the dragons with 300,000 mintage.

Anyone have an Ultra High Relief Kangaroo?
I bought one after I saw one in hand.
Only 20,000 mintage.

http://www.moderncoinmart.com/cart1/files/d_12872.jpg

[Shami-Amourae]

They were selling them at Provident for $99 for a while now but recently sold out. The other denominations are still for sale though...
http://www.providentmetals.com/catalogsearch/result/?q=dragon&x=0&y=0