US Mint (from masterho.com)
 

Every other MINT in the world BEEFS up production - while the US MINT "FLUBS the DUB" - and fins excuses to MESS up 22 year COLLECTION(S)... HS sidenote hell hire the 6 million whom were laid off their JOBS that the Nobel Peace Prizer has lost since he JUMPED up as the savior. :111:

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THOUGHTS ON US MINT PRODUCT CANCELLATIONS
Posted by: Michael | Posted in: US Mint

Earlier this week, the United States Mint announced a slew of product cancellations. Collector favorites such as the Proof Gold and Silver Eagles, and others such as collectible uncirculated Gold and Silver Eagles, and bullion Platinum Eagles will not be produced for 2009. After the announcement, I wrote a series of posts exploring the canceled (and available) products. This final post will provide some overall thoughts and reactions to the situation.

Other World Mints and Precious Metals Demand

It's true that demand for gold, silver, and other precious metals has been exceptionally high for the past few years. During 2008 world mints struggled to cope with the increased demand, and many had to resort to product suspensions or allocations, similar to the steps taken by the United States Mint. By 2009 most world mints adapted to the elevated demand for their products, and in many cases, are now thriving in the current environment.

The Royal Canadian Mint quadrupled its capacity to produce bullion coins in late 2008. In 2009, they reintroduced two previously canceled bullion products, the Platinum Maple Leaf and the Palladium Maple Leaf, citing demand from distributors. The Platinum Maple Leaf was last offered in 1999 and the Palladium Maple Leaf in 2007. Indications suggest that sales of these reintroduced products have been strong.

The Austrian Mint extended shifts to nights and weekends, and recruited additional workers. They also introduced a new silver bullion coin, the Silver Philharmonic. The efforts of the Austrian Mint paid off. Their Gold Philharmonic captured additional market share and become the best selling gold coin in the world for the final quarter of 2008.

The Perth Mint of Australia invested in additional and improved equipment to streamline production and take advantage of market conditions. For their fiscal year ended June 30, 2009, they reported a record profit of $38 million, compared to $3.7 million profit in the prior year. Sales increased across both bullion and collector coin offerings. Rather than complaining about demand, the Perth Mint cited "favorable market conditions" as the reason for their increased profits. They aim to continue to "take advantage of the renewed interest in precious metals" in the next fiscal year.

The US Mint reacted to the increased demand for their products by implementing a series of suspensions and/or rationing programs. These eventually touched nearly all of their bullion and collectible precious metal products. As mentioned, other world mints were forced to initially resort to such measures, but managed to adapt and quickly lift suspensions and allocations.

The US Mint's rationing programs extended into 2009, even as they significantly shrunk their line of bullion coins. Until the recent announcements, the US Mint had only offered one ounce Gold Eagle and one ounce Silver Eagle bullion coins. In prior years, they had offered a full line of fractional weight Gold Eagles, a full range of fractional and one ounce Platinum Eagles, a 24 karat Gold Buffalo, and a wide array of precious metals collector coins.

At one point, the US Mint did state that they were seeking additional suppliers of precious metals blanks, which seemed to be the crux of the problem. The US Mint is held to special requirements for the sourcing of metal for its bullion coins, (WHICH, THO HE DOES NOT EXPLAIN HERE - I HAVE TOLD YOU MANY TIMES, THEY CAN ONLY MINT FROM GOLD AND SILVER NEWLY MINED IN US MINES!) so the process was more complicated than for other mints. To date, I have not heard any news about the US Mint securing additional suppliers.

US Mint's Missed Opportunities

I am not convinced that it was absolutely impossible for the US Mint to produce Proof 2009 Gold and Silver Eagles. As mentioned in a previous post, the US Mint started sourcing all 22 karat gold and silver blanks to the production of bullion coins since at least June 2008. This means that they had well over one year to try to find a resolution to the situation, either by increasing acquisition of blanks from existing suppliers or contracting with new ones. During this time frame, it is worth noting that the US Mint was somehow able to secure at least 100,000 one ounce 24 karat gold blanks for the production of this year's Ultra High Relief Double Eagle Gold Coin.

The rationing programs put in place during 2008 ended in June 2009. Most took this as a sign that the unprecedented demand had abated and the US Mint was finally able to meet "full demand" without resorting to rationing. Since the rationing programs have not been reinstated, presumably the US Mint has meeting full demand during the past three months. Was the number of precious metals blanks obtained by the Mint exactly equal to the demand for bullion coins? I have to think the US Mint should have had some opportunity to put aside at least a small inventory of blanks for the production of collector coins later in the year. (I HIGHLY DOUBT IT!)
Even if it was somehow impossible to take any of these steps, I still think there had to be some potential work around or another avenue to pursue.

