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Kurr
1000+ Penny Miser Member
2906 Posts |
 Posted - 10/12/2008 : 20:55:01
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NEW YORK -- Citing extraordinary demand, the U.S. Mint has broadened its freeze on sales of gold bullion coins, as individual investors who are priced out of the futures markets have been piling up their holdings of the metal as a hedge against market uncertainty.
"Due to the extreme fluctuating market conditions for 2008, as well as current market conditions, gold and silver demand is unprecedented and the demand for platinum is unusually high," the Mint said in a memorandum late Monday, released to its authorized purchasers.
The Mint added in the memo that it's halting the production and sales of several gold and platinum coins while putting a few other coins under allocation sales. The move came after the Mint halted sales of two other coins in September and August.
While the bulk of the 160,000-ton above-ground gold stock (about 5.1 billion ounces) is used in jewelry and the electronics industry, about 16% is held by investors for pure investment purposes, according to the World Gold Council. The gold investment market is dominated by big institutions, which trade with one another directly in large orders through over-the-counter markets.
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The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/13/2008 : 14:20:29
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Increased demand means the US Mint suspends its minting of gold coins
Increased demand means the Austrian Mint increases its minting of gold coins {the Philharmonic}
Increased demand means the Rand Refinery increases its minting of Kruggerrand coins
Increased demand means the Canadian Mint increases its minting of Gold Maple Leafs
Small wonder gold buyers are losing respect for the US Mint. |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 10/13/2008 : 15:38:50
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quote:
Originally posted by Kurr
Maybe they exhausted their credit line and can't afford to finance the amounts to keep up with demand. Surely with the market the way it is, if you can afford to buy the metal, the profit is going to almost run you over. Maybe this is the writing on the wall? The mint may be stone cold broke?
Or the US decided that they better start hoarding gold. For all we know they are busy, turning as much of that FIAT into gold as they can. Then when the time is right they can default and wipe-out debts owed by the government and re-emerge with a new gold backed currency. What a trip that would be...rip the band aid off quick and get the pain over with.  |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/13/2008 : 15:54:05
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Maybe the US Mint aka part of the US Government does not want investors flocking to Gold and Silver right now. Look at the American members here - far more educated then most - yet most are conditioned to pay steep premiums for US Mint Bullion over that from other countries. Guys - the only differance is the design stamped on that hunk of metal!
The US consumer is considered the key to world economic security. If the US consumer does not consume, all hell breaks loose. If Americans can easily buy ASEs and AGEs they will - and every penny spent on coins stored in a safe deposit box is not going to be spent and respent in the economy on endless consumption.
I kind of doubt the Mint can't get gold and silver - come on they are the Mint and have access to Fort Knox if nothing else. Other countries can buy metals easily to ramp up production. But your average American does not even know what a Maple Leaf or Kug is, and they sure don't want some coin from an obscure landlocked country like Switzerland. So since they can't buy American coins for close to spot they are going to to have to spend thier money on other stuff that will keep the economy proped up. The government sure did not intend for millions of "economic stymulous $$" to end up in coin shops across the country. How to stop that trend? Pump the US Mint coins as the best in the world and only ones worth owning, then stop making them.
I have no basis or referance for this theory. I'm just trying to put together all the things I'm seeing. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 10/14/2008 : 14:24:34
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quote:
Originally posted by legacypac
I kind of doubt the Mint can't get gold and silver - come on they are the Mint and have access to Fort Knox if nothing else.
Or there is no gold in fort knox.  |
"99% of all lawyers give the rest of them a bad name" 
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 10/14/2008 : 15:15:36
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quote:
Originally posted by moboman
quote:
Originally posted by legacypac
I kind of doubt the Mint can't get gold and silver - come on they are the Mint and have access to Fort Knox if nothing else.
Or there is no gold in fort knox.
BINGO...!!!
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Mint Widens Freeze on Gold Coin Sales
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