Forum Post: Gold Wise & Penny Fools
Posted 13 years ago on Nov. 26, 2011, 12:47 p.m. EST by shakespirit
(1)
from Fort Lee, NJ
This content is user submitted and not an official statement
GOLD WISE & PENNY FOOLISH? November, 26, 2011
If the salvage value of any Lincoln Penny is worth 2 cents, already; then, why risk money on Gold Speculation? (Ref: Coinflation.com)
And, if all Americans start hording their pennies, will Conservatives insist on a new penny made of a new copper alloy, which is only about 25% copper, like some of our new electrical wiring?
Or, will all retail outlets start rounding-off your sales slips to the nearest nickel to earn more revenue for State, County & City Sales Taxes?
Or, will Congress reevaluate the penny to 2 cents, on Jan. 1, 2012? Or, will Congress outlaw and recall all existing pennies, like Gold during the Great Depression?
Serious Questions by:
James H. Armistead shakespirit@gmail.com Laughlin, NV. 89029
nickles are worth 6.8 cents =)
::::::::Why Kyle Bass Acquired $1 Million Worth Of Nickels::::::::
http://articles.businessinsider.com/2011-11-18/wall_street/30413967_1_fund-managers-uk-debt
and as far as pennies go, any penny from 1962-1981 are 95% copper, and considered bullion. If you drop your pennies one by one on a hard surface, like a tile floor or granite countertop, the difference in sound between zinc pennies and copper pennies is absolutely unmistakable. (You don't have to look at the dates) The 95% copper pennies RING OUT. (which I like to call the ring of truth) The zinc pennies sound like a thumbtack hitting the floor. If you have 10 pennies in your pocket you are almost certain to find that 3 of them are bullion.
We can not do anything with such people : For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, traitors, heady, highminded, lovers of pleasures more than lovers of God . This know also, that in the last days perilous times shall come.
Huh? The modern penny is already 97.5% zinc and is not worth 2 cents based on metal value. From the same site referenced, it's worth $0.0050641 (i.e., ~1/2 cent).
Great Story