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U.S. Mint Actions Discourage Gold Ownership
January 23, 2009
Over the past several months, the United States Mint has announced a series of actions and policy changes that make it more difficult for the average individual to buy gold. There have always been plausible or semi-plausible explanations, but the consequence of each action has been to limit or discourage gold ownership.
The series of incremental changes outlined above has resulted in the following situation:
Whether or not it was the US Mint’s intention, every significant action they have taken since August has either limited gold availability, eliminated gold product options, or increased the cost of acquiring gold. Has it all just been a consequence of surging global demand for gold, supply chain mismanagement, and bad timing for policy decisions? Or is there something else going on here?
- Production was halted for all of the US Mint’s fractional gold bullion and 24 karat gold bullion offerings several months ago. There has been no indication when production might resume.
The only 2009 gold bullion coin available from the US Mint is the one ounce
- American Gold Eagle. Sales of this single bullion coin offering remain subject to rationing.
- The US Mint’s gold numismatic offerings for 2009 have been significantly reduced from the prior year. The remaining product offerings will be priced at prohibitively high premiums under a newly established pricing policy.
Originally posted by Ian McLean
Thanks for the article. Two interesting things I learned from the comments section on that page, that I thought I'd share:
1. US law requires the mint to make gold coins available to the public, but also requires them to be made only from gold mined in the US.
2. The gold at Fort Knox (or, supposedly at Fort Knox) is accounted at a 'book value' of $42 per oz, not market prices.
Originally posted by pmbhuntress
This is a strange thing. Because it use to be that some of us could work online and make e-gold and be paid in gold or cash. We can no longer do that, The US government went in and trook over 90% of the accounts at e-gold and said they were terrorist accounts. These were folks with even $3 in there accounts. They then made e-gold pay them the money instead of keeping it. Soon e-gold went thru Bankruptcy. And now thousands of folks are out there hard earned cash and gold. I personally lost over $250 in gold. It took me 8 years to make it but supposibly I had terrorist money. Reading paid to read emails for 8 years and its terrorist money man 1/2 cent an email and they think its worth it to a terrorist?? What is up with this government. If you ask me it was just a good excuse for the government to take gold away from the people.