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 Replies: 22 / Views: 4,299 |
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Valued Member
Canada
207 Posts |
Meanwhile from the mint website: Quote:
Royal Canadian Mint Celebrates Year of Remarkable Financial Performance
Corporation achieves $3.2 billion in revenues and $43.8 million in pre-tax profits in 2011
They are not motivated to change the status quo. |
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Pillar of the Community
Canada
590 Posts |
Is the problem with the mint or retailers or speculators? People like it when their coin goes up in value. The only problem is that its not hard to manipulate the market. Look at the last Niobium, the pink one. The coin is going to appeal to women, collectors of the series, and speculators. I bought two for my wife a daughter. I did not buy the previous coins in the series. This coin sold out so fast, but who is responsible? If the post office orders more of this coin than previous one the dealers loose. The dealers will order more knowing their orders will be cut. Now that the coin is sold out the street price is bound to be high. So people go to the post office and buy all the inventory and flip the coins for double on ebay. The Aster Bumble Bee is a good example of this. This is the free market at work. The only way to solve this is less coins and unlimited mint runs. Well almost unlimited. Look at the US mint: 2012 Star-Spangled Banner Uncirculated Silver Dollar -- (SS4) - The 2012 Star-Spangled Banner Silver Dollar is limited to 500,000 coins (across all product options). If want to collect ugly coins that are no problem to buy from the mint we can all become Americans. The real problem is greed, on many, many levels. Edited by Dooby Rak
05/23/2012 12:18 pm
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Pillar of the Community
Canada
3690 Posts |
$43.8M on $3.2B is a pathetic 1.4% pretax return. That is a grocery store standard. Actually, Loblaws returned more than twice that percentage last year in a high volume, low margin business. Frankly, as a business with a virtual monopoly selling low volume, high margin products (at least on the NCLT side), the RCM severely under achieves. Obviously, profit motive is not their primary mandate but don't believe their marketing department's statement that they are remarkably profitable. I personally don't see many problems with the distribution of coins. As far as I know, every coin this year has been available at issue price for any collector who wanted them. If anyone missed out, look in the mirror. Further to that, and something I've asked before, why do some people think that they should be able to buy every coin whenever they want at issue price? If you think that, then should they also be forced to buy all the unpopular coins that don't appreciate? There are many more of the latter than there are of the former. I mean, if you sit back and wait until it's obvious that a coin is a hit (and appreciating in value) and then moan because you didn't get one, then you should be willing to buy unpopular coins (that are deprecating) at issue price, right? It's only fair.  I guess the solution is that mintage numbers go like some other mints and then the products become as common as Honda Civics so we can all have one. That would be fun eh? Who's in for that? Edited by CC-Ottawa
05/23/2012 12:58 pm
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Valued Member
Canada
178 Posts |
I would be happy if shipping got sorted out, that's all I ask for.
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Pillar of the Community
Canada
590 Posts |
Quote:
$43.8M on $3.2B is a pathetic 1.4% pretax return. That is a grocery store standard. Actually, Loblaws returned more than twice that percentage last year in a high volume, low margin business. Man making the penny was really killing them. Good thing they got rid of it. They post does not mention the following: A dividend payment of $10 million to its shareholder, the Government of Canada; Breaking ground in Winnipeg to begin a $60 million expansion of the Mint's plating facility, which will add 60,000 square feet and increase plating capacity by two billion pieces a year; Add those to the $43 min and profits are more respectable, but not great. I'm sure the mint is a cash cow, There just never going to let us really know how much they make. |
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Pillar of the Community
Canada
3690 Posts |
Quote:
Add those to the $43 min and profits are more respectable, but not great. From an accounting standpoint, you are adding apples and oranges. Dividend payments and capital expenditures do not directly impact reported profit. Quote:
There just never going to let us really know how much they make.
Not to get too far off topic or to defend the mint, but the mint has an independent audit committee comprised of non directors and employees. In addition, the RCM is subject to audit by external auditors and the Auditor General of Canada (most recently Sheila Fraser and now Michael Ferguson). As well, the RCM is held accountable by at least two acts of Parliament. They are better controlled, audited and regulated than most corporations in Canada. Anyone with knowledge of financial statements and the ability to read the annual reports knows exactly the financial strength of the Mint. Edited by CC-Ottawa
05/23/2012 7:07 pm
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Valued Member
Canada
207 Posts |
Being a crown corporation, does the RCM want to show a lot of profit? |
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Pillar of the Community
 Canada
1502 Posts |
Sucks to be the little guy. That, I guess, is the conclusion.
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New Member
Canada
43 Posts |
As a crown corporation, the RCM should allow access to its products at the same time for every Canadian, not just those who have a yearly disposable income that reaches an annual allotment set by the RCM for membership. A Government owned corporation should not be favouring, or giving preferential treatment, to any members of the Canadian public on any terms (financial or not). I believe equal access should be given to all Canadians (including dealers), as the company is essentially owned by the public, and responsible to the public. Honestly, I can't see how the RCM justifies this type of business practice apart from profitability. Edited by Mrent
05/23/2012 9:55 pm
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Pillar of the Community
Canada
871 Posts |
My advice is to boycott the dealers when it comes to over inflated prices. That way, prices will return to a more acceptable level for the public.
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Pillar of the Community
Canada
815 Posts |
Jsinger, it only takes one buyer to topple that house of cards.
In such a low volume market, boycotts don't work.
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Pillar of the Community
Canada
1189 Posts |
I saw someone on this forum ordered 10-20 coins (the same coins). Are they dealers or ebay Greeders? Just imagine if 100 peeple did like this, that the reason why the new coin sold out too fast. And we, the individual coin lover, do not have a chance to get one. IMO, an easy way to avoid paying high premium is that stop buying at the high price (at dealers or ebay sellers...). Over sometime the price will cool down and everyone will be benefit. For example, new iphone and ipad always sales for a very high premium on the 2nd market. But just after 2-3 months later, will go back to the offical issue price. So If you get an chance to order one before it sold out - congratulation. If not, do not buy with a ridiculous price, just wait a few months, you will get one will a good deal. Edited by BiBo
05/30/2012 5:22 pm
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Pillar of the Community
Canada
590 Posts |
Quote:
Delivery Service: Free Shipping
________________________________________________________________________________
Item (SKU - Description) Quantity Unit Price Cost
________________________________________________________________________________
243954 - 2012 $5 STERLING SILVER- FULL PINK 2.000 121.95 243.9
________________________________________________________________________________ Canada Post wins again. How is it possible that they can ship before the Mint. Is Canada Post making their own coins or something? Shame, shame, shame. Glad I hedged my bet and got two through Canada Post. The Mint looses again. I'm ordering more stuff from CP from now on. This is beyond ridicules. |
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New Member
Canada
14 Posts |
Well it is Canada Post after all... They should be more efficient at shipping.. Ah ha ha.
Ok, not funny. The first shipment from the mint must go straight to CP.
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Pillar of the Community
Canada
590 Posts |
Just to let you know, they can't hear you here on this forum. But they can hear you here: jones@mint.caMichael G. R. Jones Director, E-Commerce & Direct Sales Numismatic Business Line This is the man to contact about all your problems. |
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Replies: 22 / Views: 4,299 |
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First Page
Posted 05/23/2012 12:14 pm
