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Timeless Value

SARB suspends management at SA Mint

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PBGold
Maybe they have to answer the BIG BOYS FIRST!!!We all internet traders are regarded as small time dealers.... So they claim!
I, for one, cannot understand the Mint's allocations in the first place. It is spaghetti. They will tell one client that they aren't selling certain stock, but they will give that same stock to someone else. They will tell you that you don't qualify for something then they will give 10 sets to someone that has never bought from them. All facts these, I can vouch for it personally.That's why I call the Mint the 'dream makers and heart breakers', because they make certain clients tons of money by showering them with products like Mandelas but some other poor souls will get nothing, despite having supported the Mint for decades.

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Timeless Value
I, for one, cannot understand the Mint's allocations in the first place. It is spaghetti. They will tell one client that they aren't selling certain stock, but they will give that same stock to someone else. They will tell you that you don't qualify for something then they will give 10 sets to someone that has never bought from them. All facts these, I can vouch for it personally.That's why I call the Mint the 'dream makers and heart breakers', because they make certain clients tons of money by showering them with products like Mandelas but some other poor souls will get nothing, despite having supported the Mint for decades.

 

The recent price increases at the Mint is hurting the market. Who is going to pay R17700 for a 1oz Coetzee? If you had this listed for R16500, I doubt you will have bidders. Now that the price of gold is dropping do you think the Mint will redue their prices?

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PBGold

Nope, the Mint will not drop their prices. Even if intrinsic hit R 10 000 / Oz I doubt they would even consider it.

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Bellcoin

My issue, and why I stopped buying from the SA Mint was:

 

The Mint has no place on Bid or Buy. By doing this, the Mint circumvented the collectors and the dealers. If the Mint wanted to retail then they should open a store on every corner. All they successfully did was to alienate the small dealers and collectors. Honestly why compete against your own clients?

 

It seems the mint is aiming to see how much profit it can make. The current prices are ridicules on some issues.

 

Secondly, "technical issues" I can think of a whole pile of them.

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ATOMICSQUIRREL
My issue, and why I stopped buying from the SA Mint was:

 

The Mint has no place on Bid or Buy. By doing this, the Mint circumvented the collectors and the dealers. If the Mint wanted to retail then they should open a store on every corner. All they successfully did was to alienate the small dealers and collectors. Honestly why compete against your own clients?

 

 

It seems the mint is aiming to see how much profit it can make. The current prices are ridicules on some issues.

 

Secondly, "technical issues" I can think of a whole pile of them.

 

Yeah, they can start by fixing their prices!:blink1:

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kyle2
I, for one, cannot understand the Mint's allocations in the first place. It is spaghetti. They will tell one client that they aren't selling certain stock, but they will give that same stock to someone else. They will tell you that you don't qualify for something then they will give 10 sets to someone that has never bought from them. All facts these, I can vouch for it personally.That's why I call the Mint the 'dream makers and heart breakers', because they make certain clients tons of money by showering them with products like Mandelas but some other poor souls will get nothing, despite having supported the Mint for decades.

 

I went to their show at Sandton City earlier this year, any they made no attempt at hiding the fact that there is definately favouritism involved when deciding who to allocate the coins to.

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EWAAN Galleries
I went to their show at Sandton City earlier this year, any they made no attempt at hiding the fact that there is definately favouritism involved when deciding who to allocate the coins to.

 

 

They only like you if you have lots of money.... We all bobbers are too small for them.

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ATOMICSQUIRREL
They only like you if you have lots of money.... We all bobbers are too small for them.

 

Hey, Don't mess with Bobbers, We are legion and we fight Vuill!:cheesy:

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Jedeye

Soon I will be releasing info that will shock numismatists throughout the world. This is not a pretty story. Watch Max Keiser and Gerald Celente. Coming soon.

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Bellcoin

I see the US Mint has just issued a statement - they are lowering their gold coin prices. SA Mint - I wonder.

Edited by Bellcoin

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ATOMICSQUIRREL
Soon I will be releasing info that will shock numismatists throughout the world. This is not a pretty story. Watch Max Keiser and Gerald Celente. Coming soon.

 

 

When...? I'm waiting....

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Jedeye

As soon as the legal aspects have been taken care of. Probably in the next week or so.

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PBGold
I see the US Mint has just issued a statement - they are lowering their gold coin prices. SA Mint - I wonder.

 

I cannot remember the Mint ever lowering their prices on gold coins. They have lowered prices on the currency products before, but not gold.

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Timeless Value

Does anyone know of any updates to this investigation?

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EWAAN Galleries
Does anyone know of any updates to this investigation?

 

 

Problem with the 2010 Krugerrands - something to do with the weight....(Could weigh more or less than 1oz Gold)

 

Seems like 2010 Krugers may just become collectables :)

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Jedeye

It took a while.

 

It took longer than I thought. I have all six of those coins if anyone is interested in them.

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alloway65

I wonder who is responsible at the SA Mint for determining the correct depth of the pair of coin dies to achieve the correct thickness of the coins and hence their accurate weight.

 

From memory the 50 Cent Silver Coins made by the SA Mint weigh over 2.2 Ounces!!! I nice mistake for buyers.

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Jongleur

Today`s front page Sunday Times report confirms that some Krugers produced between April

and May last year were underweight. Earlier posts in this thread mentioned 8 % although the

report is not specific.

 

Apparently 6 out of a total of 1500 coins were underweight. (I calculate .4 %).

 

So a few grams or so of gold went West. How refreshing. If the gold production

is out of control what of the silver and the other metals?

 

Verification of weight means calibrated equipment. Records. Controls.

I wonder what the ISO auditors would have to say about these oversights.

Edited by Jongleur

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Jedeye

.4%?

 

IMG00370-20111115-1448.jpg.707e4b506513a96a9a683ef8c0a0e038.jpg

 

I don't think so.

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EWAAN Galleries

"According to the Sunday Times, coin dealers were called to the SA Mint Company last year and told about the problematic coins. Apparently they had to sign a confidentiality agreement that forbade them from talking about what they knew."

 

They actually tried keeping it a secret....

 

NO COMMENT!

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Jedeye

The SARB lawyers, Adams and Adams, made a veiled threat to my attorney that I could be locked up for 15 years if I did not hand the "illegal" coins back to them forthwith.

I told them I was packed and ready to go, but I was not going to be intimidated into returning the coins they sold me.

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Timeless Value

I wonder how they picked up this discrepancy? What about the other coins minted?

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PBGold
"According to the Sunday Times, coin dealers were called to the SA Mint Company last year and told about the problematic coins. Apparently they had to sign a confidentiality agreement that forbade them from talking about what they knew."

 

They actually tried keeping it a secret....

 

NO COMMENT!

 

No Confidentiality Agreements were signed or even present at that meeting. It wasn't necessary as everyone understood the gravity of the situation. Not sure where the Sunday Times got that info. Still, someone at that meeting spoke to the media (or someone that was told by someone at the meeting). Otherwise, how would they have known?

 

And the meeting was at the Reserve Bank, not the Mint.

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EWAAN Galleries
No Confidentiality Agreements were signed or even present at that meeting. It wasn't necessary as everyone understood the gravity of the situation. Not sure where the Sunday Times got that info. Still, someone at that meeting spoke to the media (or someone that was told by someone at the

meeting). Otherwise, how would they have known?

 

And the meeting was at the Reserve Bank, not the Mint.

 

 

Excellent many thanks for clearing up.

 

Just shows how the Media always comes with wrong info and makes a Mig Mess.

 

I call it Junk Media!

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