United States Mint Suspends Gold Sales

[GooeyGUI]

With the dollar falling, I decided to check into buying some gold coins from the US Mint and found that all of their gold coins have been pulled form the shelf. I could have bought the "Buffalo" for $825 an oz last night, but today (when I finally decided to buy into them) they were gone too. The "Eagle" coin had been pulled before this, and they were going for $790 an oz at that time. Today the market peaked about $737.

Maybe gold will go down when the $9 trillion, that America is in debt for, is paid off. Since Bush took office, the national debt has risen more than a full third of what it is now. Gold sold for $282 an ounce when Bush took office in January, 2000.

Hmmm. plenty of old cards and motherboards around. How do you recover the gold out of them?

 

[Tiamat]

short answer: its not worth the electricity costs to recover gold from the electronics.

Gold is a very noble metal from an electrochemical viewpoint. It takes quite a bit of energy to force the gold to oxidize into Au (3+). Once in solution, you would then have to reduce the Au ions back to solid gold.

 

[SSSnail]

Screw all that, let's start another Gold Rush.

 

[Tiamat]

Originally posted by: SSSnail
Screw all that, let's start another Gold Rush.

While you go do that, i'm gonna go back to lab and more some more carbon nanotubes

At 2000$ per gram, I'm thinking this should work out...

 

[sandorski]

Originally posted by: SSSnail
Screw all that, let's start another Gold Rush.

Start it, but don't try for the gold. The real money in Gold Rushes is in the Service Industry. Open a Supply Shop, Hotel, or something else that Gold crazed prospectors want.

 

[Itchrelief]

Originally posted by: sandorski

Start it, but don't try for the gold. The real money in Gold Rushes is in the Service Industry. Open a Supply Shop, Hotel, or something else that Gold crazed prospectors want.

 

[Sluggo]

Originally posted by: sandorski

Originally posted by: SSSnail
Screw all that, let's start another Gold Rush.

Start it, but don't try for the gold. The real money in Gold Rushes is in the Service Industry. Open a Supply Shop, Hotel, or something else that Gold crazed prospectors want.

Whorehouse...since you didnt come right out and say it, I thought I would.

 

[compuwiz1]

Gold=cash
There was a time, prior to the federal reserve "notes", which you all carry in your pockets, where every dollar in circulation represented a dollars worth of gold to back the bill.

When you spend $100 today, it represents debt. Apparently there is no more gold to back our currency, only debts to repay, far into the future. Think I'm kidding?

All that tells me, is that we have deleted our reserves here, and that this country is in deep shit. :Q

 

[BUTCH1]

Originally posted by: compuwiz1
Gold=cash
There was a time, prior to the federal reserve "notes", which you all carry in your pockets, where every dollar in circulation represented a dollars worth of gold to back the bill.

When you spend $100 today, it represents debt. Apparently there is no more gold to back our currency, only debts to repay, far into the future. Think I'm kidding?

All that tells me, is that we have deleted our reserves here, and that this country is in deep shit. :Q

Even worse is the amount we send to the middle east for crude, these folks are so
flush with cash they are buying up businesses in USA like crazy. Then you've got the
Chinese who are buying bonds to finance our debt...I'm wondering if SS will even be
viable for the government by the time I retire..

 

[electronicmaji]

sorry but gold prices wil lkeep going up and I be you it will be worth the money in gold to recover that. I wish I had brought gold pre 9-11...excellent investment.

 

[rockyct]

Originally posted by: compuwiz1
Gold=cash
There was a time, prior to the federal reserve "notes", which you all carry in your pockets, where every dollar in circulation represented a dollars worth of gold to back the bill.

When you spend $100 today, it represents debt. Apparently there is no more gold to back our currency, only debts to repay, far into the future. Think I'm kidding?

All that tells me, is that we have deleted our reserves here, and that this country is in deep shit. :Q

Well, Ron Paul wants to go back to the gold standard. It would be interesting to see him try.

 

[compuwiz1]

Originally posted by: rockyct

Originally posted by: compuwiz1
Gold=cash
There was a time, prior to the federal reserve "notes", which you all carry in your pockets, where every dollar in circulation represented a dollars worth of gold to back the bill.

When you spend $100 today, it represents debt. Apparently there is no more gold to back our currency, only debts to repay, far into the future. Think I'm kidding?

All that tells me, is that we have deleted our reserves here, and that this country is in deep shit. :Q

Well, Ron Paul wants to go back to the gold standard. It would be interesting to see him try.

He won't get that far, sorry. He does have some good ideas, but when you put a pencil to it, it's just like a limp dick flappin in the wind.

 

[rockyct]

Originally posted by: compuwiz1

Originally posted by: rockyct

Originally posted by: compuwiz1
Gold=cash
There was a time, prior to the federal reserve "notes", which you all carry in your pockets, where every dollar in circulation represented a dollars worth of gold to back the bill.

When you spend $100 today, it represents debt. Apparently there is no more gold to back our currency, only debts to repay, far into the future. Think I'm kidding?

All that tells me, is that we have deleted our reserves here, and that this country is in deep shit. :Q

Well, Ron Paul wants to go back to the gold standard. It would be interesting to see him try.

