Have APMEX lost their mind? (Rwandan gold nautical ounce)

[ZatStackz]

Hello everyone. I'm new to the forum and precious metals, but I though this was thread worthy.

https://www.apmex.com/product/167286/2018-rwanda-1-oz-gold-nautical-ounce-endeavour-bu

Whats everyone take on the ~$2800 premium on an unrealeased coin?  Seems a bit much to me and even being new to collecting APMEX has already turned me off with their practices.  I watched the new swan coin release and saw the prices skyrocket.  They also have outrageous prices for the backdated Queens Beasts. 

Is this going to be a trend with every new release?

 

[MancunianStacker]

It looks cool but not that cool! 

[terakris]

bargain... I'll take 10.

[KDave]

Soon you will see the stories on here from all those who bought them for $4195 release price, now sold out at APMEX, shortly followed by;

"look this dealer still has some for $5000! Better get them before they go!"

then,

"Some being sold by this dealer for $6500 but be quick!"

The good old hype and gouge. Works every time. 

[BackyardBullion]

13 hours ago, KDave said:

Soon you will see the stories on here from all those who bought them for $4195 release price, now sold out at APMEX, shortly followed by;

"look this dealer still has some for $5000! Better get them before they go!"

then,

"Some being sold by this dealer for $6500 but be quick!"

The good old hype and gouge. Works every time. 

But - if you got in very early and bought them at an even lower price point you can sit back and laugh at how much you might make on this coin when you come to sell it on the secondary market!

[tbone]

Looks like $4200 now!  For 1 ounce of gold?  Bahahahaha, right! 

Ridiculous.

[Sal]

On 5/4/2018 at 17:01, ZatStackz said:

Hello everyone. I'm new to the forum and precious metals, but I though this was thread worthy.

https://www.apmex.com/product/167286/2018-rwanda-1-oz-gold-nautical-ounce-endeavour-bu

Whats everyone take on the ~$2800 premium on an unrealeased coin?  Seems a bit much to me and even being new to collecting APMEX has already turned me off with their practices.  I watched the new swan coin release and saw the prices skyrocket.  They also have outrageous prices for the backdated Queens Beasts. 

Is this going to be a trend with every new release?

 

They started at $2995 and go up in price every time someone buys one.

[Sal]

I guess the is why my German connection Dios111-Precious Coins stiffed me after he promised me one gold and one silver proof from each coin of the series. Andres cannot be trusted folks. His word means nothing. Wonder how many coins Apmex scoffed from the mint and investors only to price gouge. Boycott Apmex 

[tbone]

36 minutes ago, Sal said:

Wonder how many coins Apmex scoffed from the mint and investors only to price gouge. Boycott Apmex

I understand that feeling, lately Apmex has been acting more like MCM or GovMint, or worse.  I guess I'm still a bit conflicted.  There are still good values to be had if you look hard (and check their ebay site).  I found graded ms62 Liberty double eagles on Apmex ebay for close to melt.  I still shop at Apmex, but they are burning up their goodwill by doing slimeball stuff like this.  But hey, who am I to criticize?

I am noticing their competitors more.  Discovered Liberty Coin on the bay, good selection and good prices.  Recently picked up a gold panda from Provident metals at near spot.  Atlas numismatics for more premium stuff.  There are good alternatives out there, so Apmex is getting less of my business lately.

[delsolhonda]

to play devil's advocate.....there are only 100 mintage on this coin according to their site......so it is a VERY limited run

[tbone]

On 5/8/2018 at 17:25, delsolhonda said:

to play devil's advocate.....there are only 100 mintage on this coin according to their site......so it is a VERY limited run

The limited mintage game only goes so far.  Look at RCM , they put out limited mintage whatever almost daily.  Doesn't make it that much more valuable necessarily.  But again, maybe I got it all wrong and this will be actually selling on the bay for 10k soon..

[Oldun]

Stupidity of the highest level. 

[TXMoon]

Easy, just don't buy one. Put your money in Gold Eagles, Gold bars, even Krugerrands. There are plenty of options out there.