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Tons of Bullion sold

LongshotLongshot Posts: 353
in Precious Metals
EricJ wrote this in the coin forum:


<< <i>Tuesday November 03, 2009 7:41 AM (NEW!)

2009 ULTRA HIGH RELIEF GOLD COIN 102,311 and selling

2009 AMERICAN BUFFALO GOLD PROOF $50 COIN 19,468 and selling

2009 AMERICAN BUFFALO GOLD MINT STATE $50 116,500 and selling

Sales report as of 11/1/2009.

2008 was a good year.......

Hope you did not flip them all........ >>



4.32 tons of gold for 3 issues in one year (so far)...
I want to start a conspiracy theory right here. image
Wouldn't it be possible to use 22K fort knox gold to make these on the sly then replace the bricks with gold plated tungsten?
Nobody would be the wiser and the bricks would pass every test but a drill test due to tungsten's almost identical weight/specific gravity.
Not sure about the details of purifying the gold but I'm sure it could be done.
Thoughts?

Comments

  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭
    >>4.32 tons of gold for 3 issues in one year (so far)...<<

    Add another 31 tons for the bullion 2009 one-ounce Gold Eagle.

    Silver Eagle production this year so far is about 22 million ounces. At 32,150 troy ounces per (metric) ton, that's 684 tons of silver this year in U.S. bullion coinage alone! image

    My Adolph A. Weinman signature :)

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The gold could easily be used for that but I don't think there are managers willing to go to jail on Tungsten filled "gold" bricks. The US already can legally lease/sell the gold via a paper trail and keep the gold in the vaults while still reporting full US ownership. No need to take it any further. The problem arises when those who actually own the gold want to take possession. Now that's a problem.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • FountainheadFountainhead Posts: 956
    It's kind of nutty, the law demands these coins be struck from currently-mined U.S. gold. The gold is then shipped to Australia to be turned into blanks, then shipped back to the U.S. for striking. All this purchasing and shipping appears as line items in the Treasury's ledgers.

    If there are bullion coins left over at the end of the year they can't be used for next year's bullion coins nor can they be sold on the market. Instead, they have to stay in storage until they can be melted for use as commemoratives.
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  • derrybderryb Posts: 36,797 ✭✭✭✭✭
    I don't believe there's a requirement for "currently" mined US gold. How could you prove the gold to be current? Blanks are being produced by Perth Mint on a temporary, emergency basis. They may not even still be under contract considering the recent spurt in US Mint gold production.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • jmski52jmski52 Posts: 22,838 ✭✭✭✭✭
    I don't believe there's a requirement for "currently" mined US gold.

    The original statute for AGEs specifies US-mined gold, and I never heard of that being repealed. The Gold Buffs and UHR coins didn't have that stipulation that I know of.
    Q: Are You Printing Money? Bernanke: Not Literally

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  • LongshotLongshot Posts: 353


    << <i>EricJ wrote this in the coin forum:


    << <i>Tuesday November 03, 2009 7:41 AM (NEW!)

    2009 ULTRA HIGH RELIEF GOLD COIN 102,311 and selling

    2009 AMERICAN BUFFALO GOLD PROOF $50 COIN 19,468 and selling

    2009 AMERICAN BUFFALO GOLD MINT STATE $50 116,500 and selling

    Sales report as of 11/1/2009.

    2008 was a good year.......

    Hope you did not flip them all........ >>



    4.32 tons of gold for 3 issues in one year (so far)...
    I want to start a conspiracy theory right here. image
    Wouldn't it be possible to use 22K fort knox gold to make these on the sly then replace the bricks with gold plated tungsten?
    Nobody would be the wiser and the bricks would pass every test but a drill test due to tungsten's almost identical weight/specific gravity.
    Not sure about the details of purifying the gold but I'm sure it could be done.
    Thoughts? >>



    Just saw the same theory here!(?) http://www.financialsense.com/fsu/editorials/kirby/2009/1112.html
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