Ron Paul and Ed Moy - Financial Services Hearing on Coinage July 20 2010

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hypocrite

 

I would have Ron Pauls babies.

 

One thing I find interesting is that the mint is producing 4 to 4.5 times as many gold coins as they would normally produce according to the director.

I remember hearing once that if I noticed that everyone seemed to be trading stocks then I should get out of the stock market because it was going to crash. In the late 1990's it seemed anyone who had a computer was a day trader and look what happened. Am I crazy, or does it seem like everyone is buying gold now?

 

Am I the only person that is just amazed at the volume and amount of money that is going from the mint to the 3 suppliers of the planchettes? Think about it using "math for dummies". 30,000,000 planchettes at $15 per, using a very round number from last year, and most likely not correct iis $450,000,000, divided by the 3 supplies for them is 150,000,000 divided by the 12 months is $12,500,000 per month if divided equally per month. I wonder what happens if they are late in paying the bill? How much interest accrues on that monthly? What are the penalties if paid late? I guess my entire point is this, unless you have a huge bankroll and can afford that float, who would want to be their supplier?

The above is for the ASE only, which is what the beginning of the video was about.

 

It's interesting that Moy said at one point the he would retire and get into the business of making planchets I think that says it all right there. He also said that the US Mint stopped making planchets around a decade ago, interesting. Also interesting is when Rand asks what will happen when we go back to the Gold standard. I think they could have a better discussion between themselves as they were both playing for the camera and that is unfortunate. just my 2 cnts.

 

Based on these hearings, it looks like we may see the 2010 burnished and proof silver eagles later this year!

http://mintnewsblog.blogspot.com/2010/07/2010-proof-silver-eagle-update.html

:thumb: TC

 

Can we find a supplier in China or India to make planchets for the mint? Surely the can do it cheaper.

 

That's a good point. I wouldn't want to be a supplier. The mint hasn't been good at forcasting demand for coins. I wouldn't want to get stuck with tons of planchets I couldn't sell. Looking at just the circulating issues planchets can't be that easy to make because our coins aren't made of uniform metal. Except for the nickel you've got an inner core of one metal and outer shell of something else. Sandwich metal coins is relatively new, before the 40% half it hadn't really been tried.

 

The Ancient Greeks had clad coinage in the 8th century...

 

Thanks for posting. I have this coin, but do not recall the "dancing." - That is odd in its' self. I better check my #10 coin.

Personally, I have really been enjoying the First Spouse Series. The reverses simply delight me.

 

That coupled with the fact that some who want to be a supplier also want a long term commitment from the Mint.