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The Other "Mint" Campaign Starts Off With A Bang: US Mint Sells 50,000 Ounces Of Gold On First Day Of Year
And we're off to the races. Despite, or maybe thanks to, the relentless collapse in paper gold prices, US retail continues to ignore the day to day fluctuations in the stated value of the shiny metal (most of it driven by the BIS' Benoit Gilson), and instead has learned to take advantage of every drop to BTFD. As the US mint website reports, the very first day of 2013 saw a whopping 50,000 gold ounce sales, and another 7,000 on the second, which is nearly the entire amount sold by the mint in December, and just shy of half in all of January 2012. Which in turn means that gold raids are now becoming counterproductive: instead of disincentivizing retail purchases, they are merely accelerating them, in the process leading to ever more paper to physical currency conversion. The "trillion dollar platinum coin" may well be the dumbest idea around, but the "one ounce gold coin" idea is rapidly becoming the most popular one, shared by all who see that the only possible outcome for the "developed world" is more ceaseless devaluation of every paper currency in the world.
(h/t Alex Gloy)
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Bingo, excellent observation.
Max Keiser & Jim Sinclair & Bill Gross: US Dollar Will Collapse In 2013. The Federal Reserve Has No Practical Option To End QE
http://investmentwatchblog.com/max-keiser-jim-sinclair-bill-gross-us-dollar-will-collapse-in-2013-the-federal-reserve-has-no-practical-option-to-end-qe/
I feel bad that Bill Gross is now lumped up with Max and Jim. This is probably the reason these guys never come out for gold.
How long can Max and Jim be wrong regarding the explosion in metals and the system. Didn't Jim decalre the end of the world in less than a week last Spring? Their track record has been terrible. Let's admit it, the TPTB are too powerful. They havent even used their moles yet - other than Jim Rogers always available - to say gold is overpriced.
When I see Jim Rickards come out and say gold is overvalued than I'll know the TPTB are scared. Before than, they continue to be in complete control.
what dealer charges the least over spot ???
as of 12/24 (granted, a while ago) my guy quoted +7.1%... today???
Yeah, 7% over spot because there is such a glut of real physical gold they just can't get rid of it. There is no supply shortage. /s
For the benefit of the anti-gold crowd and trolls.
Watch the increase of the debt ceiling!
To $20 trillion. What does that tell you?
Pure Federal Reserve deception and gum flapping.
Half gold
Half cash
Easy to hide and such savings are protected in inflationary and deflationary environments over the intermediate term.
Fuck the IRS
Some of you guys need to take remedial boating lessons. All these gold coins and guns getting lost when you capsize.
Maybe the increase in gold sales was because there was no silver to buy?
...............Fuck YOU Bernanke....................!!!
And blankfein
China happy for its citizens to accumulate gold - they know a bankrupt populace spells big trouble for the party.
Meanwhile in non communist USA TPTB don't want people to be protected against collapse because they have in place all the powers they need to treat and control citizens like serfs.
Seems China's citizens at the end of the day have more influence over their govt than Americans have over their Bankster-Govt.
So, this is the evidence of treason.
The billion bankers drive down the price of Au with their huge short position, causing a huge uptake of physical gold, thereby allowing the purchasers (including the bullion banks and China) to buy at a discounted price.
The Queen is NOT impressed as it's her gold that is being sold, never to be recovered.
Technically in the UK, and probably the US, this counts as treason, although it's the UK where it's happening.
Get the Tower of London ready!!
Unless the Queen sees shipping trucks moving the gold, she isn't worried.
Possession is 9/10th or 10/10ths in a crisis.
Too bad they ran out of silver have not been able to sell any yet
Then they can say..."see we only sold XXXX amount of silver.....demand must be down"
Fucking insanity just hit the planet... for shizzle..
http://abcnews.go.com/blogs/politics/2013/01/trillion-dollar-coins-the-u...
Little Benny boy, you rat-faced toilet licker, Rony reckons only dishonest men hate honest money.
