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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 11/17/2006 : 11:33:06
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With recent lower copper and nickel prices are you still hoarding pennies and/or nickels? Have you cut back on your penny sorting efforts? You must be logged in to see this link. placed the metal value of the copper penny close to 200%/face today. The nickel was at 125% and the zinc cent at about 109%. Those are still high, but not as high as in recent months. With a worldwide economic downturn we may see even lower base metal prices in the next few months.
I have already reached my goal for the year as to the amount of nickels I had set last January. I will not disclose just how much I have put away, but it is much more in poundage than my collection of barbell plates. I need now to look at what new goals to set for myself.
What are your goals or plans for future coin hoarding?
________________________
If you can conceive it and believe it, you can achieve it. -Napoleon Hill
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n/a
deleted
479 Posts |
Posted - 11/17/2006 : 12:03:11
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excellent qwestion!
Thank you for the update and link to values. I am hording mine to give to my daughter 20 years from now. I have no idea what the price or value will be then, but I assume it will be good (that's why I'm doing it).
So for me at least, the short term ups and downs are interesting for their own sake, but I see the dips as buys, not bye byes.
A billiard ball dropped from 1,362 feet (height of the South Tower) in a
vacuum would require 9.22 seconds to hit the ground. How then did the
towers collapse in 10 seconds and 11.4 seconds, and why has not one
member of the mainstream media insisted on honest answers from the
government in this regard?
"The individual is handicapped by coming face to face with a conspiracy
so monstrous [that] he cannot believe it exists."
- J. Edgar Hoover |
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Metalophile
Penny Collector Member
USA
320 Posts |
 Posted - 11/17/2006 : 12:18:13
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My hoarding has slowed, but that's mostly a function of spending more time and resources lately for some basic preps for WSHTF. Once I get food, water, energy, and cooking needs better taken care of, then I think I'll resume hoarding activities. I am worried that in a recession scenario base metal prices will drop. At least with coin hoarding there is a value below which your hoard can't drop (unless the FRN tanks, too, which it could).
Metalophile |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 11/17/2006 : 17:39:12
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Prices for nickel and copper fluctuate due to fear of recession, but we should not forget that hoarding nickels and/or pennies is a long term strategy.
Silver has had its ups and downs, and I suppose after the first time silver dipped pricewise there were many who said ‘silver as an investment is finished’, only to see the price of the poor man’s gold go right back up.
Even if WTSHTF is delayed for a while, (like a year or two or three) inflation is NOT dead. Prices of everything will keep going up over time. As prices go up due to shortages and inflation, the value of our nickels and pennies will do the same.
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 11/17/2006 : 20:13:34
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I'm still grabbing all the pure nickels I can get (although I've been spending more on other seasonal stuff lately) - Nickel seems to follow an annual cycle in terms of warehouse stocks, with stocks piling up in the winter and disappearing in the summer. Take a look at the Kitco LME Nickel Inventories chart and you'll see what I mean. Byt this time last year, warehouse levels were about 20,000 tons, 1/2 way back up to their peak of almost 40,000 tonnes - this year they're only up to 8000 tonns, only 4000 tonns above the summer's lowest level. I predict we'll see slowing prices on nickel (back down to maybe $10/lb) through the winter and a real supply crunch/price explosion next summer.
5 year LME nickel warehouse stocks chart:
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Still hoarding?
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