It’s quite a story unfolding regarding the US Mint’s gold supply, as reported by The New York Times. The core of the revelation is that a significant portion of the gold finding its way into the US Mint’s reserves, specifically for investor-grade coins which by law should be sourced domestically, has been traced back to Colombia and, in some instances, even Venezuela. This isn’t just a matter of where gold comes from; it’s about the murky and often criminal pathways it travels before reaching official channels. The implication is that the meticulously regulated world of precious metals, especially that which underpins investor confidence, has had its integrity compromised by illicit activities.… Continue reading
In other news, a group of Senate Democrats has introduced the “Change Corruption Act,” a bill aiming to prevent the government from minting coins featuring a living president, specifically targeting a planned commemorative coin featuring Donald Trump. The bill, introduced by Senators Merkley and Cortez Masto, directly challenges the U.S. Mint’s plans to create $1 coins with Trump’s likeness in honor of America’s 250th anniversary. However, the bill faces significant obstacles given the current political landscape. It is also important to note that if this coin is minted, it wouldn’t be the first time a sitting American president has had his face on American currency.
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The Treasury Department plans to cease penny production, ending the minting of this historic coin due to escalating production costs. Currently, manufacturing and distribution of a single penny costs approximately 3.7 cents, resulting in significant annual losses for the U.S. Mint. Eliminating penny production is projected to save roughly $56 million annually. This decision follows previous administrations’ considerations of the same issue, driven by the increasing expense of zinc, the penny’s primary metal component.
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Matt Underwood 
John Q. Hosedrinker