Imight be wrong though...he could be a toilet-faced rat-licker.
ooops - error eror error...re-try.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&b=5&g=0&id=p89992529437&a=287422831&listNum=1
If you can wipe your ass with it, it is NOT money.... That's all ya gotta know...
What's that thing again about catching falling knifes?
Reminder: My 2013 Prediction - TF Metals Will Disappear http://chartistfriendfrompittsburgh.blogspot.com/2013/01/reminder-my-201...
This has all gotta piss them off. They do whatever they can to suppress PMs and people want them more......we have seen this with other subjects of repression. This further proves that they have no grand scheme. They are reaching the end of their ability to deal with the implications of their manipulation.
"The more you tighten your grip, Tarkin, the more star systems will slip through your fingers."
-Leia
LOL. Give that genius a... "Gold Medal"! But be sure to BTFD first.
Hoping Americans finally got it. The JPM's due diligence could now be interpreted as a relentless selfless effort to help Americans preserve wealth by switching into sound money under the best possible conditions for as long as it takes. Perhaps that's the point and we are dead wrong when accusing JPM of manipulation...
Record gun sales and record gold sales to the public, not to banksters and their puppets.
This is the America that I love! 2013 is off to a great start.
The Second American Revolution, peeps snapping up PMs as if fiat is worthless paper.
Yes, that's the America I love too. Land, gold, guns, effective civil liberties, prosperity, confident and enthusiastic citizens.
Hoping something has, after all, happened on Dec. 21 last year.
The Mayans were right! : - o
Wait till they include the real factors that drive the gold price; I mean the real potential for gold; such as 1) government guarantees on bank deposits; 2) “cash positions” of companies on a worldwide basis; 3) Mortgage Backed Securities (MBS); 4) US Treasuries held by foreign central banks (some $3.5 trillion); 5) gold stored at Fort Knox (if any); 6) the gold carry trade; 7) the federal debt; and probably a few other factors.
Then we have to include practical and constitutional considerations.
When all these factors are examined, it really becomes a wild ride.
don't forget the fact that mint sales of gold are inversly correlated with the price
meaning if you looked back over the last few decades, whenever the public buys physical gold coins, the price of gold is near a top and vice versa... yet another sign that we're near the end of the gold bull run
Maybe it's just my technical analysis left brain talking but that chart looks Bullish for any SILVER play!
Can't wait to see the mainstream media spin on this:
Gold Bubble Confirmed: Americans scramble hysterically to buy yellow metal in classic evidence of a top.
If the Fed stops all the QEing and there is a contraction of the money supply, which means money will be tight, what happens if people who are broke sell their gold all at once?
Maybe too many Aussies or partiers were listening to Olivia Newton-John's old hit "Let's Get Physical" on New Year's, and did just that? ;-)
Seriously though, a friend of mine has plenty of AG in "Unallocated Pool Accounts" that are -- officially -- accounted for in real, hard bullion as a 'pool' in various world institutions. This works nicely, IFF ('If and Only If' notation) they don't get Corzined, or some other Force Majeur event does not befall the metal or the company that's running the Pool Accounts.
Personally, I've come to believe that "possession is indeed 9/10 of the law".
"The "trillion dollar platinum coin" may well be the dumbest idea around..."
No - I don't think so actually. See my awesome comment, infra ...
Okay, it is in the sense that many are advocating it for. [e.g. http://www.businessinsider.com/suddenly-lots-of-influential-people-are-talking-about-the-trillion-dollar-coin-idea-to-save-the-economy-2013-1 ]
In other words, they don't see the issue in terms of not having a budget, or a decade + of deficit spending, or the opprtunity cost involved in the {exponentially??} growing debt service...
No, they see it as a legal manuever to allow Obama, without Congressional approval, to raise the debt ceiling... so Congress can spend more.
