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Gold and Silver Eagle sales way down YOY
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I'm no authority on money, Ahillock. Could you tell me where lawful money is defined? I haven't been able to find a definition for it. It is not in the Constitution, nor in the Coinage Act of 1792 that fixed the value of a dollar as "three hundred and seventy-one grains and four sixteenth parts of a grain of pure ... silver". Nor is lawful money defined in any of the later coinage acts that amended the Coinage Act of 1792.
As far as I can tell, there is also no current definition of the dollar. It's not the one dollar FRN, but neither is it still defined as 371 4/16 grains of pure silver.
I still say that fiat money is easier to understand than lawful money. Fiat money is currency with no intrinsic value that has been granted legal tender status by government decree (fiat). Consequently, it can be debased or inflated at the will of the State, usually to the detriment of its citizens and/or other sovereigns.
As far as I can tell, there is also no current definition of the dollar. It's not the one dollar FRN, but neither is it still defined as 371 4/16 grains of pure silver.
I still say that fiat money is easier to understand than lawful money. Fiat money is currency with no intrinsic value that has been granted legal tender status by government decree (fiat). Consequently, it can be debased or inflated at the will of the State, usually to the detriment of its citizens and/or other sovereigns.
silverblood, maybe this discussion began because of semantics but gold and silver are lawful money. Fiat is not.
For me lawful money is defined in two places that need to be taken together as one states the substance of lawful money and the other the exact amount. Those two sources are Article I, Section 10, Clause 1 of the USA Constitution. The second document is as you stated, Coinage Act of 1792. Both of those together tell me one USA Dollar is 24.1 grams pure silver or 1.6 grams pure gold. And only gold and silver are lawful money. Nothing else.
That was the definition of lawful money set forth by our founding fathers. What has happened since is the bankers distorting, manipulating and changing that definition IMO.
For me lawful money is defined in two places that need to be taken together as one states the substance of lawful money and the other the exact amount. Those two sources are Article I, Section 10, Clause 1 of the USA Constitution. The second document is as you stated, Coinage Act of 1792. Both of those together tell me one USA Dollar is 24.1 grams pure silver or 1.6 grams pure gold. And only gold and silver are lawful money. Nothing else.
That was the definition of lawful money set forth by our founding fathers. What has happened since is the bankers distorting, manipulating and changing that definition IMO.
Well this may not be the right thread but I try my best in a nutshell. Both the FEDERAL RESERVE and the United States are corporations. Neither are sovereign gov'ts and really have no authority to issue currency. However since the United States has been operating by a de facto gov't (a corporation since 1871) and the people are all willing participants. This de facto replaced the de jure republic (lack of a quorum in the Senate in 1861) that does have the ability to issue lawful money. I
It is to my best understanding that my only way to express my dissent with the foreign controlled corporations in D.C. (the FEDERAL RESERVE and the District itself [territory not state])is to boycott their money whenever it is fiscally prudent. I realize I need FRN's in my daily life and use them under duress. That makes me as unwilling a participant in this de facto regime as I can be.
It would appear that if it is the people of America buying these ASE's, then I believe they are also doing so to. Why isn't gold setting records in sales? The people can't afford gold, they can afford silver.
I didn't start buying silver for this reason. I just wanted to protect my wealth. Yeah making a buck crossed my mind but as I read more about the scandalous things bankers do to control the populous of nations my motives changed. I believe that people in other countries understand our banking system better than our average citizen. They want it that way. They want the stacker to be portrayed as the crazy one and the public are starting to lose trust.
It is to my best understanding that my only way to express my dissent with the foreign controlled corporations in D.C. (the FEDERAL RESERVE and the District itself [territory not state])is to boycott their money whenever it is fiscally prudent. I realize I need FRN's in my daily life and use them under duress. That makes me as unwilling a participant in this de facto regime as I can be.
It would appear that if it is the people of America buying these ASE's, then I believe they are also doing so to. Why isn't gold setting records in sales? The people can't afford gold, they can afford silver.
I didn't start buying silver for this reason. I just wanted to protect my wealth. Yeah making a buck crossed my mind but as I read more about the scandalous things bankers do to control the populous of nations my motives changed. I believe that people in other countries understand our banking system better than our average citizen. They want it that way. They want the stacker to be portrayed as the crazy one and the public are starting to lose trust.
Tell that to the people who bought at $30-$40 range. What you're saying is that if you're lucky enough to buy it at a certain time, then you're good, if not, then you're screwed. If I bought my house in 1985, then I'm still good, if I bought it in 2003, not so much. Given your thinking, then why don't we just buy houses, or any other investment, if it's nothing but a matter of timing. That isn't a store of wealth, which is what PM's pumpers claim, it's nothing more than any other investment....
