Endangered Golden Eagle To Make Ultra Rare (And Brief) Appearance, Then Disappear For Extended Period (Or Ever)

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Mon, 05/02/2011 - 14:57 | 1230979 TruthInSunshine
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Plan B. Minting whatever gold the U.S. can source and sell it for as much as it can to raise money to offset ongoing deficit spending (through 2085).

They're probably melting down and extracting gold from artifacts previously on display at The Smithsonian.

Brilliant.

Hilarity in the Banana Ben Bernank Republic of Amerika will ensue:

Mon, 05/02/2011 - 15:20 | 1231130 covert
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why would they be discontinued? they have been around almost forever. I used to own a few. they are great. it's a bad mistake to discontinue them.

http://covert2.wordpress.com

 

Mon, 05/02/2011 - 15:28 | 1231152 TruthInSunshine
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I'm not saying they should be discontinued. I'm merely saying that almost any action of the government, whether directly or through a proxy, has an element of circus evident in it now that has risen to the level of smack in the forehead.

 

Oh, look - here's one of the shrillest clowns out there, now:

Mon, 05/02/2011 - 14:54 | 1230999 Henry Chinaski
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Federal reserve notes ARE redeemable in gold.

Mon, 05/02/2011 - 14:58 | 1231007 traderjoe
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At ever declining rates...

Mon, 05/02/2011 - 15:45 | 1231233 tmosley
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And for a limited time only!

Mon, 05/02/2011 - 17:19 | 1231713 DoChenRollingBearing
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Friends of the Bearing here at ZeroHedge are invited to read the new Press Release downthread.

Mon, 05/02/2011 - 14:55 | 1231000 homecinemax
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I do not think that it will be worth the premium people are going to pay for it.

Mon, 05/02/2011 - 15:11 | 1231074 Meatier Shower
Meatier Shower's picture

Then by all means, please continue to collect fiat coupons instead.

Mon, 05/02/2011 - 15:21 | 1231122 UGrev
UGrev's picture

he's suggesting, I'm sure, that you can convert your FIAT to gold using less costly avenues where they don't automatically give you a jar of KY for every order. 

Mon, 05/02/2011 - 15:22 | 1231138 FastBoat
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+1

Mon, 05/02/2011 - 15:55 | 1231292 Meatier Shower
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And I'm suggesting that in a few years it won't really matter what you paid for your gold, just so long as you have some.
Besides, KY is an excellent product!

Mon, 05/02/2011 - 17:25 | 1231726 granolageek
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This is the fancy collector's edition. If you want to pay bullion price, buy the bullion version. Every time the mint does one of the collectors editions and then limits production, Tyler posts a story implying that the mint is not going to produce the regular version either. 

 

It's comletely predictable. He did it with silver eagles last year. Because the mint is not producing more collectors versions so that they can use all their blanks for the bullion version, and now he's doing it for gold.

 

I knew what the story said as soon as I saw the headline.

 

 

Mon, 05/02/2011 - 14:55 | 1231006 earnulf
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Interesting that there is no limit and production is based on demand.   So when do they plan to cut off the ordering?    If production is based on demand, how to they determine the upper limit of the demand?

Mon, 05/02/2011 - 15:00 | 1231023 Cognitive Dissonance
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So when do they plan to cut off the ordering? 

I would set the over/under at 12 hours. But that's just me.

Mon, 05/02/2011 - 15:12 | 1231088 MrBinkeyWhat
MrBinkeyWhat's picture

I was thinking 15 minutes, but you are more optimistic than I am, it seems.

Mon, 05/02/2011 - 15:20 | 1231109 Cognitive Dissonance
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That's just the initial setting of the over/under. As bets......um......indications of interest are placed they can move the line up or down to balance the book. All they care about is the 15% vogorish. :>)

Mon, 05/02/2011 - 15:26 | 1231142 MrBinkeyWhat
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Do you really think they will melt down some of the tungsten bars in Fort Knox? Maybe we will be able to get incandescent bulbs again. ;-)

Mon, 05/02/2011 - 15:13 | 1231093 faustian bargain
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Over/under of 12 minutes that they'll have "online ordering website technical difficulties".

Mon, 05/02/2011 - 15:21 | 1231124 MrBinkeyWhat
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+

Mon, 05/02/2011 - 14:59 | 1231011 homecinemax
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btw, if US gov was confiscating gold, would they have the right to confiscate Canadian Maples or Austrian philarminics?

Mon, 05/02/2011 - 15:11 | 1231069 Hansel
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Are you seriously asking if there is some law restricting the government?  HA!  2 international assassination attempts, 1 successful, and a war by executive decree already this year, but maybe there is some law that will let you keep your gold.  HA!  OM

Tue, 05/03/2011 - 08:52 | 1233372 Harlequin001
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The only way you can prevent it is to buy gold overseas through an offshore trust or non resident company. It is not illegal to own assets overseas, only to evade paying taxes on them if you are required to at home. The trick is to avoid the deeming provisions which allow the tax office to tax you as the beneficial owner of an offshore trust or company which is far more difficult but by no means impossible.

