US Mint suspends 1 oz gold sales

On Dec 7, 8:56*pm, j-rod wrote:
oly wrote:

On Dec 7, 5:55 pm, Jerry Dennis wrote:
On Dec 7, 4:36 pm, "Petronius" wrote:

"Frank Galikanokus" wrote in message

...

Petronius wrote:

The crack management of the US Mint announced the suspension of 1 oz gold
sales.
http://mineweb.co.za/mineweb/view/mi...4091&sn=Detail

Other mint around the world have no problem getting silver and gold for
bullion coins.

Why is the U.S. Mint having problems?

JAM

Probably Shecter's fault...

No, Fred has nothing to do with it. *If memory serves (and it hasn't
for a while), the laws require U.S. gold and silver coins to be struck
with U.S. silver and gold. *Importing is not an option.

Jerry- Hide quoted text -

- Show quoted text -

You can't tell where melted gold comes from any more than you can tell
that a freakin' hamburger is made from "Angus beef". *If there were a
financial incentive to do so, lots of "other" gold could be passed off
as domestic production.

In terms of the goals of big government, the U.S. Mint's precious
metals coinage program since 1986 has always been highly illogical.
The availability of convenient and reliable gold and silver coinage
gives a few of the little people a chance to protect themselves from
many common forms of financial deceits.

Call me paranoid, but I would expect that the U.S. Mint would strike
much much less gold and silver for domestic sale in the near future.

oly

common forms of financial deceits = unregulated capitalism.

JAM- Hide quoted text -

- Show quoted text -

Sorry but government is actually the far bigger problem, from all
kinds of angles. America has not had "unregulated capitalism" for
many many decades. We do have a great deal of intentionally faulty
regulation of capitalism (thank goodness, or we'd already be poorer
than Zimbabwe). The promises of government are those that will not be
kept in the next few years - the failure of business to keep its
promises will be small in comparison.

oly

"oly" wrote in message
...
Sorry but government is actually the far bigger problem, from all
kinds of angles. America has not had "unregulated capitalism" for
many many decades. We do have a great deal of intentionally faulty
regulation of capitalism (thank goodness, or we'd already be poorer
than Zimbabwe). The promises of government are those that will not be
kept in the next few years - the failure of business to keep its
promises will be small in comparison.

Sorry oly but unfettered capitalism is inherently a bad thing, appealing to the
basest of human instincts (as witnessed by the recent financial circus).
OTOH unfettered government is downright terrifying.

oly wrote:

On Dec 7, 8:55 pm, j-rod wrote:
oly wrote:

On Dec 7, 5:55 pm, Jerry Dennis wrote:
On Dec 7, 4:36 pm, "Petronius" wrote:

"Frank Galikanokus" wrote in message

...

Petronius wrote:

The crack management of the US Mint announced the suspension of 1 oz gold
sales.
http://mineweb.co.za/mineweb/view/mi...4091&sn=Detail

Other mint around the world have no problem getting silver and gold for
bullion coins.

Why is the U.S. Mint having problems?

JAM

Probably Shecter's fault...

No, Fred has nothing to do with it. If memory serves (and it hasn't
for a while), the laws require U.S. gold and silver coins to be struck
with U.S. silver and gold. Importing is not an option.

Jerry- Hide quoted text -

- Show quoted text -

You can't tell where melted gold comes from anymore than you can tell
that a freaking hamburger is made from "Angus beef".

It seems to me that the present PTB bunch doesn't want to be providing
more gold or silver coins to the little people. This is actually
logical. I would not be surprised if the gold and silver output of
the U.S. Mint was permanently reduced.

oly

If you have the right scientific instruments you could tell where the
metal comes from, down the individual mine.

JAM- Hide quoted text -

- Show quoted text -

And if there were a financial incentive to do so (which I can't think
of), the origin couldn't be sufficiently obscured??? And just why
would anybody pay for the testing???

You are starting to sound like the scene in Tom Clancy's "The Sum of
All Fears" when Jack Ryan most confidently claims (just twenty minutes
or so after the explosion) the Super Bowl nuke was made from "American
Uranium" processed in a specific plant on the East Coast.

