Best Week for Juan Blanco Since...

If the WH doesn't dispell rumors of a Pt coin this week, I'll guess this will be the BEST WEEK FOR PLATINUM since ... what are the best (top 5) weekly gains for Platinum, since 11/24/2008?

Platinum was UP big today, ~2%. Rumor runs, I wouldn't be surprised to see a 7% gainer on this noble metal.

PPLT, in Paper: http://www.google.com/finance?q=NYSEARCA:PPLT

 

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What does the trillion dollar coin have to do with anything if that is what you are referencing? I thought it was going to be a 1 oz coin or something similar, that won't matter at all????

 

Oh who told you that? Are you believing crazy Paper-Bugs again?
Seriously, we haven't heard anything from the Mint, yet. PURE CONJECTURE, here.
But THAT COIN is not the point: it's all free advertising for a PM that has had little investment interest so far. It's bullish news.
Platinum on the front page will drive up the price somewhat. Dealers might sell a few more units, etc. etc.

And a 7% weekly gain wouldn't matter? If it was Apple would you say that?
I beg to differ, but we shall see what legs this story has tomorrow and 'til Friday.

 

What size would this "coin" have to be to actually be worth one trillion in platinum? I am thinking about the size of this pizza:

http://eater.com/archives/2012/05/09/the-worlds-largest-pizza-ever-created-weighed-26883-lbs.php

TC

 

I don't think even a pizza sized platinum coin would be big enough. If you think an ounce of platinum is worth say $1576 an ounce, It would take a lot of platinum to make up a coin large enough, but that still wouldn't get anywhere near a trillion. I think they should build a big giant coin thing, tow it with a giant truck and put it into an airplane hanger for a big show.

 

My "wouldn't matter" comment was in reference to the trillion dollar coin. I assume if they made it it will be a small coin, they aren't going to find a trillion dollars worth of platinum and make it into a coin I can tell you that for sure.

If they did it would take roughly 625 million ounces of platinum to make the coin. LOL, according to USdebtclock.org the worldwide precious metal reserves of platinum is 987 million ounces. So they'd need almost 2/3 of the worlds reserves in order to make the coin.

 

If they made it into a coin it would weigh roughly 43 million pounds, best of luck to whoever would have to transport it!

Of course, if they were to really do it, it would be just a 1 oz or small size like that and it'd say a trillion dollars on it.

 

Yes, a trillion-dollar coin is ummm, SYMBOLIC, and would hardly represent a spit in the ocean in terms of the platinum market.

 

Here, speaking of big coins, is the Australian Perth mint "one tonne" gold coin, which weighs 1,000 kilograms, about 2,200 pounds:

 

TopCatCoin-
Any size the Mint Director decides. That's how coin seigniorage works.
In the Fed's account, any US Mint coin is 'actually worth' whatever he/she says.

A very interesting problem of coin seigniorage occurred in 1828 with the introduction of the Platinum Rouble. A massive discovery (1824/5) allowed the Russian govt - the very first - to try coin the metal as circulating Pt specie. The Russian Imperial monopoly fixed an arbitrary HIGH value - based on scarcity prices - but was circumvented by smugglers and free-lancers. Local Russians didn't want the Pt coins (they preferred Silver and Gold and two forms of Paper currency) - and the local market was glutted! Westerners couldn't figure out what the metal was worth, as the Colombians (who had proposed to coin platina) dumped their stocks quickly.

Coined Platinum was overvalued. The ore was smuggled at much much lower rates. Savvy traders looked at the scrap market - by 1832, old platinum was worth 1 Paper Rouble per zolotnik or ~ $2.55 per ozt. ; but in coin, officially ~ $7.15 (in US Silver.) Understandably, 'regular people' in the West couldn't figure out WHAT was happening:
http://noblemetals.blogspot.com/2011/07/russia-1830.html
http://noblemetals.blogspot.com/2011/07/russia-1831.html

Of course, there were local arbitrage opportunities ; eventually, the Russian Finance Minister denounced 'hated foreigners' (smuggling in and/or counterfeiting Platinum Roubles) and the Platinum Rouble coinage was halted, then withdrawn in 1845.

 

Per doug444's example, I also suppose (hope) it's a monster Pt coin. For show, fun and as an object to admire - why not?

Obv, it won't be a gazillion ozt ... but I think a 56kg coin would be warranted, feasible and appropriate. (A one ouncer would probably anger alot of folks, otherwise.)

 

You might not be able to strike a 1000kg platinum coin, even if you wanted to. On the Mohs hardness scale, gold is 2.5 to 3.0, but platinum is 4.0 to 4.5. You might not be able to manufacture dies to strike that large and that hard of a planchet.

 

I hope they make a tiny raggedy coin. I would rather they put the time into figuring out how to get us out of this mess rather than focusing on making a spectacle of it.

 

the only thing they do is try and figure out ways to dig the hole deeper!

 

Very true. Hmm maybe if they built a huge coin and made a spectacle of it it would distract them for a bit?

 

There is NO way out. It is mathematically impossible to pay off the national debt, and you could raise the marginal tax rates to 100% and would still have an annual budget deficit into the foreseeable future. Got PM?

Remember " 26% " annual inflation, because 26% inflation for three years in a row yields a doubling of price levels.

1.26^3 = 2.000

 

The fact that this story is being discussed on what I thought was a last bastion of reality, a simple forum on coins, is further proof that Americans, even coin nerds, are sinking further into the abyss of lunacy.

lu·na·cy
/ˈlu nə si/ Show Spelle[loo-nuh-see] noun

1. insanity; mental disorder.
Synonyms
1. derangement, dementia; craziness, madness, mania, aberration,
stupidity.


nerd - an intelligent but single-minded expert in a particular technical field or profession

 

Would you care to point out any errors of fact??

 

Ya, doug444! And why are some still insisting this a "story" (like the Bermuda Triangle, sasquatch, Birther/Truther polemic, etc.) ? It's now a floated option.

The USA cannot pay its bills unless Congress lifts the debt ceiling (for the 75th time) and the The Party of No! refuses. AGAIN.

I agree it's a terrible fact it's come down to this. But he coin is a sane (yet kooky) response to an insane situation. I don't disagree with this either: http://etfdailynews.com/2013/01/08/debt-ceiling-solution-the-scary-reality-of-a-1-trillion-coin/

fwiw Platinum's UP again today.

 

Platinum UP +8% in the last 5.5 trading sessions. Ragin' Pt!