Tuesday, September 6, 2011

Unprecedented Demand Halts Dragon Sales

Perth Mint announced yesterday that they are temporarily halting some sizes of the 2012 Lunar Dragon Coin due to unprecedented demand:
With immediate effect we are temporarily suspending orders for 1/2oz, 2oz and 5oz 2012 Year of the Dragon silver bullion coins.

This decision has been taken in response to unprecedented levels of demand for these three sizes, which is stretching production capacity to the limit. A temporary suspension in order-taking is, therefore, required to enable us to re-stock these product lines and focus on fulfilling all existing orders as quickly as possible.

I emphasise that this move will enable our production to catch-up with orders and that it has nothing to do with the amount of silver available at The Perth Mint, of which there is ample. Perth Mint Blog
What an absolute Dragomonium this release is turning out to be!

The Perth Mint has had to halt coin production on other lunar series at other times they have struggled with demand. They simply cannot keep up with all the orders when there is such insatiable public buying.

The proof Dragon coins (1oz, 1kg & 3 coin set) went on sale earlier this morning. The Perth Mint site crashed, I couldn't even access the site to see the order page let alone have the chance to place an order. Apparently the page is now showing that they are out of stock.

The 1oz gilded edition (24k gold plated) of the Dragon coins is due to be released soon as well. This coin will likely be priced around the same as the 1oz proof (e.g. around AUD$107-112). Given the bullion variety are selling near $100 already I expect there will be a frenzy over the gilded edition as well. The 1oz Silver gilded edition has a mintage of 50,000 compared with a mintage of the 1oz bullion variety which is 300,000 and the 1oz proof variety which is 5,000.

The price of Gold is back above $1900 and a rising Gold price is likely to continue dragging up the price of Silver.

With Perth Mint cutting off supply, the 1/2, 2 and 5 ounce Silver coins could obtain a short term premium, so perhaps worthwhile grabbing now from dealers who have them available.

The Bullion Baron site partner Bullion Money has only 200 of the 1/2oz Silver coins left as of 4pm (EST) and they are selling fast [BB EDIT: 1/2oz SOLD OUT, but you can get other Dragon sizes for great prices]! If you would like to buy some then use the below links and they are under the '2012 Lunar Dragon' link on the left:



BB.

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