| Author |
 Topic  |
|
|
JerrySpringer
Penny Hoarding Member
669 Posts |
 Posted - 11/04/2008 : 08:44:44
|
Anybody have any info concerning this? :
quote:
Fed coin melt bars are turning up in Europe and the Middle East
For those who don’t know what they are, Fed coin-melt bars were produced from the gold that was seized by FDR in 1933 and the bars were safe-kept in West Point, NY.
These bars are .899 gold, which makes them inferior quality gold on the world market. It is thought that this is an indication that the Fed is running out of physical gold and the coin-melt bars represent scraping the bottom of the barrel in the price suppression efforts.
May be a bunch of hooey, but it is thought-provoking.
|
|
|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 11/04/2008 : 18:17:16
|
Great find JerrySpringer, though some questions bother me about this story-
"These bars are .899 gold" US gold coins were .900 gold. How would US Gold coins melted down into bars lose .001 of their gold content?
After watching the National Geographic video 'Gold', bars of 88% pure gold (which are produced by the individual mines in South Africa) which are then sent to the Rand refinery to be turned into 99.6% pure gold which is the purity of the good delivery bars. It is not an impossibility to smelt the copper out of .899 or .900 gold bars.
Also worth considering, .900 gold is 21.6 Karats, add in the right amount of copper and .900 gold can be turned into .750 or 18 Karats, a gold quality that is more than acceptable for jewelry making.
"the bars were safe-kept in West Point, NY."
Wouldn't they have been kept in Fort Knox, which was THE US Gold depository?
Sounds more like a bunch of hooey once reason is applied to the story.
No knock against you JerrySpringer, I thank you for finding this story, it just seems the tale is more conspiracy theory than fact. |
 |
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/04/2008 : 19:11:10
|
| The story sounds odd. Why wouldn't they just turn them into .999 bars and not show their hand? |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 11/05/2008 : 05:17:20
|
a lot of u.s. citizens took u.s. gold coins to switzerland in 1933, so just because these bars are showing up does not mean they are coming recently from uncle sam.
in fact, if you look at the pcgs stats for mint state coins like st. gaudens $20, the number of coins keeps going up. this is for 2 reasons. first, folks keep turning in coins for grading. but the other factor is that there are a lot of these coins outside the country that are just being held.. those folks have no urgency to sell or grade the coins. so when you pay a premium for a mint state coin, you have to ask yourself how many more coins like this might appear? |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
| |
Topic |
|
|
|
Gold-related, clipped from other blog-site
Forum Locked