He won't get that far, sorry. He does have some good ideas, but when you put a pencil to it, it's just like a limp dick flappin in the wind.

lol, don't worry. I have no desire to see Ron Paul in the White House, nor the US switch back to the gold standard. It just seems like he's the only guy who's publicly saying we should switch back.

 

[FeuerFrei]

You may notice that the federal deficit has dropped a lot since the tax cuts were enacted ('02 was it?); thanks GB. Of course teh Democrats opposed these tax cuts because they enjoy a high deficit or perhaps economics is just over their head.

 

[jjones]

Originally posted by: FeuerFrei
You may notice that the federal deficit has dropped a lot since the tax cuts were enacted ('02 was it?); thanks GB. Of course teh Democrats opposed these tax cuts because they enjoy a high deficit or perhaps economics is just over their head.

I don't know if that's even true, but if it is, oh wow, the deficit dropped... the fed government didn't overspend as much as they usually do. How about they impress us with a budget surplus instead. And correct me if I'm wrong, but wasn't the last budget surplus in Clinton's term?

 

[Fritzo]

Originally posted by: Tiamat

Originally posted by: SSSnail
Screw all that, let's start another Gold Rush.

While you go do that, i'm gonna go back to lab and more some more carbon nanotubes

At 2000$ per gram, I'm thinking this should work out...

Antimatter costs $300 billion per milligram, and it's very much sought after, so make some of that!

Just don't let it touch anything...

 

[destrekor]

Originally posted by: jjones

Originally posted by: FeuerFrei
You may notice that the federal deficit has dropped a lot since the tax cuts were enacted ('02 was it?); thanks GB. Of course teh Democrats opposed these tax cuts because they enjoy a high deficit or perhaps economics is just over their head.

I don't know if that's even true, but if it is, oh wow, the deficit dropped... the fed government didn't overspend as much as they usually do. How about they impress us with a budget surplus instead. And correct me if I'm wrong, but wasn't the last budget surplus in Clinton's term?

ugh
you can't turn a deficit into a surplus without some major cutbacks and ways of putting money back into the system. This doesn't happen overnight. The deficit dropping should be good enough news to anyone, because that means not only are we not spending the budget, but spending a lot less and not giving as much back.
Clinton had a surplus, because he didn't have major issues to fund. And people really need to get off their high horse and realize GWB is NOT the only person in the government, and in reality has very little control over major decisions. At worst he can do is veto something, but to do something anything he needs support from Congress.
You want change? Make change happen in Congress.

 

[PokerGuy]

Sigh... how did this turn into a P&N GWB / deficit / surplus / Clinton discussion?

Anyway, if you take a look at the value of gold over time, it's a very very lousy investment vehicle. Your rate of return is terrible compared to many other options......

 

[ultimatebob]

Originally posted by: PokerGuy
Sigh... how did this turn into a P&N GWB / deficit / surplus / Clinton discussion?

Anyway, if you take a look at the value of gold over time, it's a very very lousy investment vehicle. Your rate of return is terrible compared to many other options......

True, but Gold has more than doubled over the past five years. How many of your blue chip stocks have done THAT lately?

 

[destrekor]

Originally posted by: PokerGuy
Sigh... how did this turn into a P&N GWB / deficit / surplus / Clinton discussion?

Anyway, if you take a look at the value of gold over time, it's a very very lousy investment vehicle. Your rate of return is terrible compared to many other options......

it was destined to go there right away based on the topic, and the OP had to further increase the probability by mentioning politics in the beginning.

The reason Gold is a standard, is because its the most ancient of standards and is naturally valuable due to its rarity (all in all, not a helluva actually exists), combined with the easy of handling it. I think the Gold standard should still exist, as then there really isn't any fluctuation in the value of the dollar. But it's impossible to bring back in todays modern world, as doing so would basically kill the economy.

 

[captains]

wheres the link that says the mint pulled the gold and not sold out due to high demand

 

[K1052]

Originally posted by: captains
wheres the link that says the mint pulled the gold and not sold out due to high demand

If you go here and look at the bottom you'll see a short blurb.

Gold coins (from many nations) are readily available from third party companies. I like Bullion Direct for buying gold and silver.

 

[Alistar7]

Actually silver has outperformed gold and is a far better investment option, especially for the long haul.

https://online.kitco.com/

 

[JeffreyLebowski]

Originally posted by: Sluggo

Originally posted by: sandorski

Originally posted by: SSSnail
Screw all that, let's start another Gold Rush.

Start it, but don't try for the gold. The real money in Gold Rushes is in the Service Industry. Open a Supply Shop, Hotel, or something else that Gold crazed prospectors want.

Whorehouse...since you didnt come right out and say it, I thought I would.

Maybe we can get MrsBugi
To bring back some whores from Thailand, she can bring Ladyboys for the "experimental" types.

 

[Specop 007]

Originally posted by: K1052

Originally posted by: captains
wheres the link that says the mint pulled the gold and not sold out due to high demand

If you go here and look at the bottom you'll see a short blurb.

Gold coins (from many nations) are readily available from third party companies. I like Bullion Direct for buying gold and silver.

I like apmex myself. Low shipping costs. havent checked bullion direct.

Ironic, if everything works out as I hope it will I should have about 7 ounces of gold on the way.