U.S. MINT FAILS TO RESTART SALES OF AMERICAN EAGLE GOLD COINS
October 1st, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
When I initially mentioned that the U.S. Mint had stopped selling American Eagle gold coins, that represented such a weird situation that I turned a screen shot of the U.S. Mint’s web page into the banner image for Cryptogon, as you see above.
With the global economic situation becoming more precarious by the day, I thought I’d just follow up and check out the U.S. Mint’s American Eagle gold coin page again, to make sure that they restarted sales of the coins, as they “expected” to on September 27th.
The coins are STILL not available. The U.S. Mint has also failed to provide an estimate on when sales will resume.
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Via: U.S. Mint:
Due to the increasing market value of gold, the American Eagle Gold Uncirculated Coins are temporarily unavailable while pricing for this option can be adjusted; therefore, no orders can be taken at this time.
As I understand the tax situation vis-a-vis Gold Eagles in the US – because they’re money, you don’t have to pay capital gains tax on any profit you make when selling them.
This doesn’t apply to Canadian Maple Leafs, Krugerands, etc.
I’m open to correction on this. I’d also be curious to know what the situation is in other tax regimes (Canada and Ireland/Europe, for example).
This one is a head scratcher. The gold is easy to get. Hard to understand the difficulty in buying gold at spot price, minting the coins, and collecting the premium. Even if one must carry a week of gold in inventory, the short term price fluctuations should cancel out. No other bullion mint has shut down due to price volatility. New Zealand Mint has increased production 300% in the past 6 months, no problem.
The only thing that I can think of, is that since the 1980s, the gold eagle program has been based on reuse of the US inventory of coin melt 22K gold. Maybe they ran out and have to order 22K gold alloy from a refiner for the first time in 75 years? Maybe that was the reason for the introduction of the pure gold US buffalo coins, pure gold is easy to buy?
Easier reason: the currency is becoming worthless so they want to force people to use it by having fewer alternatives.
Dermot,
Gold is like any other other asset – in the U.S. you report the gain on the sale of the asset as you would any other to the IRS. You know put on the form what you paid versus what you received.
I can tell you however, there is no “reporting to the IRS” when you buy stocks, and there is no reporting “when you buy gold or silver” either.
So, how many people do you think – that have held onto stocks for a gazillion years – and then sell them, report faithfully the buying price? No one is tracking that!
You report what you WANT TO.
I don’t want to tell you to be a cheat, but what incentive is there to being honest in our system of taxation? NIL! Who wants to be honest with Enron, Iraq, Blackwater, all the truly EVIL things we see being done with our tax dollars in the U.S.? Our tax dollars are being used to subsidize a crime syndicate. All I can say is pay what you will.
As for me? Sure, brother, I’ll be reporting all my transactions re gold ASAP! Snark. Can’t touch me. I would as soon report my transactions in gold (if I had any) as I would if I was making a profit off of selling weed or other stuff.
Back on topic, this coin thing is most interesting to say the least. It says to me that the U.S. GovMint is coming round to recognizing the true value of a gold coin after years of price suppression, and sheesh, if we the GovMint are going to sell this shiite, well then, we better take a wait see stance to see what the market will BEAR (ha, ha) in terms of recognizing the value of gold.
We have to thank the Shrub for something! When GWB came into office the price of gold per ounce was something like $220. A barrel of oil was $46 (?) per barrel; and a gallon of gasoline was at about a $1.46 US.
Now gold is climbing out of the $700 per ounce range, oil is over $80 per barrel, and gasoline hovering near $3.00 per gallon.
Who profits? I hope you own gold.
Wow, gold just dropped to $734! Maybe nows the time to buy, before it shoots up past $800! Oils down too, and the Dollar is up! What is going on?!?! Maybe the PPT at work again?
Meanwhile this from Survival Acres:
10/01/07 – New wheat prices (again!). We warned you – wheat is changing DAILY. Price increase of 30% – 40%!!
Emergency Food Price Increase
Filed under: General, Collapse — admin @ 1:48 pm
We just got hit with an emergency price increase on all wheat products, effective immediately. This has affected everything that is wheat or wheat based, and we’re already being told it will only get worse. From the cannery:
Wheat prices are very unstable and are climbing daily. We have no choice but to raise our prices. This also affects the price of flour-which in a few weeks will affect the price of our baking mixes. It’s is a merry-go-round. These prices are in effect today with all new orders and they may change weekly. Wish we had bins full on the premises but we do not!!
Daily prices changes are bad news for everyone. We will expect to change all other wheat-derived products soon too.
It was a whopper of a price increase – 30% – 40%.
You’ve been warned — I’ve no idea how many people still read this blog anymore, but it’s the only way I have of getting the word out of what’s happening with food.
I’m not alone – there are many other voices out there who are clanging the alarm bell.
I wonder if this is related to the use of gold coins to eliminate reporting wages to the IRS (nominal values bellow IRS reporting threshhold).
http://www.immigrationwatchdog.com/?p=4807