Posted on 08/22/2011 2:11:38 PM PDT by DeaconBenjamin
This morning the US Mint has suspended sales of all remaining numismatic gold coin offerings. The move comes as the market price of gold has jump another $35 to nearly $1,890 per ounce. Prior to the suspension, products were priced based on an average gold price in the $1,750 to $1,799.99 range.
The US Mint’s pricing policy covering most numismatic gold coins allows for price changes to take place as frequently as weekly based on the average market price of gold based on the London Fix prices from the previous Thursday AM to the current Wednesday AM.
Pricing changes have generally taken place mid-morning Wednesday when all of the data points were available. The US Mint has reserved the right to suspend sales early “in the event that the selling price of United States Mint gold bullion products begin approaching the sale price of the gold numismatic products.” They invoked this option for the first time two weeks ago, and apparently for the second time today.
This year, pricing increases will have taken place on ten separate occasions on February 16, March 2, April 13, April 27, May 25, July 20, July 27, August 10, August 17, and likely later this week on August 25. Only one price decrease has taken place on May 18.
Commemorative gold coins, which are not covered by the numismatic gold coin pricing policy had their sales suspended on August 12. The US Mint plans to introduce a pricing grid for these products. The suspension still remains in place while the grid is being developed and implemented.
Late last week, the US Mint also suspended sales of the 2010 Silver Proof Set and 2010 America the Beautiful Quarters Silver Proof Set, pending repricing.
Yeah, they will be yanking the remaining gold out of our teeth!
Guns and ammo?
This is the precursor to banning gold sales, with eventual confiscation. It’s been done before, they will do it again.
Pay off what you owe completely, stock up on staples and protection. It’s gonna be a bumpy ride. This government will not do what it needs to prevent collapse (paying down the debt). It would require Obama’s chosen ones (those not working, not paying taxes, and not producing anything), to give up their booty they illegally receive after it is taken from us by government.
Silver
Glenn Beck has been warning about this for months and months...
“I’m real tempted to sell it right now.
I face the same temptations.”
Don’t forget to pay your long term capital gains to the feral gov’t. Or not, if a cash sale.
tru dat....being a more pragmatic kind of person and not willing to buy gold at a premium over the $300/ounce cost I last bought at, I preferred to invest my resource in equally valuable commodities - brass, lead, a little copper for plating and some powder....
Then why not sell a small portion and lock in your profits. As the expression goes — “If someone is placing money in your hand, close your hand.”
Thanks DeaconBenjamin.
$2000 / oz by Friday
seems crazy, but I’d give it a 25% chance
Guns and ammo?
Bingo.
I have this leather wallet in my back pocket that is beckoning your dollars. I promise to invest your money in only the finest of beef, scotch and cigars.
I have the best sense ever. I bought GM and sold my gold
Tuesday! I think I’ll stick to my cows! Oh yeah, I live in Texas!
Or not. If gold is confiscated in the US (or if the talk is serious) there is going some smuggling out of the US. If going to Canada, you could go hiking from Glacier park to Waterton park in Canada and make your drop off there to your friend coming from the Canadian side on the trail. Then, on to a safe hiding place. This is the new economic Berlin wall. You could also cross the border with your gold. If you have small coins (Swiss 20fr, 1/2 eagles) and mix them in with pennies in a cup holder, it doesn’t stick out.
I understand that in the last confiscation, gold jewelry was exempt. Anyone know for sure?
Yes, antique, collector coins (the last “antique” US coins were the St. Gaudens from the 20s), and jewelry and art were exempted. Bullion sold in the US was confiscated. That’s one reason why the antique coins have greater value than bullion. I’m not sure about foreign bullion bought abroad (how could it be tracked)
Thank you, much appreciated. Boy, is my jeweler going to be surprised!
Sell a fraction of it, perhaps enough to get your initial outlay back.
That was FDR did. Who knows what’s next. But I seriously doubt confiscation. US debt restructuring with loss of dollar reserve status and a basket of currencies under the control of a global central bank seems more likely if the Dems and rinos prevail. Gold is not currency because it is not really legal tender (unless you are foolish enough to accept face value on the coin). That’s where these elites have us by the balls.
Blacks are not going to give up their big gold chains. Why should we give up coins?
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