New Coin Deal

[Joel]

It was actually the Gold:)

I Get it and can't say I was not tempted but at the end of the day I realized that to me my word is worth more the extra couple of thousand then I could have made if I broke my word.

Must be pinhurst..
PFS offered only $1000 so ur actual loss would have been 9K not a couple of thousand

[shmebeble]

Must be pinhurst..
PFS offered only $1000 so ur actual loss would have been 9K not a couple of thousand

Regardless. I applaud him for doing that. Not to toot my own horn but I had same dilemma with silver last year and sent my 4 out kicking and screaming.

[Abebee]

Sure, I committed to a BG (not specifying which one) and will be sending what I committed to them.

I know this might be a bit controversial but I really don't see how people commit and then back out, I get the temptation with all this money involved but one can't have it both ways-No one forced you to commit (and have the BG take the risk if the demand is less then expected) if you want to sell it on your own for the most profit (and assume some risk of Ebay scams etc) then go ahead just don't commit!

Not judging (I know people who in the past have committed and then backed out) just would like to understand:)

Big risk would be paying prior to securing the coin. I am not disagreeing with you. But I dont see how in this case the BG took all the risk when they clearly knew the demand.

[Redbull3]

Last year when I saw the market way above the BG I committed to, I wanted to back out but had a guilty conscience. So I went to the BG and told him with 100% honesty what was going on and he pretty much understood and didn't really protest me backing out. For some context I did plenty of other ordering for him at the time (electronics and such).
Learnt my lesson for this year.. when I saw the hype commishes coming out, didn't commit anywhere, even silver.
Anyway, it can't hurt to ask, especially if it's a BG you deal with outside of coins. Just an idea in case you haven't tried the obvious.

[coffeebean]

Last year when I saw the market way above the BG I committed to, I wanted to back out but had a guilty conscience. So I went to the BG and told him with 100% honesty what was going on and he pretty much understood and didn't really protest me backing out. For some context I did plenty of other ordering for him at the time (electronics and such).
Learnt my lesson for this year.. when I saw the hype commishes coming out, didn't commit anywhere, even silver.
Anyway, it can't hurt to ask, especially if it's a BG you deal with outside of coins. Just an idea in case you haven't tried the obvious.

Some BG commit to bigger wholesalers. They're making about the same as you or a drop less (or more) on the coin, so it's completely understandable for them to allow you to back out

[Agoldsc1]

It was actually the Gold:)

I Get it and can't say I was not tempted but at the end of the day I realized that to me my word is worth more the extra couple of thousand then I could have made if I broke my word.

Wow, kol hakavod to you.

Last year, and I forget with which coin, I had also committed, ended up snagging two coins, and then had severe commitment regret. I e-mailed the BG to explain my situation, and we agreed that I can send one and keep the other.

[ShimshonK]

Mine says shipped and I have tracking, but the tracking still says pre shipment from 11/9

Welcome to the United States Postal Service.

[pointer]

It was actually the Gold:)

I Get it and can't say I was not tempted but at the end of the day I realized that to me my word is worth more the extra couple of thousand then I could have made if I broke my word.

No way you sent in your coin for $1k commission.

[pointer]

one can't have it both ways-No one forced you to commit (and have the BG take the risk if the demand is less then expected) if you want to sell it on your own for the most profit (and assume some risk of Ebay scams etc) then go ahead just don't commit!

You do realize this is not what happens in the real world.

[pointer]

Sure, I committed to a BG (not specifying which one) and will be sending what I committed to them.

I know this might be a bit controversial but I really don't see how people commit and then back out, I get the temptation with all this money involved but one can't have it both ways-No one forced you to commit (and have the BG take the risk if the demand is less then expected) if you want to sell it on your own for the most profit (and assume some risk of Ebay scams etc) then go ahead just don't commit!

Not judging (I know people who in the past have committed and then backed out) just would like to understand:)

You really don't see?
How about if you were the buying group, and committed to pay $12.5k, and the price *dropped* by $10,000.
Would you really pay $12.5k for a $2.5k coin?

Yea I figured.

[CountValentine]

Welcome to the United States Postal Service.

Why you blaming USPS. Don't you want to know that they didn't ship it yet?

[coffeebean]

Why you blaming USPS. Don't you want to know that they didn't ship it yet?

Because I've received packages from USPS that still say "waiting for package"

[Yaalili]

I honored my commitment to PFS last Nov for the reverse proof mabey in that zechus I got the gold.

I like that logic, come to think of it, the same happened for me.

[ShimshonK]

Why you blaming USPS. Don't you want to know that they didn't ship it yet?

Because I've received packages from USPS that still say "waiting for package"

Yup, I don't know if I've ever seen a USPS package show anything more than pre-shipment within first couple days of shipping.

[tzifanya54]

I like that logic, come to think of it, the same happened for me.

Honored but no gold for me...

[Mf1]

I think there was an ami article a while back regarding the halchik viewpoint on honoring buying group coin deals when price changes. Anyone have a copy?

[drosenberg88429]

Backing out smacks of TDS (testicular deficiency syndrome). An iota of research would have revealed that there was significant potential for a rise here. There was also risk, which is why you committed to a buying group, for the guaranteed return. Using them as an insurance policy against downside, and then walking away when potential upside matures to actual upside, is abominable in my book. You sold a naked call option with no attention of honoring it if the stock appreciated.

[Mhadad770]

One buying group didn't act too honest with me either, I bought a palladium coin with them (the one that lost value) , and when they received it they said they can't accept it because it's not the same order number that I had put in.
(I had cancelled and reordered it to change the payment method and forgot to send them the new order number)

Point being they were within their rights perhaps, but still it wasn't so straight and they left me with a 3000 dollar coin that I wasn't even so sure I would be able to return

[pointer]

Backing out smacks of TDS (testicular deficiency syndrome). An iota of research would have revealed that there was significant potential for a rise here. There was also risk, which is why you committed to a buying group, for the guaranteed return. Using them as an insurance policy against downside, and then walking away when potential upside matures to actual upside, is abominable in my book. You sold a naked call option with no attention of honoring it if the stock appreciated.

I agree with you when the upside we're dealing with is some pocket money, not when it's a months salary.

If the coin goes up to $100k How about $1MM, does one have to honor his commitment?

The point is, it comes to a certain point where you got to admit that the commitment is not valid in these extraordinary circumstances.

[yossig]

Reports of the gold being shipped now, check your orders.