Posted on 11/25/2009 6:24:59 PM PST by bruinbirdman
The United States Mint has a gold problem. As demand for precious metal in the futures indexes and in physical gold bullion coins increases as the dollar weakens, there's been a run on the Mint. Don't worry, there's no shortage of gold. It's just that the Mint doesn't have the resources to make it into coins due to outsourcing and budget cuts decades ago.
The problem lies in manufacturing the blanks. The blank planchets are not made at the Mint, which hasn't had the production capacity for this stage of the minting process since the budget cuts of 1981. The Reagan administration began using private companies, which process and ship the blanks to the Mint's West Point, N.Y. site for stamping and engraving. Today there are three refineries that supply planchets to the Mint: VennerBeck Stern Leach in Rhode Island, Sunshine Minting in Idaho and Goldmark in Perth, Australia.
Though some have taken the shortage of gold coins to mean a shortage of gold in general, folks in the industry say it's not a worry. The Gold Bullion Coin Act, which put the coin programs in place in 1985, stipulates that the gold must be mined in the U.S. Johnson Matthey ( JMPLY.PK - news - people ), the London-based company that refines most of the gold that is mined in the U.S., says, "there is no shortage of gold" coming out of the ground these days.
The Mint's Oct. 6 announcement that it would not produce any gold "proof" coins this year is testament to its diminished capabilities. Even 5,000 proofs for the 2009 edition of the American Eagle coin series would offer a limited number to collectors that would still be a particularly rare year for the coin. When questioned by Coin World, a collectors' trade publication, about
(Excerpt) Read more at forbes.com ...
The IMF is selling now and the price is going up?
yitbos
http://harveyorgan.blogspot.com/
Today will probably turn out to be a very historical day as the cartel basically threw in the towel. Our regulators will have to answer to a lot of questions as to what on earth were they regulating. This may bring down the entire financial global apparatus.
Nam Vet
Very likely.
And the Canadian Mint found it had "lost" tonnes of gold. How many other countries have gold bullion on the books, but it is "lost"?
Nam Vet
I watch the Comex OI numbers and read this guys blog.
They are totally scrambling to save their arses. They are short tens of millions of ounces.
(but they did manage to roll over about ten million ounces of contracts to the February timeframe)
Things could get interesting... real, real interesting!
My local source is happy to sell me all the Krugerands I want - if I only want 1 oz. coins.
Nobody has any factionals here in town.
Does your internet source sell Silver as well? If so could you post it. I am looking for a reliable supplied of Silver coin and bar.
Yes, I have made a couple of purchases recently from tulving.com They have silver coin and bar.
I wonder if the sheeple will fall for the same trick twice. I can envision a lot of disappearing JBT's if this commie tries to mimic what the last one did.
What is a JBT?
DD
You might try Lear Capital.
Also, Fidelitrade. You should be able to google their websites.
“OK...So you buy Maple Leaf or Kruggerands”
BINGO.
Yep, I already put that into my notebook of future story plots. I’d have a university student who’s moonlighting in a bullion vault discover the fakes. He thinks his bosses will want to know they’ve been scammed, but quickly finds out that they are all part of the scam, and then people start to die, and the student has to run.
I beg your pardon, I have never once charged for sex.
You and I are of the same mind.
ammo
canned no-perishables
plenty of Good- I say again - Good booze.
good booze is a great trade commodity (as well as a pleasant anesthetic when required)
If I showed you an email I received from a metals dealer from this site, would I still be paranoid.
Ahh ... thanx
If I showed you an email I received from a metals dealer from this site, would I still be paranoid.
Metals dealers are trying to influence the market on FR and elsewhere. They do not disclose that they profit from their posts. What do you do for a living?
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