This thread came to mind due to the fact the Mint sometimes takes a very long time to reprice items when there is a movement in precious metals prices. Most of the better online dealers use real-time pricing. Why can't the Mint do the same? I'm thinking they are probably larger than most online dealers. It would seem to be a lot more efficient, although Fred and Wilma Flintstone would be proud of the Mint's current procedures and policies. Does anybody have a good reason as to why it couldn't be done?
I'd imagine online dealers customer base is a fraction of what the mint has and deals with. Also, the mint just simply isn't buying bullion, rounds and bars to resell, they're setup is much more complicated than the dealer who is buying in bulk from the mint and others to just basically be a re-seller of the manufactured goods the mint actually produces on their own, etc.
Bound by the requirement (law) of publishing in the Federal Register. Sort of like a public hearing process?
^This. All Federal agencies have to publish in the Federal Register and allow for a comment period if they wish to change a policy. Of course, Congress can change the law to exempt them from this for coin pricing if they wish, but I do not believe have done so.
It seems like they update the bullion coins once a week, if needed - Wednesdays from what I've noted.
But the bullion coins were authorized under different legislation. Remember that commemoratives are each their own bill, and normally do not foresee market variations.
Very correct! I usually track the gold bullion prices, just to see what they do - prices rise & fall on those, but no more than once a week from what I've seen.
Yeah, I forgot about all the legal mumbo jumbo the government requires. I worked for the government, what usually takes normal business minutes, hours or just a few days to approve takes the government 100 times the amount. Just to get some new software approved literally took almost 6 months once to get fully approved, although they usually allowed one to use in an interim type basis, if they didn't approve it, then you had to uninstall immediately.
I really don't see a need for them to update their prices on a daily basis because the items listed on the mint's website aren't based solely on their bullion value. Call me crazy, but that's my take on it.
The mint does not merely sell through on line, they produce catalogs and brochures, many collectors who are older would rather purchase in the way they are comfortable with. If they were to go to "real time" pricing, they would be taking a large number of collectors out of the market.
True, but they could put in their catalogs that the prices of items with precious metals are dependant on the current prices when ordered. All it would take is a phone call to find out current prices. Most everybody has a phone these days don't they.
Why is it this reminds me of the procedure they had for ordering the gold arts medallions. Go to post office, wait in line, get order blank, leave and go to phone somewhere, fill out order blank, call special non-tollfree number to get the current price and order number, fill that in on the form, go back to post office, stand in line, have order form timestamped, mail with that days postmark. The price and order number were only valid for a certain amount of time. If your time stamp was too long after you got your quote, you had to start over. I forget how long the time period was but I'm thinking it was only an hour or two. (You can see why the Arts Medallions weren't that popular.)
