Buying Gold Bullion More Likely than Trillion Dollar Coin

Have you heard the one about that fiscal cliff America was going to dive off of? Well, no matter who you personally caused the problem, the minting of a trillion dollar coin (definitely a step up from gold coin and silver coin) was one proposed solution. The idea kicked off in 2010 courtesy of a Georgia lawyer with the screenname, “Beaowulf” (Wired.com). It was the simplicity of the plan that made it so brilliant and when a threat of a another debt ceiling appeared in 2012 a White House petition was started in order to convert concept to reality. (HuffingtonPost.com). Despite national support surrounding the idea, buying gold bullion is a more likely proposal than the minting of a trillion dollar coin.

There is a very bizarre law on the books that states that the government can mint a platinum coin worth any dollar amount they choose. That money would then be deposited into the Federal Reserve, paying off the debt and making it completely unnecessary to make arrangements in order to deal with the fiscal cliff. At the current platinum price of $1686 (just above the gold price of $1676 for 1 oz gold on 1/30/13) to mint a real coin that was equal in its’ weight to its platinum value would require approximately 37,069,988 pounds of the precious metal. The Washington solution would to be to mint a coin of a more reasonable size and simple label it with its’ worth.

Either way, it is less than likely that this coin will be minted, but the fact remains that the US Mint still forges gold coins and gold bars. Merit Gold is only one source where consumers can begin buying gold bullion that is backed by the muscle of the US Government. Individuals who plan accordingly will be able to make buying gold bullion a reality and have the resources to hedge their losses against any unusual strategy.