The idea is, essentially, to use section K of 31 USC § 5112 which allows the secretary of the treasury to mint platinum coins without specifying limits, to create a $1Tr coin, walk it over to the fed to extinguish the IOUs to the fed from the government {treasuries and so forth} thus bringing the debt down $1Tr {and, I believe, removing $1Tr dollars in circulation - at/for the monent}............ so that the Treasury can borrow more $ from the Fed {say... ooh.... a trillion or so} without running up against the 'debt ceiling'.
The fed, ostensibly, would have to accept such a coin for debts owed by the government {taxpayer} because it's legal tender - and for all its power, the fed doesn't get to decide what legal tender is.
Essentially, though, because this coin isn't actually denominated in federal reserve notes, but would have to be accepted as payment on outstanding treasuries denominated in federal reserve notes, it would be a legal slight of hand to "pay out of existence" 1 trillion dollars.
I think this is basically right, but it's surprisingly complicated, and I'm definitely willing to be corrected on anything herein.
However, in any event, I think it's good to have this conversation as it makes people aware, in some murky fashion, of how absurd our monetary system is.
In looking at the comments on Krugman's blog post about it - it's clear very few people have any idea what they're talking about.
I realize I have very little idea what I'm talking about - and knowing you don't know is half the battle.
But a legal manuever in which the treasury dept {apparently really a part of the congressional branch even though we think of it as executive branch... Article 1 section 8 and in a sense section 10 seems to prove it must be} can essentially pay the amount of dollars created by the "federal" reserve system out of existence...
Wouldn't that be a good thing, as a power - 'deflationary' concerns notwithstanding??
Go easy, fellas - just spitballing/asking...
The US Mint is a rippoff. The mint medallions and people are sucker enough to pay the premium.
That's what a friend of mine told me when I bought my first issue proof Buffalo's at $800 each.
Pls note the American Eagle uncirculated gold coins are sold out at the US Mint since a while. The only Gold Eagles available are the "proof" quality Gold Eagles, currently priced at $1,935/oz (!). Meaning that all the gold Eagles sales you see reported from the Mint are people paying 17% premium over spot.
Could Gold Sales be independent of the Debt Ceiling.
I think they may be. But a $100M a day of sales is only $3B for the month. Small change.
Short TREASURIES long SILVER BITCHEZ!
It's interesting to note that many items that don't have pricing entirely determined by New York based commodity exchange are exploding in price; perhaps because they are traded outside of the derivative machinery via which their prices can be manipulated to the downside. It appears to me that given a lack of news, many important commodities, especially ag and, of course, precious metals will have a downward bias. It is only once news that is massively bullish and shattering to constant propaganda campaigns forces the prices up until they are finally capped in preparation for the slow grind downward. The grains have seen this steady grind downward following a pop despite no appreciable change in their bullish dynamics over the last few months.
However, my fertilizer MLPs have performed remarkably well and I believe they are set up for an extremely profitable year going forward; UAN and ammonia nitrate prices are largely traded outside the exchanges though I believe they may offer contracts. Their pricing are derived from local supply and demand dynamics. These prices have been going up at a rate that I believe is commensurate to their relative low supply and high demand... despite the fact that the grains are going downward. Also, we all know that the price of farmland has been exploding; again something not traded on an exchange. Additionally, their high dividents (distributions) make it extraordinarily difficult to cap their prices in the same manner that precious metals mining stocks often are (I own a small silver miner, Aurcana Corporation, that despite posting impressive gains last year, has experienced some laughable last minute and after hours trading - action that oten occurs throughout the mining sector on given days).
So yes, I believe that, though most attention is paid to precious metals, all important commodities that are 'inflation indicators' are probably constantly finessed by the idiots running our inept and corrupt financial institutions. It would be funny to think that they actually believe that they can outsmart basic economics if it weren't so sad and destined to end in such epic pain.
When my grandson was born, I gave him a Silver ML, and have done the same every year for all my nephews, nieces and grandchildren. This year he's 3 1/2 and his other grandfather gave him a card with a $5 bill inside. Benjamin looked at the note, then at his grandfather (the other one) and said, "You told me you were going to give me five dollars for Christmas; all you gave me was a piece of paper." He had to swap the note for coins.