Not good nwes for those with coins in the vault:
http://au.news.yahoo.com/thewest/business/a/-/wa/19099894/coin-investors-forced-to-wait/
The majority i assume would be purely investors as i could'nt see a true coin collector buying such coins & then letting the company "look after" them.
Quote from: 'accumulator' pid='29339' dateline='1380086609'The majority i assume would be purely investors as i could'nt see a true coin collector buying such coins & then letting the company "look after" them.
I believe you are correct.
Unfortunately this has led to a lot of bad publicity, particularly in WA.
My concern is that it could ultimately lead to heavy restrictions on coins and banknotes being permiited as assets in self managed superannuation funds.
Quote from: 'emu666' pid='29671' dateline='1380627479'Quote from: 'accumulator' pid='29339' dateline='1380086609'The majority i assume would be purely investors as i could'nt see a true coin collector buying such coins & then letting the company "look after" them.
I believe you are correct.
Unfortunately this has led to a lot of bad publicity, particularly in WA.
My concern is that it could ultimately lead to heavy restrictions on coins and banknotes being permiited as assets in self managed superannuation funds.
Look on the bright side, Bad for investors But good for collectors :good:
Quote from: 'emu666' pid='29671' dateline='1380627479'My concern is that it could ultimately lead to heavy restrictions on coins and banknotes being permiited as assets in self managed superannuation funds.
No bad thing, IMO. I don't think any fund has any business whatsoever "investing" in collectibles, whether its coins or cars or Rembrandts. Its bad for the funds, its bad for the genuine collectors, and ultimately its bad for everyone else as well.
Quote from: 'Fulvio' pid='29693' dateline='1380641332'Quote from: 'emu666' pid='29671' dateline='1380627479'My concern is that it could ultimately lead to heavy restrictions on coins and banknotes being permiited as assets in self managed superannuation funds.
No bad thing, IMO. I don't think any fund has any business whatsoever "investing" in collectibles, whether its coins or cars or Rembrandts. Its bad for the funds, its bad for the genuine collectors, and ultimately its bad for everyone else as well.
The money in a self managed superannuation fund is YOUR money so you should be allowed to decide how it is invested.
Quote from: 'Fulvio' pid='29693' dateline='1380641332'Quote from: 'emu666' pid='29671' dateline='1380627479'My concern is that it could ultimately lead to heavy restrictions on coins and banknotes being permiited as assets in self managed superannuation funds.
No bad thing, IMO. I don't think any fund has any business whatsoever "investing" in collectibles, whether its coins or cars or Rembrandts. Its bad for the funds, its bad for the genuine collectors, and ultimately its bad for everyone else as well.
It's a self managed fund. Coins and banknotes can be a legitimate investment. Why on earth should they be prevented from investing in them?
There's nothing wrong with investing in coins, but the Rare Coin Company's clients weren't investing in coins. The prices paid and the market valuations were well above what the coins were realising at auction, yet they had liquidity at those rates through the company, therefore they were investing in the company, not the coins.
I would imagine that anyone wanting to invest in coins would want to have the coin "In Hand" themselves .
Spending money on something that you never see and some company has possession of it on a "Trust me" basis is just crazy IMHO.
A bit like buying paper silver and gold :dash1:
The problem with collectibles and SMSF's is that you specifically can't have them for "personal use". So you pretty much HAVE to hand them over to a third party. Which sets the scene for disasters like the rare coin company.
Plus, "investments" distort the market. Which screws things up for real collectors. And sets up the investors for massive losses. As I said, its not good for us, and its not good for them either. Of course its GREAT for the shysters in the middle.
QuoteOf course its GREAT for the shysters in the middle.
:agreed:
These Buggers always seem to drive away from a failed company in the latest sports car home the their mansion , Whilst the "Investors" get to go home from the meetings in their old clapped out cars and live on "dole Burgers" and Weetabix :dash1:
Dodgy buggers should do time for letting so many people down and wasting other peoples money :good:
here , here , trout I am with you on that one..
,, kel ,,
Quote from: 'trout' pid='29730' dateline='1380707971'Dodgy buggers should do time for letting so many people down and wasting other peoples money :good:
Absolutely.
Where are all the banksters now? In jail? Nope. Earning more money than ever. The only way for things to ever change is for governments to start putting the top people away for at least as long as any other criminals. But they never will, cos they're all in bed together. :dodgy:
All I can say is this whole situation is sad for everyone
Quote from: 'trout' pid='29743' dateline='1380719323'Where the hell did you get that pic of my Grandkids at serving time at a barbeque :laugh2:
Hehe... :angel: