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Apmex New Leadership?

Discussion in 'PM Dealer Feedback' started by Usury, Dec 8, 2014.



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  1. Usury

    Usury Gold Chaser Platinum Bling

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    Curiously I stumbled upon this article today regarding former CEO of Apmex--Michael Haynes--joining a new company. I'm a little alarmed by this as I didn't know he'd left. Is this a recent development and if so I wonder what impact it might have on the direction of Apmex OR is this old news and I'm behind?

    http://www.prnewswire.com/news-releases/michael-haynes-joins-heritage-auctions-as-cfo-300006361.html

    DALLAS, Dec. 8, 2014 /PRNewswire/ -- Heritage Auctions has announced that longtime industry veteran Michael Haynes has joined the company as Chief Financial Officer.

    Haynes has served as an executive officer in both private and publicly traded companies in the collectibles, precious metals and specialty retail businesses over the years and brings his background and experience in many of Heritage's 39 auction categories along with deep experience in finance and operations of companies in the collecting space.

    In his most recent role in a public company, Haynes was the Chief Executive Officer of Collectors Universe, the leading authenticator and grading service for collectible coins, sports cards, autographs and memorabilia. He had previously served as President of Heritage (1974 to 1990), President of A-Mark Precious Metals (now a public company) and, more recently, as CEO of the privately held American Precious Metals Exchange (APMEX).

    "It's a pleasure to rejoin this team of highly successful senior leaders and category experts at Heritage," said Haynes. "This team has already demonstrated its ability to grow the size and scope of the company. I believe continuing opportunities for prudent growth abound as we combine our talents and strengths."

    "Michael has an important background in building businesses and related corporate financial systems," said Heritage Co-Chairman James Halperin, "and we expect that his contribution to the Heritage enterprise will further improve our company's results."

    Haynes holds a Master's Degree in Business and is a Certified Public Accountant. He was also awarded the designation of Masters Professional Director from The American College of Corporate Directors.

    "With the addition of Michael to our senior leadership, Heritage is executing plans for our next level of responsible business expansion," said Heritage CEO and Co-Chair Steve Ivy. "Our mission, however, remains unchanged: to be the world's most trusted and efficient marketplace and information resource for owners of fine art, jewels, rare collectibles, and other precious objects."

    Heritage Auctions is the largest auction house founded in the United States and the world's third largest, with annual sales of more than $900 million, and 850,000+ online bidder members. For more information about Heritage Auctions, and to join and receive access to a complete record of prices realized, with full-color, enlargeable photos of each lot, please visit HA.com.

    Want to get the up-to-the-minute updates and breaking news stories about Heritage Auctions? Get them as they happen at: HA.com/Twitter; Facebook: HA.com/Facebook. To view a complete archive of Heritage press releases go to: HA.com/PR. To link to this press release on your blog or Website: www.HA.com/PR-2222.
     
  2. Usury

    Usury Gold Chaser Platinum Bling

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  3. EO 11110

    EO 11110 He Hate Me Mother Lode

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    hence the return of popcorn?? :cool:
     
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  4. SongSungAU

    SongSungAU Midas Member Midas Member

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  5. Usury

    Usury Gold Chaser Platinum Bling

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    I also think the timing of this is coincidental with the pamp gold bar deal on ebay over the weekend (and it's still there) UNDER spot. I don't really understand how they can offer this without losing their ass, unless they took a huge gamble and bet on the direction of the market. If they bet on the market direction and are wrong, then they have huge exposure to this deal alone and I can't help but wonder what they holds for their future. Even if they bet the right direction and make money this time, you eventually lose to the house when you gamble. The whole thing makes me nervous as a whore in church. I hope they're good and we all get our bars AND they make money and continue to offer deals.

    Edit: ebay says they've sold 5133 of these bars at this price. If they lose $100/bar, that's over 1/2 million Dollars loss on over $6 million in sales. :( I also hope they have them all in inventory...
     
  6. Ahillock

    Ahillock A nobody Mother Lode

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    Pamp bars ended this morning. Unless there is a new listing?


    http://www.ebay.com/itm/1-oz-Pamp-Suisse-Gold-Bar-New-Design-In-Assay-SKU-84698/121417276792
     
  7. Usury

    Usury Gold Chaser Platinum Bling

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  8. Krag

    Krag Planet earth Platinum Bling

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    I'm not sure what their motivation is for the firesale prices on the Pamp. Suisse bars, but I don't have any doubt that they will be delivered as promised.

    I found Apmex a little fishy when they first started advertising heavily. I didn't take their ads seriously until later when they became more business-like. Mac Beavers was one of their main managers. Never had a problem with them, except for a suspicion they did not give me a standard dealer reference with PCGS currency without cause. Also they mis-grade some uncertified coins.
     
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  9. Ahillock

    Ahillock A nobody Mother Lode

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    Yeah no worries about APMEX not delivering. They don't sell what they don't have in stock. Plus you have 2-3 likes of protection: eBay, PayPal and credit card. APMEX will deliver.
     
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  10. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    Just saying, if they bought at the dip and sell below spot, they still make money, maybe they needed some liquidity or are looking to get more buyers in the rolls. If I sell what I bought a couple of weeks ago I can make a tidy sum and sell below spot. Just sayin'
     
  11. Annie

    Annie Silver Member Silver Miner

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    Pretty simple math...don't know why it's hard for some to grasp.
     