They cannot instruct you to sell what is not legally yours, they cannot tax you on what you have no entitlement to and they cannot take what is beyond their control...

Anything else is fair game.

Mon, 05/02/2011 - 15:13 | 1231094 Papasmurf
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That depends on their ability to take what isn't theirs through force.  That has nothing to do with the type of gold.

Tue, 05/03/2011 - 10:23 | 1233790 Urban Redneck
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JFK conspiracy theorists like to point to the triffin dilema and Executive Order 11110, but less publicised is Executive Order 11037, which reads,

"Except under license issued therefor pursuant to the provisions of this order, no person subject to the jurisdiction of the United States shall, after the effective date of this section, acquire, hold in his possession, earmark, or retain any interest, legal or equitable, in any gold coin, gold certificates, or gold bullion, situated outside of the United States or any securities issued by any person holding, as a substantial part of his assets, gold as a store of value or as, or in lieu of, money and not for a specific and customary industrial, professional or artistic use. The Secretary of the Treasury, subject to such other regulations as he may prescribe, is authorized to issue licenses permitting the acquisition and holding by persons subject to the jurisdiction of the United States of gold bullion situated outside of the United States which the Secretary or such agency as he may designate is satisfied is required for legitimate and customary use in the industry, profession, or art in which such person is regularly engaged." 

Mon, 05/02/2011 - 15:06 | 1231015 Cognitive Dissonance
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Is it an indication of where the price of Gold is going that the "Pricing of Numismatic Products Containing Gold Coins" chart the US Mint produces shows a Gold range of $2,000.00 to $2049.99 at the bottom? Or are they just projecting one of many possible realities in our multi-verse?

http://www.usmint.gov/pressroom/?flash=yes&action=goldplat

Mon, 05/02/2011 - 15:00 | 1231019 redpill
redpill's picture

Why give them your name?  Buy from your local coin dealer in cash.

Mon, 05/02/2011 - 15:00 | 1231024 Sudden Debt
Sudden Debt's picture

WTF!! ALMOST 400$ OVER SPOT!

 

And why doesn't the indicated value on the coin doesn't change? Why not put 1500$ on the coin? 20$ WTF!

It is legal tender but WTF, THIS is so contradictorial to the real value of the dollar!

Mon, 05/02/2011 - 15:01 | 1231036 hambone
hambone's picture

Agreed,

I simply don't get it (not unusual) but why pay a significant premium to the mint when you can buy for hundreds less in secondary?  What is the upside and why would anybody pay up?

Mon, 05/02/2011 - 15:05 | 1231045 TheGreatPonzi
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I agree, there's no point in giving money to the US mint. 

You can have uncirculated Krugerrands for far less.

But Americans are "patriot", so they turn in priority to their official institutions... lol

Mon, 05/02/2011 - 15:06 | 1231061 RockyRacoon
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It is a collector coin, doofus.  It has a numismatic premium.  If you want the regular bullion Eagles then you'll have to go to the primary dealers or secondary market.   The bullion coins are sold in bulk to selected dealers for distribution to the weary masses.   Get with the details so you don't make a dunce of yourself.

Mon, 05/02/2011 - 15:08 | 1231071 TheGreatPonzi
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Collector? Who would want to buy a coin from the official mint of a bankrupt and disgusting country at a premium, thus directly giving money to the US government? 

Mon, 05/02/2011 - 15:22 | 1231134 Cognitive Dissonance
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As RR has pointed out many times in the past the true value of Gold and Silver numismatic coins may be that they are considered US currency and thus less likely to be confiscated than general (US Gvt or non US Gvt) bullion.

Less likely, not unlikely.

Mon, 05/02/2011 - 15:38 | 1231193 RockyRacoon
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True.  Even when gold was confiscated there was an exclusion for collector coins.

What part of article was misunderstood about these being numismatic coins?

The American Eagle One Ounce Gold Uncirculated Coin is the collector version of the American Eagle Gold Bullion Coin.  Struck on specially burnished blanks, the coin bears a finish similar to its bullion counterpart but has a "W" mint mark, indicating its production at the United States Mint at West Point.  Each coin is encapsulated in plastic and mounted in a presentation case accompanied by a Certificate of Authenticity.

The shallowness of some of the comments here about the "premium" and how they ain't gonna pay it reveals a serious lack of information at levels where one would think it most important.

Mon, 05/02/2011 - 15:53 | 1231266 traderjoe
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RR - I'm usually on your side but I want to disagree about your thoughts on the premium issue. I think ppl here get it. What they are saying is that they are not coin collectors, they're gold collectors. And therefore they place no value on the numismatic element. To each their own...