The US Mint's Announcement

The US Mint must have realized that this week's announcement regarding the cancellation of many popular collector coins would set off a wave of disappointment and complaints. To soften the blow, they cleverly titled their press release "United States Mint to Offer 2009 American Buffalo Proof Gold and American Platinum Proof Coins." Behind the title, the US Mint revealed the slew of canceled coins.

The tone of release was unsympathetic and unapologetic. The cancellations were simply the result of the US Mint's legal obligation to produce bullion coins. The article implied that the US Mint was not at fault, rather it was the result of all those pesky bullion buyers. (AH…ITS YOUR FAULT!!)

Rather trying to sidestep the issue and provide legal justifications, collectors should have been issued an outright apology. I think that breaking with a twenty two year tradition requires that someone take personal responsibility and admit that something went wrong. (EXACTLY WHAT I WAS GOING TO SAY IT - IT DESTROYS COLLECTIONS 22 YEARS IN THE MAKING!!)

Throughout the tumultuous events of the past two years, the US Mint has only issued one public apology. This was in response to an extended website outage in January 2008. (SNIP)

Re: US Mint (from masterho.com)
 

Well, I think the Nobel Peace Prizer is doing a wonderful job!

He is printing out so much money that it must be going somewhere.

You can't beat the deal that the U.S. Mint has: All the UHR coins you can buy. Why wouldn't a collector want to fill a safe with the same one coin?

With the the U.S. Mint suspension program, our money can be put to better use. Just look at all of the stimulus created.

He has created jobs: "The Austrian Mint extended shifts to nights and weekends, and recruited additional workers."

He has increased the sales of collector coins: "Their Gold Philharmonic captured additional market share and become the best selling gold coin in the world for the final quarter of 2008."

He has lined pockets with money: "The Perth Mint of Australia invested in additional and improved equipment to streamline production and take advantage of market conditions. For their fiscal year ended June 30, 2009, they reported a record profit of $38 million, compared to $3.7 million profit in the prior year."

Oh wait: Obama is the President of the United States!?!? :sarc:

That, my friend, is how you win the Nobel Peace Prize. :moon:

Re: US Mint (from masterho.com)
 

US Mint Suspends Production Of American Eagle Gold And Silver Bullion Coins Due To "Unprecedented Demand"
Submitted by Tyler Durden on 10/07/2009 09:57 -0500

Agencies Agency Banks C Credit Currency Dollar DXY Facts Federal Reserve Federal Reserve Bank Federal Reserve System Gold Government Platinum Regulation silver stocks Trade Treasury Trust US


It appears gold mania is spreading, and if this press release by the US Mint is any indication, it has hit the broad population. As a result, the administration is taking prompt "corrective" steps:

The United States Mint will not offer the following products in 2009: the one-ounce American Eagle Silver Proof Coin; the one-ounce American Eagle Silver Uncirculated Coin; the American Eagle Gold Proof Coins (all weights, as well as the four-coin set); the one-ounce American Eagle Gold Uncirculated Coin; the United States Mint Annual Uncirculated Dollar Coin SetTM, which also includes a one-ounce American Eagle Silver Uncirculated Coin; and the American Eagle Platinum Bullion Coins (all weights).

Because of unprecedented demand for American Eagle Gold and Silver Bullion Coins, the United States Mint suspended production of 2009 proof and uncirculated versions of these coins. All available 22-karat gold and silver bullion blanks are being allocated to the American Eagle Gold and American Eagle Silver Bullion Coin Programs, as mandated by Public Law 99-185 and Public Law 99-61, respectively. Both laws direct the agency to produce these coins in quantities sufficient to meet public demand. The proof and uncirculated versions of the American Eagle Gold and Silver Proof Coins are not mandated by law.

The Mint does promise to promptly reevaluate the supply/demand curve for gold and to allow the public to avoid having to keep its holding in the dollar:

The United States Mint is working diligently with current and potential blank suppliers to increase the supply of bullion coin blanks, so it can offer to the public the proof and uncirculated versions of American Eagle silver, gold, and platinum coins in 2010.

