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 ...
You make unsupported claims, then follow with a nosy and irrelevant personal question. Good rhetorical flair for a troll. People will take the bait on the personal issue, and let your bizarre claims go unquestioned.
(I don’t do anything even remotely related to being a metals dealer).
The last refuge of a rhetorical loser is name calling.
The last refuge of a rhetorical loser is name calling.
What do yall think about silver? Gold is a little to pricey for me but I can (and have) been buying a few silver dollars a week. Been doing that for about a year. Fixing to make one more BIG buy after Christmas what do ya all think? Keep the few hundred silver dollars or trade in for a couple oz of gold? I kinda like a silver dollar. I tell my friends it is a 20 dollar bill. Also seems like there is plenty of room for silver to go up in value.
buy gold then. I tried to help without any profit motive. Ever wonder why you are the only one left arguing with me?. The others were dealers who ran for the hills when I MENTIONED PUBLISHING THEIR EMAILS.
Ever wonder why you are the only one left arguing with me?. The others were dealers who ran for the hills when I MENTIONED PUBLISHING THEIR EMAILS.
Maybe they are just wiser than me, and realize that trolls are best ignored.
Threats to publish private emails aren’t likely to be taken well around here, newbie.
If you only knew.
Speaking of hoarding!! I watched the show about hoarding on Dish Network the other night. It is not about hoarding gold, it is about hoarding junk that other people throw away. OMG! There are some sick people out there. It made me vow to clean out my closets so I wouldn’t be thought to be one of them!
If there are any precious metals dealers on this thread, please freepmail me, because I’m looking for a reliable source for upcoming purchases.
If there are any precious metals dealers on this thread, please freepmail me, because I’m looking for a reliable source for upcoming purchases.
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