At any rate, I'd bet that the AGE and ASE and Buffs programs are
pretty close to toast.

oly

You may be correct about the bullion programs.

The same equipment can also be used to authenticate a coin.

JAM

"oly" wrote in message
...
On Dec 7, 8:55 pm, j-rod wrote:
oly wrote:

On Dec 7, 5:55 pm, Jerry Dennis wrote:
On Dec 7, 4:36 pm, "Petronius" wrote:

"Frank Galikanokus" wrote in message

...

Petronius wrote:

The crack management of the US Mint announced the suspension of 1
oz gold
sales.
http://mineweb.co.za/mineweb/view/mi...4091&sn=Detail

Other mint around the world have no problem getting silver and
gold for
bullion coins.

Why is the U.S. Mint having problems?

JAM

Probably Shecter's fault...

No, Fred has nothing to do with it. If memory serves (and it hasn't
for a while), the laws require U.S. gold and silver coins to be struck
with U.S. silver and gold. Importing is not an option.

Jerry- Hide quoted text -

- Show quoted text -

You can't tell where melted gold comes from anymore than you can tell
that a freaking hamburger is made from "Angus beef".

It seems to me that the present PTB bunch doesn't want to be providing
more gold or silver coins to the little people. This is actually
logical. I would not be surprised if the gold and silver output of
the U.S. Mint was permanently reduced.

oly

If you have the right scientific instruments you could tell where the
metal comes from, down the individual mine.

JAM- Hide quoted text -

- Show quoted text -

And if there were a financial incentive to do so (which I can't think
of), the origin couldn't be sufficiently obscured??? And just why
would anybody pay for the testing???

This is a government requirement. The government has the resources to do
the testing on all gold it buys for coinage. It could do so if there was
any doubt as to the provenance.

You are starting to sound like the scene in Tom Clancy's "The Sum of
All Fears" when Jack Ryan most confidently claims (just twenty minutes
or so after the explosion) the Super Bowl nuke was made from "American
Uranium" processed in a specific plant on the East Coast.

Like the cops shows where DNA tests, GCMS/MS, and other exotic tests are
completed while you wait, or at most, right after the commercial. :-)

At any rate, I'd bet that the AGE and ASE and Buffs programs are pretty
close to toast.

Even if there is an eViL Librul KonsPiracy that wants to kill them off,
politically they can't totally eliminate them. For the foreseeable future -
barring drastic action by Congress to return to barring all gold bullion and
bullion coins - all they can do is play games that make it hard for the Mint
to satisfy demand.

I know you think that the current administration is bent on totally
divorcing us from PM money but why bother? All currently circulating money
already is base metal, pieces of paper, or numbers for an account. For the
vast majority of people, this is what "money" is, period. Furthermore, at
current pricing premiums, Mint sales of gold will never constitute more than
a tiny fraction compared to the total U.S. money supply. YMMV, but IMO the
political cost of killing off all PM coinage is far more than any symbolic
"benefit" of divorcing the small amount of PM coinage from the population's
concept of "money".

Besides, if the Mint were to totally stop issuing bullion coins, even the
"little people" still will have access to gold and silver through the
markets. And buying it in bars, while less convenient to dispose of, is
cheaper as a hedge than mint products. Since U.S. PM coins will not ever be
used as transactional money and since bars can be had in all sizes, their
only "added value" over bars is the Mint's "brand name" value. Then as now,
holders will sell off chunks of their supply (in whatever form) to take
advantage of price increases or to deal with immediate needs for cash. Then
as now, that can be done with bullion bars.

On Dec 8, 11:50*am, "mazorj" wrote:
"oly" wrote in message

...
On Dec 7, 8:55 pm, j-rod wrote:





oly wrote:

On Dec 7, 5:55 pm, Jerry Dennis wrote:
On Dec 7, 4:36 pm, "Petronius" wrote:

"Frank Galikanokus" wrote in message

...

Petronius wrote:

The crack management of the US Mint announced the suspension of 1
oz gold
sales.
http://mineweb.co.za/mineweb/view/mi...4091&sn=Detail

Other mint around the world have no problem getting silver and
gold for
bullion coins.

