Tuesday, November 18, 2008

Chronicles Of Depression 2.0: #419: Gold 2

GOVERNMENTS CAN'T HANDLE GLOBAL RUN ON GOLD COINS
THERE'S a worldwide run on gold coins.

Even as the price of the precious metal itself comes under pressure along with commodities like oil and copper, people around the world are demanding so many of the valuable coins that government mints are having difficulty filling orders.

A spokesperson for the US Mint tells me that gold coins in this country, for the past month, "are being allocated because of an increased demand."

And the price that the government charges coin dealers has recently been increased by as much as 10 percent for a 10-ounce coin.

Robert Mish, a coin dealer in Menlo Park, Calif., says customers who want to purchase 200 gold coins often have to wait up to two weeks. Six months ago, he said, a purchase that size could have been filled immediately.

Someone who recently tried to purchase 100 one-ounce American Eagle gold coins in the New York City-area was turned away, even though he'd uneventfully made purchases before through the same dealer.

And even when gold coins are available, dealers report that customers are paying a bigger premium than they would have just a few months ago.

Fools.

Try to fill your belly with gold. Try to run your car or light and heat your home. Try to fill your car's tank with it.

Whatever you've paid for gold, you've already lost. With what's coming, you'll see that investment disappear as the vultures pounce on you with especially-inflated prices Just For You.

Previously here:

Chronicles Of Depression 2.0: #409: Gold
Chronicles Of Depression 2.0: #407: $2K/oz.
Chronicles Of Depression 2.0: #248: Gold Coins

No comments: