Billionaire buys 20 million circulated Jeffersons

http://www.coinweek.com/bullion-report/the-nickel-hoarding-billionaire/

 

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Yep... he "likes nickels". What a goofy guy. :smile

 

I wonder how he'll feel if he comes out a roll short "WHAT??? Only 499,999 ROLLS??? I demand a refund!" Why? "Because I like nickels"

 

So, basically, he took delivery of $1mm in nickels, which he can store in one of the rooms in one of his homes. After all, he's a BILLIONAIRE. Even if he's a "poor" billionaire, that only represents 10bp of his net worth. It's kind of the same as someone who is worth $100k holding $100 in nickels, I suppose. Unfortunately, for "nickel hoarders," the situation is closer to holding $300 in nickels (150 rolls) with a net worth of $1,000.

 

I wonder if Greg's wife knows about the 20 million circulated Jefferson's he's got squirreled away in the attic? :arguing: I can hear him now, but dear their all toners....and I got them for a nickel a piece......

 

is this a Guinness world record maybe???

 

Probably lol, but the reason he was doing it is because there was 6.8 cents in base metal per nickel at the time he bought. It's a no risk investment in base metals. (5 cent pieces are 75% copper, 25% nickel)

 

How was it a no-risk investment? He's losing money on account of inflation, and that million could have been invested in something that payed a decent dividend. It's idiotic - he lost.

 

Well he is never losing his principle. His million dollars in nickels is still worth a million dollars. He could of invested in a dividend paying stock that dropped 80% in value, that would look even more idiotic.

I don't think its a particularly good investment, but many others have done considerably worse. A lot of people just like to play it safe and invest in things that at best keep up with inflation. For example the 10 year U.S. t-bond is at 1.88%, if you buy those you are admitting defeat and losing to inflation, many people do.

 

He know something that we don't. :dismay:

 

Just another miseducated attempt at pulling a 1913 Liberty from circulation.

 

I wonder how many war nickels are in there ? :hail:

 

LOL Paddy!
I already have my kids searching through them for errors.

 

He's a billionaire, he probably uses a million dollars to start a fire in his fire place. Money probably isn't an object to him.

 

The duy is one of us he bought what he liked.
Wonder if a few here could buy any amount they wanted of the coin they liked most how many would you think they would buy.
Ill say if in cents they would clean it out.

 

I have $400 total and i keep $250 in dimes. It also helps to avoid spending it all so i never run out of money.

 

do you think that he's planning to melt them?

 

At 5.000 grams each, that comes to 100 million grams...izzat right?
So then we have 3,527,337 ounces, or 220,458 pounds; roughly 110.3 tons...the weight of a locomotive, if not the cube.

Someone else more familiar with cubic measurement for nickels can massage those numbers; I'm wondering whether he got free freight (courtesy of you & I, fellow taxpayer), and where he will store however many pallets of CuNi they amount to so that the rats and stevedores won't create substantial shrinkage to his inventory.

Any thoughts?

 

Rats eat copper/nickel? I am curious if he got free delivery...

 

So how is that "stocks are evil and are quickly going to be worthless" mentality been working out for you this year?

Me? I am kind of glad I had put some money in those "worthless" stocks. I am up around 35%, but my silver holdings are the SINGULARLY WORST asset to own in 2013.

Man, people advocating buying the WORST POSSIBLE investment of the year, and still talking smack about the better alternatives......