Heard something weird about Platinum tonight.
YaHa
Posts: 4,220 ✭
I heard that all platinum coins minted in the USA is platinum alloy that has been unearthed in the USA? U.S, has never and will never mint any foreign Platinum metal outside of the U.S..
Anyone else know about this or have a linky?
This is way weird don't you think.
Anyone else know about this or have a linky?
This is way weird don't you think.
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<< <i>I heard that all platinum coins minted in the USA is platinum alloy that has been unearthed in the USA? U.S, has never and will never mint any foreign Platinum metal outside of the U.S..
Anyone else know about this or have a linky?
This is way weird don't you think. >>
True I believe reading that, legislation requires all PM used for striking US coins come from American mines.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
It is nice to know that none of my AGE contain gold from the fillings of Jews killed during the Holocaust. I am dead serious.
<< <i>Cool! I guess that means the Mint's planchet suppliers can only buy from mines, no scrap or recycled? >>
No, they buy bars that are often composed of scrap, be it jewelry, old US Coins, etc.
That is true of Silver Eagles and I'm sure the same is true of both gold and platinum.
The intent is good, but I'm fairly certain that a bit of foreign metal slips in now and again.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>
<< <i>Cool! I guess that means the Mint's planchet suppliers can only buy from mines, no scrap or recycled? >>
No, they buy bars that are often composed of scrap, be it jewelry, old US Coins, etc.
That is true of Silver Eagles and I'm sure the same is true of both gold and platinum.
The intent is good, but I'm fairly certain that a bit of foreign metal slips in now and again. >>
That makes more sense.
<< <i>I heard that all platinum coins minted in the USA is platinum alloy that has been unearthed in the USA? U.S, has never and will never mint any foreign Platinum metal outside of the U.S..
Anyone else know about this or have a linky?
This is way weird don't you think. >>
It's weird and I don't believe it's true. Where are our Gold Mines, Silver Mines,and Platinum Mines?
Link
PUBLIC LAW 104–208 states the Mint is authorized to use Government platinum rerserves for the APE's:
<< <i>Gold Bullion Coin Act of 1985 requires the gold used in AGE's come by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within one year after the month in which the ore from which it is derived was mined:
Link
PUBLIC LAW 104–208 states the Mint is authorized to use Government platinum rerserves for the APE's:
So Silver and gold are from virgin ore and platinum can be open market AFTER replenishing the stockpile?
We all know how the Government follows every law on the books.
It's common knowledge that the mint buys metals on the open market, so I think we should let everyone have their own beliefs.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
And could you compare that to the Coins Sold?
I have decided to never buy any of those South African or Chinese PM coins
because they exploit the workers there
and they might have the same policy
<< <i>Is the amount of Gold and Silver the Mint buys for the coins public record?
And could you compare that to the Coins Sold? >>
Not to my knowledge.
Call me jaded, but if the Government doesn't have to release any records, you can bet they won't.
I suppose someone could try an FOI request, but I'm thinking that somehow that doesn't apply to the Mint or the BEP.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>Sounds like the Platinum may be purchased from foreign sources. >>
That would depend on where the Government gets it's platinum. I would believe it would be from mines located here.
<< <i>that is weird
I have decided to never buy any of those South African or Chinese PM coins
because they exploit the workers there
and they might have the same policy >>
That's the very reason I won't deal in K-Rands, even though I can get them at below melt. I know they were produced by slave labor not so long ago, of course today, they don't have the electricity so no one is either working for wage or being exploited.
Not so sure about China though. They've had to move towards a Capitalist economy while keeping a Communist heavy hand on all things political and religious.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
It seems we have platinum mines in Colorado and Wyoming:
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The major primary deposits of platinum are in the United states, South America, South Africa, Commonwealth of Independent States (especially in Russia) and Canada. South Africa and Russia are two major producers. South Africa's Merensky Reef currently supplies about 60% of the world's platinum. About 8.3 million ounces of the platinum group metals were mined in 1992. Only about 3.8 million ounces of that was platinum itself. On the other hand, some 50 million ounces of gold are mined each year and almost 400 million ounces of silver. As you can see that's more than ten times as much gold in a given year as platinum and 100 times more silver. Relative scarcity is one reason the platinum group metals are so valuable.
All the precious metals are rare. Platinum is actually more plentiful in the earth's crust than gold and like the other noble metals. It some times occurs in its native form, as very small particles, widely dispersed and hard to recover. Platinum and the platinum group of metals are found as complex ores, mixed with each other, other metals, and impurities. The Merensky Reef is about a mile deep, and the platinum is spread throughout the rock in tiny grains. Some are barely visible to the unaided eye. Mining anything at these depths takes a lot of money and is very difficult. Once the ore reaches the surface, extracting the platinum from the other components is very complex again.
Because platinum deposits generally consist of more than one member of the platinum metals group, each one must be separated from its chemical siblings. Refining platinum characteristically takes about five times as long as refining gold. Simply put, extracting platinum from the earth and refining is very expensive.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>Gold Bullion Coin Act of 1985 requires the gold used in AGE's come by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within one year after the month in which the ore from which it is derived was mined:
Link
PUBLIC LAW 104–208 states the Mint is authorized to use Government platinum rerserves for the APE's:
Excellent post FL....I have been looking for that info for a while.
Ericj96
Does anyone have the figures of how much Platinum is mined in the U.S. vs. how many bullion coins the mint produced in the same year?
Google "US Production" + "platinum", you will find US production figures.
Of course you will have to trust the Mint for Coin production figures.
The U.S. Geological Survey reported that U.S. production of platinum in 2001 was 3600 kilograms, an increase of 16 percent from the previous year. ...
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