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Insane “Trillion Dollar Platinum Bullion Coin” Option Ruled Out By U.S. Treasury To Avert New Debt Crisis
The silly and somewhat insane uber Keynesian “Trillion Dollar Platinum Coin” appears to be now firmly off the table.
The US Congress has once again ruled out the possibility of issuing a “trillion dollar platinum coin” floated as a possible solution to the looming US Debt Crisis.
Pressure is mounting as Treasury Secretary Jack Lew said earlier this week that Congress would need to raise the nation’s borrowing cap by November 3 to avoid a potential default.
“If Congress fails to raise the nation’s debt ceiling by that date, the US could risk a first-ever default on its obligations”.
Brett LoGiurato, writing in UK Business Insider, points out that as a resolution to the US debt ceiling is still unclear, “speculation has popped up once again about two popular theorized “work-arounds” — the 14th Amendment and the “trillion-dollar platinum coin.”
Read more in “Treasury again rules out the ‘trillion-dollar coin’ option to avert the debt ceiling”
DAILY PRICES
Today’s Gold Prices: USD 1174.40 , EUR 1035.08 and GBP 759.88 per ounce.
Yesterday’s Gold Prices: USD 1173.70 , EUR 1032.87 and GBP 747.86 per ounce.
(LBMA AM)
Gold in GBP – 1 Month
Gold fell yesterday by $6.30 closing at $1146.60 but was up by 0.61% overall for the week. Silver lost $0.05 to close at €15.08, down 0.46% for the week. Euro gold fell to about €1023, platinum lost $7 to $945.
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By my calculations, this trillion dollar platinum coin would have to be approx. 30 meters across by 2.4 meters high. That is not something you can casually slip in your pocket...
;-D