H.R.3405 To authorize the production of...bullion coins in palladium
Rehberg's Coin Idea
BILLINGS - Stillwater Mining Company could soon get a boost. United States Representative Denny Rehberg Thursday introduced legislation that requires the U.S. Treasury to mint a 1907 Augustus Saint-Gaudens palladium bullion coin. Though the original coin was made of gold, the new coins would be made from palladium from the mine. Rehberg's intention is that by the mine making the coins, it would help ease the burden of losing its contract with General Motors. "Unfortunately, introducing this legislation is not going to offset the damage of General Motors canceling the palladium contract, but we'll do anything we possibly can to help the folks up at the Stillwater mine," said Rehberg. Stillwater Mine is the only domestic producer of the precious metal.
http://www.msnbc.msn.com/id/32229267/ns/local_news-billings_mt/
Russia owns a majority stake in Stillwater
Wonder how that happened? I'd love to have some of the Stillwater palladium bars and rounds but they are hard to find.
I think palladium is an undervalued metal because there is not very much of it and it has many uses. If the U.S. Treasury does mint a coin it will be in high demand with PM bugs.
(Stillwater Mining has staked a claim to one of the few significant sources of platinum and palladium outside South Africa and Russia....The Company has proved and probable reserves of 20 million ounces of PGM. Russian mining giant Norilsk Nickel owns a majority stake in Stillwater.) http://www.answers.com/topic/stillwater-mining-company
This Coin Expensive
The bill or law for this coin confuses me.
It implies that you can only buy this paladium coin if you by a 1 oz gold eagle as well. There is also the implication that it will only come in a special box set that will have a significant premium over the cost of the base metal.
So instead of the coin being 300 it would be 1500 if you wanted to own one.
I am confused.
Long overdue. grant
Long overdue.
grant