OnlyGold Buy and Sell Gold Coins
The Definitive Site For Gold
1-800-800-4485
Contact Us
Toggle Menu



Gold Article - Full story

    Select a different article
Gold Dragons for 2012 in Stock!
spacer
(September 20, 2011) The most anticipated gold bullion issue of all time has now arrived – the 2012 Dragon from Australia’s Perth Mint. The 1-ounce gold, limited to 30,000 pieces, was allocated through various world distributors, who took every single piece for their various customers.

Demand was overwhelming for the 1-ounce gold Dragon, which in Asia is a symbol of the most powerful of the Lunar animal cycle. The year 2000 Dragon issue sold more slowly - the premium on that limited edition started to climb late 2001, and then it was off to the races.

Speculation was that the 2012 issue would be a sell-out immediately. Would some hedge fund but the whole issue directly from the Perth Mint? Would the mintage for the 1-ounce coin be expanded beyond the 30,000 limit in order to sell more of this desirable product? How were sales to be handled so that coins would be fairly available to those who already collect the Lunar II series?

In the end, the Perth Mint decided that the best distribution of the 1-ounce Dragon was to allocate product to the distributors who sold the greatest numbers of Lunar coins over the past few years. This meant Europe, China, the US, and the rest of the world proportionally.

Many were disappointed. Our US distributor requested 5,000 coins, and received 600. Onlygold requested 1,500 coins, and received 300. Some companies pre-sold 1-ounce Dragons, only to find out they could not get their hands on enough to fill orders.

Ron Currie of the Perth Mint explained the situation to disappointed Australian collectors, who felt like the home country should have gotten sufficient supplies:

"I can assure you that the way we calculated allocation given these circumstances has been equitable, honest, and rational. Those dealers in Australia and overseas who have supported the Australian Lunar Series II over the past four years have been allocated coins. The number they will receive is directly related to the quantity of coins they have ordered in previous years. This is consistent Perth Mint policy which we have stated openly in the past. Please note that we assiduously avoided any temptation to ration coins by adjusting prices upward or expanding the mintages. Such moves would undoubtedly have dented the credibility of the Perth Mint going forward."

At this time, we have 2012 gold Dragons in stock in sizes 2-ounce, 1-ounce, half-ounce, quarter-ounce, tenth-ounce, and twentieth-ounce. Due to our tiny allocation of the 1-ounce Dragon, we are limiting sales to ten coins per customer.  See our new Dragon page here

The remaining sizes we will sell without restrictions, and we hope that Perth Mint will strike a sufficient supply of those over the next few months so that we can re-order as necessary. We are also hoping to have ten-ounce and kilogram gold Dragons within a few weeks. As always, we will not offer them for sale until they are in stock.


Elsewhere, we found Mark Hubbartt’s musings on 321gold.com, and found him to be a man after our own hearts when it comes to the basic question, “Why buy gold?” The answer is that gold is a monetary metal of limited supply and almost universal desirability among the human race, and a darn good thing to have when our modern synthetic ‘money’ such as the dollar and euro are so evidently political creations without any real underlying value or scarcity.

We found a few nuggets in the weekly market update excerpt from his "Fall 2012: Gold Breakout Season?"

A few money managers are already using gold for their base currency, but the wild price action in gold and silver is only in the early innings of the game. This stage of the gold market is best labeled as, "the institutional discovery of gold", or "the awakening".

The "gold awakening" that I'’ve talked about is literally the realization that there are unlimited dollars of any printed currency that can be manufactured, and only finite amounts of gold. Gold can really only be mined at a snail's pace. The global supply of gold is increasing at only about 2% a year, and already there are rumours that China’s mines may be near peak production, while demand there skyrockets….

Compare the growth in the gold money supply to the ability of the US Treasury to order a massive increase in the supply of dollars.

You can see the excerpt in its entirety here http://www.321gold.com/editorials/sfs/hubbartt091611.html

Richard Smith


 

Onlygold.Com BBB Business Review

Onlygold did business at the same location for more than sixteen years. CMI Gold & Silver Inc. has done business from three locations in Phoenix since 1973.

Both firms are Accredited Businesses with the Better Business Bureau, and neither firm has had a complaint filed with the BBB—ever!

In addition to gold, silver, platinum, and palladium in coin and bullion form, we also purchase a wide range of numismatic coins and currency for our retail business. Feel free to call us for quotes or price indications on anything in coins, bullion, and paper money.

We have really strong bids for gold and silver bullion and coins.

OnlyGold.com is owned & published by CMI Gold & Silver Inc. Copyright – CMI Gold & Silver Inc. All rights reserved.

All checks, shipments, and correspondence should be sent to:

CMIGS-Onlygold 3800 N. Central Avenue, 11th Floor, Phoenix, AZ 85012