Where does the US mint get their gold and silver? I'm pretty sure the gold doesn't come from Fort Knox.
For the American Eagles Program strategic stockpiles which are renewed by silver and gold mined within the United States of America. For "other" coins, the metal is purchased from around the world. I know that the some of the silver planchets that were used for the State Quarters Program originated from the Perth Mint in Australia. http://www.youtube.com/watch?v=SUIMvT0VED4 (goto 2:20)
You know those store fronts that have the lackey out front waving a sign that says "WE BUY GOLD AND SILVER"? The mint owns all of them.
I thought the sikver stockpiles are gone, so they buy all the silver planchets from a private company.
Hey Detecto, I have an idea for a job for ya, and you'll get some exercise to aid your weight loss. Killing two birds with one stone.
i remember reading somewhere that the mint put out orders every so often, be it everyday or every week, i forget. but there were a few metal dealers in the country that puts in their bid and the mint bought from the lowest bidder
While this may be true, they are still required to purchase the metal from companies which mine the metal within the country. Metal acquisition for the American Eagles program is regulated by law which is what caused the shortages in 2009. Of course, the law could have been amended but I've not seen any amendments regarding that.
19Lyds is correct. Once the strategic stockpile was depleted the law requires the coins to be struck from newly mined US metal if possible. (Subsidy to the domestic mining industry) If newly mined metal is not available, or if they need more than the domestic production, then they can go into the open marketplace to purchase metal. I would imagine the Mint has contracts with several of the larger mining companies to buy all their gold and silver production. Domestic production of silver in 2011 was a little over 37 million troy oz. The silver eagle program for the past year or two has been consuming that much if not more silver each year. More than the entire domestic production. Which means that every other consumer of silver has to depend on recycled silver or production from outside the country, which means a worsening balance of payments.
:dead-horse: Well, its another scandal from the current regime. They buy the silver from Australia, another treasonist deal with a political contribution link. All this while American silver miners sit idle.
I watch those shows on TV about the people looking for gold in Alaska. To them, a baby food jar full of gold is a good haul for a year's work. Where does the mint get enough gold to make coins?
Do you have a link to the legislation governing "the open market"? Never mind, I found it here: http://www.law.cornell.edu/uscode/text/31/5116 It's described as "other sources": "At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources." 5112e refers to "The Liberty Coin Act) and reads: "e)Notwithstanding any other provision of law, the Secretary shall mint and issue, in qualities and quantities that the Secretary determines are sufficient to meet public demand, coins which— (1)are 40.6 millimeters in diameter and weigh 31.103 grams; (2)contain .999 fine silver; (3)have a design— (A)symbolic of Liberty on the obverse side; and (B)of an eagle on the reverse side; (4)have inscriptions of the year of minting or issuance, and the words “Liberty”, “In God We Trust”, “United States of America”, “1 Oz. Fine Silver”, “E Pluribus Unum”, and “One Dollar”; and (5)have reeded edges." The above describes Silver Eagles.