One wonders if the Federal Reserve will have anything to say about that. One also wonders if today's action by the Mint is merely a preamble to the modern version of this particular Presidential Executive Order 6102:

I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:

Section 1. For the purpose of this regulation, the term 'hoarding" means the withdrawal and withholding of gold coin, gold bullion, and gold certificates from the recognized and customary channels of trade. The term "person" means any individual, partnership, association or corporation.

Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.

(c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.

(d) Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.

Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and gold certificates after April 28, 1933, shall within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such gold coin, gold bullion, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, gold bullion is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon.

Section 4. Upon receipt of gold coin, gold bullion, or gold certificates delivered to it in accordance with Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States.

Section 5. Member banks shall deliver alt gold coin, gold bullion, and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal reserve banks of there respective districts and receive credit or payment thereof.

Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks.

Section 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath; addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each applications must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion, and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty.

Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry the purposes of this order and to issue licenses there under, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust gold coin or bullion to or for persons showing the need for same for any of the purposes specified in paragraphs (a), (c), and (d) of Section 2 of these regulations.

Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.

h/t Project Mayhem

Re: US Mint (from masterho.com)
 

Thanks for bring up 1933 - that needs to be talked about .:36_1_32v:

Thinking the same thing on illegal confiscation of gold and silver.

I found no legal authority in the Constitution for the Congress or the President
to confiscate gold or silver in 1933 or present day.

We are not on either standard today so they have even less.

Hoarding = dumbass bankers and people who's paper burns and wants to steal from those who were prudent (JMVHO)

Fed wants to pay you FACE Value for your gold and silver very soon lmao

I will buy any for sale at face value to use in my business (out of retirement)
if they try that again lol

awdragon

Re: US Mint (from masterho.com)
 

Forget FDR - that law was eliminanted and, in essence, rewritten when Ford passed his laws - and then when Bush passed his so-called "Patriot's Act" (when they call something 'patriotic' watch out!!! It never is and you will lose more of your rights in the name of patriotism!)

You own nothing.

The patriot's act gives them the right to declare any law they want and take what's yours! PERIOD!

HOWEVER - back in FDR's time they did not go door to door collecting gold and few turned theirs in. (Those holding in their safe-deposit boxes got robbed tho!)

Today they will not do that either - they can not go door to door and few will turn them in - this time the EFTs will get confiscated by the government - and if they go further - a black market will develop.

Riverrat and I brought this topic up a dozen times each in the last four years - each time to put-downs, but you can find them in the achieves, I am sure!

Cheers!

Re: US Mint (from masterho.com)
 

Quote:

Forget FDR - that law was eliminanted and, in essence, rewritten when Ford passed his laws - and then when Bush passed his so-called "Patriot's Act" (when they call something 'patriotic' watch out!!! It never is and you will lose more of your rights in the name of patriotism!)

You own nothing.

The patriot's act gives them the right to declare any law they want and take what's yours! PERIOD!

HOWEVER - back in FDR's time they did not go door to door collecting gold and few turned theirs in. (Those holding in their safe-deposit boxes got robbed tho!)

Today they will not do that either - they can not go door to door and few will turn them in - this time the EFTs will get confiscated by the government - and if they go further - a black market will develop.

Riverrat and I brought this topic up a dozen times each in the last four years - each time to put-downs, but you can find them in the achieves, I am sure!
__________________________________________________ ____________

Master_Ho THANK YOU SIR

will read them

I never understood why people in the US don't understand that they (THE PEOPLE ) hold the power, not the bankers, congress or so called president.


Well I view "patriot's act" as BS - an "Null and Void" (Unconstitutional)

There is a "Tipping Point" for all things and when the people wake up TSWHTF.

""Put Downs" = just consider the uneducated source lol

anyway Master Ho - Best to you and yours:36_1_32v:

without prejudice ucc 1-308
awdragon

Re: US Mint (from masterho.com)
 

Yep, you see flea markets evolve from GARAGE sales into parking lots and street corners. You'll see them trading gold coins like in the MOVIE PIANIST in the ghettos (that was in the Warsaw Ghetto when the Germans KILLED all the poor JEWS).

Sad thing is that instead of selling today for $1100 plus - you'll get many times that in trade.

read

History of Fiat Currency by Ralph Foster


google it and see all the examples just in the 1990s in the old communist Balkans.

Gold saved their A$$-ES

and A$$ET$.

:111::111:

"go GO - MASTERHO" - that RHYMES

just like history will has done and will do once again..


HS