Oh yeah, and don’t try to carry more that $5 worth of the coins out of the U.S. Thanks. Have a nice flight…
The restrictions on moving things of value OUT of the U.S. are, in my opinion, the most telling signs that the U.S. is approaching economic collapse. If they’re implementing this rule for pennies and nickels… After trillions of dollars of public wealth have been stolen and squandered…
Put a fork in it. It’s got to be close to done.
I never really bought into the Government-Seizing-Physical-Gold theories that gold bugs have been howling about for years. Well, even though I didn’t buy into that stuff before, you’d have to be in total denial if you think this pennies and nickels thing isn’t going to be about precious metals at some point in the not to distant future. And I’m not a gold bug anymore. I’m a shovels, seeds, goats and cows bug now.
I don’t like to do things like this, because it frightens people, but I’m left with no choice this time. I’d rather be wrong, and burn some credibility karma, than be right having not said anything.
WARNING: If you plan on removing physical gold, silver or platinum from the U.S., do not wait any longer to do it. GET YOUR ASSETS OUT NOW. The window of opportunity for removing anything of value (that is convertible into another currency) from the sinking ship is closing rapidly.
While it’s impossible to know for sure, I think you should be quietly implementing your overall contingency plans now, whatever those might be. And the fewer people who know about your plans, the better.
Via: USA Today:
People who melt pennies or nickels to profit from the jump in metals prices could face jail time and pay thousands of dollars in fines, according to new rules out Thursday.
Soaring metals prices mean that the value of the metal in pennies and nickels exceeds the face value of the coins. Based on current metals prices, the value of the metal in a nickel is now 6.99 cents, while the penny’s metal is worth 1.12 cents, according to the U.S. Mint.
That has piqued concern among government officials that people will melt the coins to sell the metal, leading to potential shortages of pennies and nickels.
“The nation needs its coinage for commerce,” U.S. Mint director Ed Moy said in a statement. “We don’t want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers.”
There have been no specific reports of people melting coins for the metal, Mint spokeswoman Becky Bailey says. But the agency has received a number of questions in recent months from the public about the legality of melting the coins, and officials have heard some anecdotal reports of companies considering selling the metal from pennies and nickels, she says.
Under the new rules, it is illegal to melt pennies and nickels. It is also illegal to export the coins for melting. Travelers may legally carry up to $5 in 1- and 5-cent coins out of the USA or ship $100 of the coins abroad “for legitimate coinage and numismatic purposes.”
Violators could spend up to five years in prison and pay as much as $10,000 in fines. Plus, the government will confiscate any coins or metal used in melting schemes.
Research Credit: MT and PS
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