Wall Street Manna

An irreverent look at Wall Street

Saturday, February 14, 2009

Gold Bullion Act of 1985

This is the act that allows the Mint to produce and sell gold bullion coins.

(e)
Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities sufficient to meet public demand,

(2) (A)The Secretary shall sell the coins minted under this subsection to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
http://www.law.cornell.edu/uscode/31/5112(a)(7).html

Before, we could buy gold at just a slight premium. Check out the latest pricing schedule.
http://catalog.usmint.gov/wcsstore/ConsumerDirect/images/catalog/en_US/GoldCoinGrid.pdf

Which makes you ask---Whatever happened to the Gold Bullion Act of 1985?

1 Comments:

At February 16, 2009 at 2:03 PM , Anonymous Anonymous said...

Despite the Gold Bullion Act of 1985, the US Mint keeps trying to discourage gold investment. If the US Mint doesn't want to produce gold bullion coins, than someone else will. I own several different types of gold bullion coins, which are just as viable an investment as a US minted coin. I started my gold investment 2 years ago by picking up several Krugerrands. I now own gold Canadian maple leaf's and some Chinese Panda bullion coins. If you look on Ebay you'll see that Panda's go for more money than American Eagles.

I also think that buying gold bullion coins is probably the best way to invest in gold. Buy gold coins from different countries and at some point some of those counties may run low on their supply of coins and your investment will go up. There's nothing wrong with buying gold coins from different countries. Take a look at the following article which shows various gold bullion coins available from many countries.... http://www.goldnewswire.net/gold-bullion-coins#gold-bullion-coins

 

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