Posted on 11/25/2009 6:24:59 PM PST by bruinbirdman
Tell me how this works. The Mint gives them paper $ and Goldmark sends them Gold?
Um ... right. OK.
>> 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.
... who, in turn, outsource the production of the planchet cores to http://www.tungsten.com.
[j/k... maybe...]
The gold used has to be mined from American sources. I suppose that the Mint pays them in USD and Goldmark has a source for US-mined gold and ships them the blanks. Remember that the Perth Mint (Australia's national mint) makes a lot of gold coins as well.
OK...
So you buy Maple Leaf or Kruggerands
My comment was sarcasm. I was not seriously asking how this works, but rather pointing out the silliness of an Australian company trading a hard asset for some more worthless American paper.
“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 ...”
Sure... I believe that, uh huh, okey-dokey.
Just like:
-not one dime in taxes.
-transparency.
-there will be plenty of flu vaccinations for everyone.
-I did not bow.
I could go on all day.
Heck, the Shame Wow guy has more credibility than this dem run government and Americas First Failed Black Pres-dent.....
I could tell you, or you could just read the article.
Personnaly I sell BU Eagles.
Okay then, try going to your local gold dealer and getting any type of bullion - Eagles, Maple Leafs, Krugerands, bars, whatever - and see what he tells you.
Conversely, if you happen to hold any bullion, ask that same dealer how much above spot he'll give you. Regardless of when you bought it, you will likely be VERY pleasantly surprised.
Getting bullion (as opposed to paper gold) has been extremely difficult for well over a year's time. This is not an issue particular to any goings-on at the U.S. mint.
So I guess the blanks provided from the Perth gold refinery is actually mined in the US?
This forum is infested with metals dealers. They think we are stupid because we are. Buy, buy7, buy! (why would you sell such a great i8nvestment?)
Executive Order 6102 "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates" by U.S. citizens was signed on April 5, 1933 by U.S. President Franklin D. RooseveltLet's see, one Socialist President outlawed gold ownership in rough economic times. Is it so difficult to imagine that another Socialist President would do the same thing again after a crash with an exchange of, say, fifty dollars a pound?Gold ownership was repealed by an act of Congress codified in Pub.L. 93-373 legalizing private ownership of gold coins, bars and certificates signed by President Gerald Ford which went into effect December 31, 1974.
This forum is invested with people who have no concept of how a market works. Like you.
"We have had relatively supportive news from the central banks, particularly in Asia, confirming that there is demand for gold as a means of diversifying their large foreign exchange reserves," RBS Global Banking & Markets analyst Daniel Major said. "There is plenty more potential for central banks to buy either IMF gold or other gold in the market to try and boost their reserves," he added.
Investor sentiment was bullish, highlighted by the news that the U.S. Mint said it was suspending sales of the popular American Eagle one-ounce gold bullion coins due to strong demand. India's Financial Chronicle newspaper said India is open to buying more gold from the International Monetary Fund, which has around another 200 tonnes to sell. The IMF had no comment on the report. The market is sensitive to speculation of further official sector buying after news in early November, that India's central bank had bought 200 tonnes of gold from the IMF, sparked a rally.
Russia, Sri Lanka and Mauritius have also previously announced gold acquisitions, and traders speculate that more central banks, particularly in Asia, could be open to gold acquisitions to diversify their foreign exchange reserves.
http://www.financialpost.com/news-sectors/story.html?id=2265757
One question I have is this: where is the gold coming from that the IMF is selling? And where is the price going when the IMF has no more to sell in its efforts to depress the price?
And why are the IMF and the US and Britain getting rid of gold when the rest of the world is acquiring it? I've read rumors that Britain's gold reserves are essentially exhausted.
Could any of this be a factor in the FED's desire to avoid an audit at any cost? Oh great and powerful OZ, uh I mean Fed, don't look behind the curtain.
THing is, the dollar is no longer tied to gold! I think if they tried that today, they would get more Lead than gold!
Call up your old FRiends. BTW, want any eagles for the chest?
Forget stockpiling gold.
Stockpile a much more valuable commodity:
7.62x39
.223
.308
be a 3%er
Even if you were right, China and India aren't "metals dealers," and they're buying Au hundreds of tons at a time. That may have something to do with all this - ya think?
I suppose there's some remote possibility that China and India (along with numerous major hedge funds and countless investors) are FR gold-bug trolls who think posting here will affect their bottom line.
Objectively speaking however, that's just silly.
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