U.S. Mint seeks vendors for palladium coin planchets

[CaptHenway]

From Coin World:

 

http://www.coinworld.com/news/precious-metals/2016/05/us-mint-seeking-vendors-for-palladium-american-eagle.html?utm_content=bufferd5a51&utm_medium=social&utm_source=facebook.com&utm_campaign=contentlinks

[RWB]

Gag. Special interest legislation and a rip off of taxpayers.

[Conder101]

Not to mention if they are able to sell 100K pieces like they hope, that is roughly 1/3 of the annual domestic production, And since domestic consumption is well over annual production that means we will have to buy that 100K oz of metal from overseas.All this program will do is take money from US citizens and send it to other countries worsening our balance of trade.

[bstrauss3]

Actually I figure that they will determine it's not financially feasible - the cost over spot - and cancel it because of that ... "the dog ate my bullion coins" excuse. Seems fitting - a bogus excuse for a bogus program.

[Conder101]

Problem is the law says they HAVE to make them.

[bstrauss3]

But the secretary determines the QUANTITY

 

(v)Palladium Bullion Investment Coins.—

 

(1)In general.—

 

Subject to the submission to the Secretary and the Congress of a marketing study described in paragraph (8), beginning not more than 1 year after the submission of the study to the Secretary and the Congress, the Secretary shall mint and issue the palladium coins described in paragraph (12) of subsection (a) in such quantities as the Secretary may determine to be appropriate to meet demand.

 

(2)Source of bullion.—

 

(A)In general.—

 

The Secretary shall acquire bullion for the palladium coins issued under this subsection by purchase of palladium mined from natural deposits in the United States, or in a territory or possession of the United States, within 1 year after the month in which the ore from which it is derived was mined. If no such palladium is available or if it is not economically feasible to obtain such palladium, the Secretary may obtain palladium for the palladium coins described in paragraph (12) of subsection (a) from other available sources.

 

(B)Price of bullion.—

 

The Secretary shall pay not more than the average world price for the palladium under subparagraph (A).

 

(3)Sale of coins.—Each coin issued under this subsection shall be sold for an amount the Secretary determines to be appropriate, but not less than the sum of—

 

(A) the market value of the bullion at the time of sale; and

 

(B) the cost of designing and issuing the coins, including labor, materials, dies, use of machinery, overhead expenses, marketing, distribution, and shipping.

 

If he makes 1, the cost is what? $10M for 1oz? "See, there wasn't any demand"