Why is the U.S. Mint having problems?

JAM

Probably Shecter's fault...

No, Fred has nothing to do with it. If memory serves (and it hasn't
for a while), the laws require U.S. gold and silver coins to be struck
with U.S. silver and gold. Importing is not an option.

Jerry- Hide quoted text -

- Show quoted text -

You can't tell where melted gold comes from anymore than you can tell
that a freaking hamburger is made from "Angus beef".

It seems to me that the present PTB bunch doesn't want to be providing
more gold or silver coins to the little people. This is actually
logical. I would not be surprised if the gold and silver output of
the U.S. Mint was permanently reduced.

oly

If you have the right scientific instruments you could tell where the
metal comes from, down the individual mine.

JAM- Hide quoted text -

- Show quoted text -

And if there were a financial incentive to do so (which I can't think
of), the origin couldn't be sufficiently obscured??? *And just why
would anybody pay for the testing???

This is a government requirement. *The government has the resources to do
the testing on all gold it buys for coinage. *It could do so if there was
any doubt as to the provenance.

You are starting to sound like the scene in Tom Clancy's "The Sum of

All Fears" when Jack Ryan most confidently claims (just twenty minutes
or so after the explosion) the Super Bowl nuke was made from "American
Uranium" processed in a specific plant on the East Coast.

Like the cops shows where DNA tests, GCMS/MS, and other exotic tests are
completed while you wait, or at most, right after the commercial. *:-)

At any rate, I'd bet that the AGE and ASE and Buffs programs are pretty
close to toast.

Even if there is an eViL Librul KonsPiracy that wants to kill them off,
politically they can't totally eliminate them. *For the foreseeable future -
barring drastic action by Congress to return to barring all gold bullion and
bullion coins - all they can do is play games that make it hard for the Mint
to satisfy demand.

I know you think that the current administration is bent on totally
divorcing us from PM money but why bother? *All currently circulating money
already is base metal, pieces of paper, or numbers for an account. *For the
vast majority of people, this is what "money" is, period. *Furthermore, at
current pricing premiums, Mint sales of gold will never constitute more than
a tiny fraction compared to the total U.S. money supply. *YMMV, but IMO the
political cost of killing off all PM coinage is far more than any symbolic
"benefit" of divorcing the small amount of PM coinage from the population's
concept of "money".

Besides, if the Mint were to totally stop issuing bullion coins, even the
"little people" still will have access to gold and silver through the
markets. *And buying it in bars, while less convenient to dispose of, is
cheaper as a hedge than mint products. *Since U.S. PM coins will not ever be
used as transactional money and since bars can be had in all sizes, their
only "added value" over bars is the Mint's "brand name" value. *Then as now,
holders will sell off chunks of their supply (in whatever form) to take
advantage of price increases or to deal with immediate needs for cash. *Then
as now, that can be done with bullion bars.- Hide quoted text -

- Show quoted text -

There isn't any kind of relationship between the central bank paper
and the PMs now. So how can they be "divorced"??? I don't concieve
of PM coinage as part of the present monetary system. It is a hedge,
an "opt out" tool.

And note that I am giving the present administration some form of
credit for being "more logical" than the last several
administrations. If your goal is total state control of all citizens,
their lives and property, well... why would the state itself still be
cranking out a useful tool for the citizenry to use to fight back
with???

The shade of Reagan (who reinstated a regular precious metal coinage
in the U.S. A.) probably smiles wisely over the result of his crafty
handiwork, while the shade of Keynes must grimace constantly over his
doofus acolytes.

oly

"oly" wrote in message
...

....
There isn't any kind of relationship between the central bank paper
and the PMs now. So how can they be "divorced"??? I don't concieve
of PM coinage as part of the present monetary system. It is a hedge,
an "opt out" tool.

Right. I meant in the mind of the average person. The fact that the Mint's
PM coinage is fictionally denominated in dollars fosters the lingering
misconception among the uninformed that it is "money".