Mon, 05/02/2011 - 17:33 | 1231765 RockyRacoon
RockyRacoon's picture

Exactly!  We are on the same team.  This "article" is nothing but a Mint press release and should not even be on ZH.   The obvious objective, as is evidenced by the "title" of the "article" is to inflame and provoke. 

Mon, 05/02/2011 - 15:42 | 1231210 Bananamerican
Bananamerican's picture

"Collectee" is the operative phrase....

Mon, 05/02/2011 - 15:23 | 1231140 traderjoe
traderjoe's picture

It's a legimate question. Personally, I wouldn't pay that sort of premium. I'd rather pay as close to spot as possible on a Kangaroo. Paying that premium is a gamble that the premium holds or even increases. That's a risk I don't want...

Mon, 05/02/2011 - 15:27 | 1231160 MrBinkeyWhat
MrBinkeyWhat's picture

Me too! I love "junk silver". Go to yard sales and estate auctions. Those pre-1965 dimes are really sweet! And after SHTF will make great barter items.

Mon, 05/02/2011 - 15:07 | 1231065 takeaction
takeaction's picture

I have always wondered that myself...I think I figured it out.  When traveling this world, you are not allowed to carry more than $10,000 in currency.  Well, if you just carry $10,000 at face value of 1 oz American Eagles(  $50 each), you can transfer $320,000 in gold out of this country at a time with no laws being broken. Correct?  I actually think this was done on purpose.  Same with Silver Eagles ($1).  You can take 10,000 of these out of the USA without a red flag...it is just currency...right? 10,000 eagles allows you to transfer $500,000 out of this country with Customs Forms.  Think about it.

Mon, 05/02/2011 - 15:13 | 1231081 Urban Redneck
Urban Redneck's picture

CBP/ICE will have an fun time with anyone who tries that...

Mon, 05/02/2011 - 17:28 | 1231752 DoChenRollingBearing
DoChenRollingBearing's picture

Urban Redneck is correct.

DO NOT take over $10,000 of gold out of the USA without declaring it!

I have told my story about taking out over $10,000 in gold before, so I will not repeat it other than to mention to everyone that the (outbound) US Customs Agent told me "Right answer" when I declared their real value.

Mon, 05/02/2011 - 20:14 | 1232321 DosZap
DosZap's picture

So the USC A, basically said the US Gov(he/she) works for is a LIAR?.

Face value, legal tender is $50.00.

So, your saying you must declare SPOT value at the Customs?.

Hell of a deal.

LOL, really, the only reason is they (us.govz), puts Gold at $42.xx per oz.

So, it's gotta have that $50.00 on it...............so when they wannna collect em', they give the fools $50.00 fiat.

What a racket.

Tue, 05/03/2011 - 09:14 | 1233416 Harlequin001
Harlequin001's picture

Let's not overlook the fact that there may also be limits where you're going on how much you can import, and they won't value it at $42/ounce...

Might I suggest that the ideal solution is a trade off, to hold some of your bullion somewhere where you can use it as collateral for a credit line that you can take in any currency in any country. Not saying you should keep it all there, but some of it certainly avoids the need to move or store large quantities of coins or bullion at home or move it with you as you go...

Mon, 05/02/2011 - 15:14 | 1231097 aphlaque_duck
aphlaque_duck's picture

Maybe, if the TSA goons don't just pocket it.

Mon, 05/02/2011 - 15:16 | 1231105 MrBinkeyWhat
MrBinkeyWhat's picture

Customs goes with "face value", for declaration.

Mon, 05/02/2011 - 15:26 | 1231143 Urban Redneck
Urban Redneck's picture

NO.

http://www.zerohedge.com/article/bernanke-starts-talking-gold-surges-past-1558#comment-1221811

Then read the federal statutes listed several posts down.

Mon, 05/02/2011 - 15:40 | 1231199 MrBinkeyWhat
MrBinkeyWhat's picture

The essence of a modern fasciststate is to have a bewildering array of "regulations" and "laws", so that everyone is a "criminal", or better still a "terrorist". Criminals still have "some" rights.

Hail Victory! >sarc off

Mon, 05/02/2011 - 15:51 | 1231258 Urban Redneck
Urban Redneck's picture

Definitely a fascist state, inherently contradictory definitions are used in different statutes.  Therefore, the traveler is at the mercy of the state, and if the traveler makes even a verbal admission, much less a protest, to the state that the coins are worthless than $10,000, then the State turns around in court and tells the judge that they would happy to turn over less than $10,000 in FRNs, and the traveler is sent packing.  At least there is still a right to remain silent in the US, even if few are smart enough to avail themselves of that right. 

Mon, 05/02/2011 - 15:55 | 1231293 MrBinkeyWhat
MrBinkeyWhat's picture

Hunker down Bro! .22 ammo (copper & lead) also makes for great barter goods. (oops...out loud voice)

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