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fiatboy
Administrator
912 Posts |
 Posted - 12/31/2007 : 03:31:17
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It's 4 in the morning and I'm up early watching Worldwide Exchange on CNBC (no money honeys, but very little hype compared to their domestic, daytime programming); currencies are moving as expected, many markets are closed for the New Year, Malta and Cyprus now using the Euro (well that's at least somewhat interesting), blah blah blah---the usual financial white noise, nothing too interesting....but then they start stalking about gold! And then copper and nickel!
The host is interviewing a commodities expert and he said gold is a safe haven and thus expects it to do well in 2008, and I'm thinking, "Tell me something I don't know..." And then he did: He expects copper and nickel to emerge as safe havens in 2008. In the long run, he said, copper and nickel are one of the best places to invest!
Ok, that's all. Thought I'd pass this along. It's the first time I've heard someone in the mainstream financial media mention copper and nickel as being more than just industrial metals, but as safe havens. We shall see......
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"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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fiatboy
Administrator
912 Posts |
Posted - 12/31/2007 : 03:35:59
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| I'm still watching, and now they just said that China is making copper production a top priority in 2008. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Crash
Penny Pincher Member
USA
155 Posts |
Posted - 12/31/2007 : 12:09:29
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| It's time to step up my hoarding. |
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fiatboy
Administrator
912 Posts |
Posted - 12/31/2007 : 12:47:25
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quote:
It's time to step up my hoarding.
I know!  Time is of the essence. Every day I wonder how much longer I'll be able to get copper at a discount. Did anyone else read the interview with Mint Director Moy in the new issue of CoinAge? He explained how the Mint is researching new alloys for the penny. It's pretty obvious that it's just a matter of time now. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 12/31/2007 : 14:46:43
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It's an even money bet that the Mint will start stamping nickels and pennies out of plated steel, just like the Canadian and Euro coins.
What alloys was she talking about - other than steel, what's cheaper than zinc? Aluminum possibly, but it doesn't look right, and it's more expensive than steel. |
Trust the government? Ask an Indian. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 12/31/2007 : 20:27:47
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quote:
Originally posted by El Dee
It's an even money bet that the Mint will start stamping nickels and pennies out of plated steel, just like the Canadian and Euro coins.
What alloys was she talking about - other than steel, what's cheaper than zinc? Aluminum possibly, but it doesn't look right, and it's more expensive than steel.
They could go with an alloy like they use for the new dollar coins. The new dollar coins has about 5.3 cents of metal in them. A penny and/or nickel made out of that stuff would be be real cheap to make. Except for the cost of stamping them out. Since few machines take pennies or nickels these days that would not be a big factor in such a change. Look for the clad coins to go alloy next. |
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Think positive. |
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CopperPenny
Penny Sorter Member
33 Posts |
Posted - 12/31/2007 : 20:45:16
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| Does anyone have any idea how soon the mint could come out with alloy pennies? |
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fiatboy
Administrator
912 Posts |
Posted - 01/01/2008 : 12:15:46
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| Welcome to the forum CopperPenny. Historically, the U.S. Mint has been able to act very quickly when changing compositions. Changes are usually made pursuant to an act of Congress, and I think it's Congress we should keep an eye on. Congress either acts slow as molasses or lightning quick---usually the former. With few exceptions, the Mint just follows orders. A change could happen in a matter of weeks at the fastest, years at the longest. I'm also looking for banks to stop giving out the older cents. I still think there's time, though. If for no other reason that there are still plenty of older pennies still floating around. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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CopperPenny
Penny Sorter Member
33 Posts |
Posted - 01/01/2008 : 12:26:35
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fiatboy--thanks for the welcome!
I'm new to all of this, I am, however hoarding pennies in my basement and, if I do say so myself, doing quite well.
Again, thanks for the welcome!
Happy New Year! |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 01/01/2008 : 12:42:44
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In the information available the mint has told us how much the mint will save if the composition is changed. This leads me to think that the mint already has the metal content made figured out.
The mint in the 70's produced a lot of aluminum cents, but did not realese any as congress did not authorize the change in composition.
In the Soviet Union to prevent people from hoarding money they played a game. If your name starts with A then you can bring in all your old Rubles, up to 1000, at 10:00 on the 3rd to trade them for the new Rubles. After the 3rd the old Rubles are demonetized and thus worthless. If you had more than the 1000 alotted or were late for your time then you had nothing. At least with the copper cents we have now they have scrap value.
These history lessons lead me to believe that when congress says go I expect is to happen very quickly.
I agree keep your eye on congress, not just about the change in cents. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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Copper and Nickel Talk on TV
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