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  12. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    it isn't fair to speculate guys,

    Apmex has proven that they are solid, and one man does not make a company like that. It takes a great team of people.
    There is none of the delayed delivery stuff going on, and they have their inventory hedged fully.

    Those that play the markets are those that get trapped by the same markets. There is zero evidence of that accusation.

    Come on guys, it happens all the time where guys leave for greener pastures. Mike was great and a good guy, good luck to him.
     
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  13. Usury

    Usury Gold Chaser Platinum Bling

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    Good point Scorp. They've never given me reason for concern.
     
  14. Usury

    Usury Gold Chaser Platinum Bling

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    If they're fully hedged, then they DON'T make money on this situation...only if they aren't hedged and are gambling on an increase. However, perhaps they negotiated a monster deal on a huge lot way below spot...then this deal makes sense.
     
  15. Krag

    Krag Planet earth Platinum Bling

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  16. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    There seems to be a "price disconnect" between the website and some ebay sales. Example: I am cheap. I have purchased many times over the last year from the ebay site, but no purchases from the website. Too expensive for me.

    Selling below spot certainly does not make them Hans T. Seems a smart move to move a lot of gold in a short period of time.
    I have no idea if they hedge or not, or if they made a "special purchase" for this current ebay deal.

    Seems like a great way to increase the customer base and encourage further purchases down the road. Plus they are competing at this time of year with spending on other things; obviously a lot of money that would have gone somewhere else went to buying gold bars instead.

    I bet the difference isn't much more or is less than the price of the popcorn they shipped out that got some people all excited.

    Anybody really believe they sold those bars at an actual loss? I don't. They are a successful company that knows what they are doing in my opinion. It's a well known marketing device to sell an item at a reduced profit in order to increase sales on other products and gain an increased customer base. All those thousands of dollars spent on gold at APMEX rather than a competitor or on something else. What's not to like from their point of view?
     
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  17. Usury

    Usury Gold Chaser Platinum Bling

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    The big IF is IF they are still making money on those sales. If so, then I agree....

    Bottom line perhaps I just need to enjoy it and quit asking so many questions. As I said to scorp, they've never given me reason for concern in the past. I suppose in today's environment of shady government, shady politicians, shady cops and unfortunately shady PM dealers (a la Tulving, NWTM, etc), I'm always ever diligent.
     
  18. Usury

    Usury Gold Chaser Platinum Bling

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    Also, as to the opening post article, I'm wondering if this will mean any changes at Apmex in their sales/product strategy (or anything else)? If anyone hears anything, please share...

    Thanks.
     
  19. Annie

    Annie Silver Member Silver Miner

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    The new guy obviously thought they had too much overhead. I bet he's wishing he waited a week for the pamp suisse liquidation!
     
  20. Usury

    Usury Gold Chaser Platinum Bling

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    That would be inventory...not overhead. If they had too much overhead, we'd hear about layoffs (which I haven't seen any sign of), relocation to cheaper/smaller facility, etc.
     
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  21. Ahillock

    Ahillock A nobody Mother Lode

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    Yeah they won't do that. But even if they did, meh. Did you get one bar for -$100 with the eBay 10% off coupon?

    Otherwise you are looking at what, bought at $1194 (minus CC cash back, minus FW?) so say around $1170. Looking at buy back price right around spot, so say $1231. So around $60 a bar (minus whatever shipping/insurance costs are). Buying at this level, I don't see the POG dropping too much more if it does at all (maybe wrong on this). You might as well hold that gold for some time.
     
  22. Krag

    Krag Planet earth Platinum Bling

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    I have a tracking number on my purchase now.... Should get it by end of week?
     
  23. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    I didn't buy because the price was too high for me, but I would not have any fear at all personally about them shipping. This isn't some one guy operation out of a little rented office. I think there would be huge red flags out there if there was any danger.
     
  24. Krag

    Krag Planet earth Platinum Bling

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    It looks like they shipped but no significant tracking updates, still in OK City. They can always ask the usps to send the parcels back to them to buy time.
     
  25. Ahillock

    Ahillock A nobody Mother Lode

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    Are you paranoid or something that you won't get your order?
     
  26. Krag

    Krag Planet earth Platinum Bling

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    I'm not saying that, just that they could. Call me a doubting Thomas. I have never gotten gold under melt.
     
  27. Ahillock

    Ahillock A nobody Mother Lode

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    Plenty of us get gold under melt all the time. Nothing to worry about.
     
  28. Usury

    Usury Gold Chaser Platinum Bling

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    I get the impression there weren't huge red flags from Tulving either....until there were. But at this point I'm not overly concerned.

    Dude I really wouldn't worry at this point. We have no reason to believe that Apmex won't deliver as of yet. My point originally was just me thinking out loud and I now see that I've unintentionally created what is most likely premature and unnecessary paranoria....which is not too hard to do in this day and age and especially on this forum. So therefore, I'm closing this thread. I believe we'll all get our stuff from Apmex. My point was twofold: 1) I hope they didn't take a big loss that could affect their pricing/policies/longevity to be a dealer option to us in the future, and 2) I just wonder what changes we'll see if any from the new leadership (good, bad or ugly), which is again speculation.

    Thread close and IF and WHEN we see signs of anything changing for the better or worse, we can post a new thread with updates.

    Thanks all,

    Usury
     
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