And note that I am giving the present administration some form of
credit for being "more logical" than the last several
administrations. If your goal is total state control of all citizens,
their lives and property, well... why would the state itself still be
cranking out a useful tool for the citizenry to use to fight back with???

putting on my tin foil hat If it were politically possible, somebody
would have grabbed all our guns and all our gold long ago. The only thing
that has prevented that over the past few decades is politicians' crass
desire to stay in office.

Oh, wait. That's the way the system is supposed to work! ;-)

The shade of Reagan (who reinstated a regular precious metal coinage
in the U.S. A.) probably smiles wisely over the result of his crafty
handiwork, while the shade of Keynes must grimace constantly over his
doofus acolytes.

Whose doofus acolytes, Keynes' or Reagan's? We have both, you know.

On Dec 8, 2:27*pm, "mazorj" wrote:
"oly" wrote in message

...

...
There isn't any kind of relationship between the central bank paper
and the PMs now. *So how can they be "divorced"??? *I don't concieve
of PM coinage as part of the present monetary system. *It is a hedge,
an "opt out" tool.

Right. *I meant in the mind of the average person. *The fact that the Mint's
PM coinage is fictionally denominated in dollars fosters the lingering
misconception among the uninformed that it is "money".

And note that I am giving the present administration some form of

credit for being "more logical" than the last several
administrations. *If your goal is total state control of all citizens,
their lives and property, well... why would the state itself still be
cranking out a useful tool for the citizenry to use to fight back with???

putting on my tin foil hat *If it were politically possible, somebody
would have grabbed all our guns and all our gold long ago. *The only thing
that has prevented that over the past few decades is politicians' crass
desire to stay in office.

Oh, wait. *That's the way the system is supposed to work! *;-)

The shade of Reagan (who reinstated a regular precious metal coinage
in the U.S. A.) probably smiles wisely over the result of his crafty
handiwork, while the shade of Keynes must grimace constantly over his
doofus acolytes.

Whose doofus acolytes, Keynes' or Reagan's? *We have both, you know.

Well, I meant Keynes' grimacing over his own doofuses (and I
significantly cut down my original response here). oly

"oly" wrote in message
...

(and I significantly cut down my original response here). oly

Likewise. Often I'll write everything in detail to get it out of my system,
then delete it down to the minimum to make the point. Better pithy than
****y.

- mazorj Editor in Chief

On Dec 7, 9:35�pm, oly wrote:
On Dec 7, 5:55�pm, Jerry Dennis wrote:





On Dec 7, 4:36 pm, "Petronius" wrote:

"Frank Galikanokus" wrote in message

...

Petronius wrote:

The crack management of the US Mint announced the suspension of 1 oz gold
sales.
http://mineweb.co.za/mineweb/view/mi...4091&sn=Detail

Other mint around the world have no problem getting silver and gold for
bullion coins.

Why is the U.S. Mint having problems?

JAM

Probably Shecter's fault...

No, Fred has nothing to do with it. �If memory serves (and it hasn't
for a while), the laws require U.S. gold and silver coins to be struck
with U.S. silver and gold. �Importing is not an option.

Jerry- Hide quoted text -

- Show quoted text -

You can't tell where melted gold comes from anymore than you can tell
that a freaking hamburger is made from "Angus beef".

It seems to me that the present PTB bunch doesn't want to be providing
more gold or silver coins to the little people. �This is actually
logical. �I would not be surprised if the gold and silver output of
the U.S. Mint was permanently reduced.

oly- Hide quoted text -

- Show quoted text -

I'm not arguing that point. I mearly stated what I remember the laws
saying. If you believe ANYONE in Washington DC obeys the law, let's
discuss some beachfront property in Oklahoma I'm looking to subdivide.

Jerry
Chappy Chanukah

On Dec 7, 1:51*pm, "Petronius" wrote:
The crack management of the US Mint announced the suspension of 1 oz gold sales.http://mineweb.co.za/mineweb/view/mi...4091&sn=Detail

Doesn't the law say the Mint, if they can't get gold from normal lines
of supply, they may get gold from US reserves? Could the suspension
actually mean the reserves are questionable?