The point is that they own the system, whether you buy PM's or not, which is what most of yass can't seem to get past. This is no longer an economic question, because demand/supply mean nothing. Rather, it's a political one, who controls and who is controlled. Very childish to think that if you buy PM's, or some land somewhere, or guns, or beans, or whatever, that's what's gonna save you, and ignore the massive power arrayed against you, mainly because you give them that power by not challenging them politically. The price of PM's is showing you that if they want, they can send your stash to zero, and you'll have no recourse.
It isn't about luck. It is about holding long term. Decades. Not months or a few years. Multiple decades. You are the one incorrectly cherry picking time frames, trying to make a failed point, while ignoring the bigger picture. Step back and look at the larger picture. Don't cut down all the trees when the forest is doing just fine.
You purchase a home to live in and raise a family in. It isn't an investment. It isn't a store of wealth. It is a place to live in. Look at the long term.
If you buy multiple houses or real estate properties to speculate and flip to make a profit, then of course buying at the peak of the bubble will bite you. That is why people have been saying RE is in a bubble for some time.
So again you are looking at such a short time spectrum with everything, when you really need to think long term. Holding precious metals is not some game to speculate with and flip for more fiat. Precious metals is true money. True wealth.
You purchase a home to live in and raise a family in. It isn't an investment. It isn't a store of wealth. It is a place to live in. Look at the long term.
If you buy multiple houses or real estate properties to speculate and flip to make a profit, then of course buying at the peak of the bubble will bite you. That is why people have been saying RE is in a bubble for some time.
So again you are looking at such a short time spectrum with everything, when you really need to think long term. Holding precious metals is not some game to speculate with and flip for more fiat. Precious metals is true money. True wealth.
No surprise? The US Mint sold out every ASE. They are on allocation. You can't compare January 2014 vs. January 2013 without placing it in the context that January 2014, the Mint had allocations and sold each and everyone that they released for sale. We won't know the true demand until allocation is taken off.
So all indications are the US Mint can't keep ASE's on the shelf and people are buying them up like hot cakes. Buying ASE's and keeping their home warm aren't mutually exclusive.
So all indications are the US Mint can't keep ASE's on the shelf and people are buying them up like hot cakes. Buying ASE's and keeping their home warm aren't mutually exclusive.
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I'm guessing more like 5.1 to 5.2 M by Monday since the bulk of allocation is ordered on Mondays. Obviously in the last couple months the mint has been able to source more blanks than average and this may be related to Sunshine Minting claiming back in Sept. or so that they were just completing an expansion that would about double their blank production. Perhaps that is just coming on line now, but as of a couple years ago the mint stated that west point's production capacity is about 3.3-3.5M/mo and San Fran's is much smaller than that, I think 1M but I don't remember exactly. So the bottleneck may become production capacity and not blank procurement. If sales like this keep up I would look for an article soon in Coin World or whatever saying the mint is looking into expanding production at WP or San Fran or starting at Philly. They've never been made at denver before so I doubt denver.
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Good prices on silver eagles just about everywhere now so at the moment I don't think any retailers are struggling to get eagles. Provident has silver eagles for $2.39 over spot any quantity this weekend. JmBullion has eagles at 2.49 over spot any quantity. Apmex is as low as 2.79 over on 500+.
Will be interesting to see if Monday is a big sale day like usual, maybe not though if all these retailers have a big surplus.
Will be interesting to see if Monday is a big sale day like usual, maybe not though if all these retailers have a big surplus.
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The allocation is reset on Monday, so say the allocation for a given week was 800,000. We'll say 600,000 sold Monday, and the remaining 200,000 sold by Wednesday. They now wouldn't be able to order again until Monday, which is why Mondays will typically be the large sale day when the Mint is allocating eagles.
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March came out to 5.3M. Are we finally about to see what the true demand is? Srsrocco reported that AP's did not order the full weekly allocation last week , but still that allocation was a whopping 1.4+ M. Instead they sold 1.2M. But again can the mint sustain that kind of production month after month?
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3rd highest total for a month I believe, behind January of 2012 and 2013.
What's also surprising is the disparity between gold and silver sales, 5,354,000 silver sales/only 21,000 oz of gold sold= gives us 254.95 oz of silver sold for every oz of gold.
Probably the highest ratio for any month in the history of silver/gold eagles.
What's also surprising is the disparity between gold and silver sales, 5,354,000 silver sales/only 21,000 oz of gold sold= gives us 254.95 oz of silver sold for every oz of gold.
Probably the highest ratio for any month in the history of silver/gold eagles.
Yup, so far this week we are at 1,171,000 oz. Will probably bump into the allocation ceiling again this week? The thread title is just a troll's title that has no bearing on what reality is showing us. For all intents and purposes, this year is off to a bang. Hard to tell what the true demand is with the allocation being in place.
Leave WhatsupDoc alone. He's had some bad luck in life & this is pretty much all he has left to hope for. :goodnight: