... at the U.S. Mint on Monday. They sold another 13,000 ounces of gold eagles...3,000 one-ounce 24K gold buffaloes...and 300,000 silver eagles. Silver eagle sales are now through the five million coin/ounce mark at 5,082,000...along with 150,000 ounces of gold eagles and buffaloes combined to date. These are serious numbers...and we're only halfway through January.
How anyone can suggest the creation of a $1 trillion platinum coin purely to circumvent checks on government spending defeats all logic and its creation would presage a flight into gold and silver.
by Lawrence Williams:
LONDON (MINEWEB) -
Far be it for me to argue with a Nobel prizewinning economist, members of Congress and however many thousands have signed the White House petition to mint it, but this whole idea of a trillion dollar platinum coin is ludicrous.
It would have to constitute the most gigantic fraud ever perpetuated by a government and probably make the U.S. dollar and the U.S. economy the laughing stock of the world. If anything, it would trigger a huge investment surge into gold and silver as all faith in government-created money would evaporate!
Firstly – why platinum? It is based on a legal technicality allowing the U.S. to mint platinum coins of any face value. However, given that $1 trillion dollars worth of platinum at current prices represents around 8 or 9 times the amount of platinum ever mined throughout history, a trillion dollar face value coin would have to bring any kind of money creation into even more disrepute than it already is. ...
Click through for the rest of Williams's article. But I agree. it's hogwash. Or is that putting lipstick on a pig?
The $1 trillion coin saga takes an unexpected twist....
The $1 trillion platinum coin saga took a surprising turn as the Central Bank of Mars has expressed interest in buying 100 of the proposed coins. Interpreters are puzzling over the meaning and subtexts of the Martian communique; since Martian is described as an often-ambiguous combination of Fortran and Hungarian, this is no easy task. Opinion on the Martian offer is divided. Some suspect the Martian Central Bank intends to buy the $100 trillion in platinum coins with electronically created quatloos, i.e. worthless currency. These observers believe the Martians intend to claim the $100 trillion in platinum coins constitutes a claim on the entire U.S.A., the purchase of which would effectively give the Martian Central Bank a massive beachhead on Earth. ...
This is beautiful. LOL! Click over for the full piece.