New Zealand Mint – Yer Right!
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| Topic: Silver — May 11th, 2009
This might interest you – A radio down here is carrying adverts for gold and silver sales by the New Zealand Mint. So I checked their web site and found that they were selling the 1 oz silver fern for NZ$59.00 which equates to US$35.06, when silver is reported to be US$14.00/oz.
Rightly or wrongly this price does appear to contain a rather nice profit. Either that or the reported price of silver if lagging somewhat.
We are aware that the price of coins carries with it a premium but we are struggling with such a huge mark up.
There is also a beer company in New Zealand which runs a series of comical adverts by making some sort of outrageous statement and then follows through with the punch line:
Maybe both enterprises are using the same advertising agency, well that could be one possible explanation.
Any thoughts – then fire them in.
Have a good one.
Keep hold of your core position of silver producers otherwise you might be selling the bargain of the year – to us!
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Good morning Gents: Heck the Perth Mint charges even more for most of their designer 1 oz coins, and so do many other mints…premiums are linked with mintage volume…Perth Mint’s 1 oz Red-Backed Spider coin, a colorized coin, has a mintage of just 5000…summer of 2008 I picked up 2 for $90/each…now they are commonly selling for more than $600 on the secondary market…(I’m holding onto mine thank you)…so that $35 fern isn’t expensive…Snakeman
Comment by snakeman — May 11, 2009 @ 2:56 pm
So are you saying that this is a good purchase or that the US has not caught up with what is going on globally with the spot price of silver?
thanks
Comment by nicholas — May 11, 2009 @ 4:48 pm
I wonder who is sucker enough to pay 2.5 times more for silver than the market price.
Comment by J — May 11, 2009 @ 7:48 pm
Well gee I must be a sucker, but when I can purchase a limited mintage 1-oz Ag coin for $90 and it’s selling for $600+ on the secondary market, who’s the sucker?
Comment by snakeman — May 11, 2009 @ 7:58 pm
We posted this article to see what response we would get as we do not know what sells for what in different countries - maybe someone will unearth a real bargain for all of us.
Coin collecting is a whole new ball game of which we know very little. As we can see snakeman has done really well, the value is in the coin and not the amount of silver it contains. We didn’t expect the premium to be so high on the silver fern and we wont be buying them as it is a market we don’t understand.
Our readership is far more knowledgeable in this area so we value their input enormously.
Comment by Silver Prices — May 11, 2009 @ 8:13 pm
Wake up Americans! If you held your precious metals in Australia last year you would have made 35% compared to a miniscule profit in US$!!!
The U.S. is not the place to hold any assets!
Read:
www.jsmineset.com
www.financialsense.com
The smart ones will be safe.
Comment by Real Money Maker — May 11, 2009 @ 10:09 pm
Thanks - that is what I thought was the case - but no one seemed to answer my question - can you give any info ( links ) on how to do that - would australia be the best place to hold it - how about canada …ect thanks again for answering my question..
Comment by nicholas — May 12, 2009 @ 3:10 am
They wont sell many at that price.
Eagles ferns maples and philharmonics can be brought from NZ local auction site for $40.
http://www.trademe.co.nz/Antiques-collectables/Coins/Other/auction-217285502.htm
Comment by mike — May 13, 2009 @ 6:44 am
Attn: Nicholas comment #7
www.perthmint.com
Comment by Real Money Maker — May 13, 2009 @ 8:41 pm
Still $40.00 is more then twice what you can get here??Local coin shop will pay you less then $20.00 for your eagles - the problem is transfering the coins their do you pay any kind of duty to takes coins out of the us??
Comment by nicholas — May 14, 2009 @ 1:46 am
Mike is that $40.00 us or $40.00 new zealand dollars and how about in Australia what do they go for their?
Comment by nicholas — May 14, 2009 @ 6:49 pm
nicholas that’s $40 nz dollars.Don’t know aussie price, try ebay.com.au. I find the best value is 1kg bars from my local coin dealer, slightly cheaper than trademe auction site.
Comment by mike — May 14, 2009 @ 7:45 pm
thanks Muike - Im looking to sell not buy though - so that is why I was interested in what they sell for there vs the US - just trying to get the top dollar for my product
Comment by nicholas — May 14, 2009 @ 8:40 pm
Smarter to hold your metals and money overseas. US$ premiums will be paid when bringing back exchanging into the USA later. Currency controls will be put in to keep money in the USA and low limits to take out.
Comment by Real Money Maker — May 14, 2009 @ 9:15 pm
when you save overseas - could you be more specific - like australia? I collect mostly silver
Comment by nicholas — May 14, 2009 @ 9:29 pm
Yes, Aussie.
www.perthmint.com
Comment by Real Money Maker — May 14, 2009 @ 10:09 pm
safe deposite box in a back there??
Comment by nicholas — May 14, 2009 @ 10:26 pm
Purchase as “allocated storage” and receive your numbered bar. Unallocated with any source is on their balance sheet and not protected. Safety boxes brochure small print can block access to the box and if you want to access it a sheriff will be there to remove from the patriot act any cash, metal or weapons. Do not use safety boxes. All my experience and opinion.
Comment by Real Money Maker — May 14, 2009 @ 10:30 pm
thanks so much - but so this is paper - do you actually have access to the metal itself? what if I want ot bring my silver over there to australia?
Comment by nicholas — May 14, 2009 @ 10:33 pm
no. this is not paper. it is the actual numbered bar. you can take delivery or store it there allocated - safer than london or new york.
Comment by Real Money Maker — May 14, 2009 @ 10:55 pm
awesome - can I take my silver and put it there?
Comment by nicholas — May 14, 2009 @ 11:49 pm
Team,
Thanks a million, we have learned a lot from your input, please keep it up as all of us benefit from your comments.
Bob
Comment by Silver Prices — May 15, 2009 @ 2:35 am
you have to liquidate here, wire funds over to setup your account and then repurchase. worth it as the aussie$ appreciates. You will get a premium returning into US$ later yet have your asset out of reach of US government.
No duties or taxes. Aus and New Zealand citizens pay NO capital gains taxes or state taxes or inheritance taxes. Are better places to live.
NZ will be introducing a retirement VISA - you have to be at least 62 years old to qualify.
Comment by Real Money Maker — May 15, 2009 @ 2:44 am
great - go it - are the bars you spoke of before 100 oz bars?
regarding the retirement visa - i was told that up to age 55 I could get duel citzenship over there..
Comment by nicholas — May 15, 2009 @ 3:22 am
I have bought silver ferns from NZ Mint. The price on the website is the single coin price (usually what collectors buy) - if you are buying multiple coins the bullion price is much lower (spot + premium). Can’t remember what the premium was though.
Comment by Linda — June 29, 2010 @ 4:23 am
Linda,
Can you tell us the total cost per ounce that you paid for these, it may be a bargain for our readers, on the other hand our readers may be able to add their outlets to the debate which improves things all round, in terms of getting a better deal.
Comment by Silver Prices — June 30, 2010 @ 9:08 pm
Silver Prices,
According to their new website its currently NZD$31.20 or USD$22.20 for .9999 1oz coins. you have be signed in to see pricing though. would be great to see what others are getting.
Comment by Linda — July 14, 2010 @ 8:40 pm