Visions of Silver Profits Dance in Their Heads
December 17, 2010
Time slows down at this time of year.
Kids are waiting for their Christmas presents.
Hobbyists are waiting for presents of another sort. They want a set of the new America the Beautiful 5-ounce silver bullion coins.
With a total available supply of 33,000 sets, many are seeing dollar signs before their eyes. They figure getting a set will allow them to resell it at a guaranteed profit.
There is great tension in the air. Many are concerned they will be denied their opportunity to profit on this seemingly sure thing.
Today is the deadline by which each of the Mint’s 11 authorized purchasers must make their intentions known as to whether they will take their 3,000-set allotment. As of yesterday, seven said they would.
If any of the remaining four decline their share of the coins, the remainder will be reapportioned on Monday among the other authorized purchasers.
How will the authorized purchasers then proceed with their businesses? The Mint has imposed price restrictions, allowing just a 10 percent markup plus shipping and handling, and a one-set per household purchase limitation.
The kids are waiting to find out, er, hobbyists are. It’s hard to tell them apart.
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