Comments

Episode-567- Rob Gray on AOCS Copper, Silver and Gold — 20 Comments

  1. @Bryan I am pretty happy about it. He will only be able to do so much though. What we need on the hill are some others like Ron, at least a few dozen to get anything really done.

  2. Jack, if one were to hoard pennies (In Canada, pre 1997)

    How does one cash in if it is worth 2.5x

    Since it is 95% copper, you have to get the impurities out, short of smelting it (1981F)

  3. @Brent, Well right now melting is illegal so hoarding is the market. That said pre 82s are going for about 1.5-1.75 face value on eBay and selling that way every day.

    Machines now let people sort thousands per hour. Once they are pulled from circulation the melt law will lift. The only thing that made it took this long was the appearance stayed the same.

    @Richard, wrong place for that, you have to do it on the AOCS facebook page (link in the notes above) to have a chance to win.

  4. Great show, Jack and Rob. I pre-ordered some TSP copper rounds. As a crafter, I will be looking forward to being able to use this as an exchange with other like minded crafters, and to enlighten those who are not…yet! I know folks active in the Texas Ren Fairs, and they are going to love Rob’s idea of minting coins of the realm!

  5. The currency I exchange with my rural neighbors: Goodwill.

    Just today I was called by a neighbor to verify the condition of a dying animal and “give it a boost” so to say. This is something I can do for my neighbors and it has value.

    That being said, whenever there is something my neighbors can do for me, they are always eager to help.

    Gold, silver, copper? Yes! But let us not forget the value of being a good neighbor – far more important in a short term situation than shiny bits of metal anyways.

    Blessings!

    J

  6. At least this is what a coworker of mine proudly exclaimed today! I was amazed it was all I could do to keep from laughing. I’m not saying gold couldn’t have a painful correction, but the notion that you’re better off in treasuries and GM stock than gold and farmland is the most ridiculous financial comment I’ve ever heard in a face-to-face conversation. Maybe I should encourage him to run for congress…he’d fit in well.
    Sorry, this is a bit off topic, but very much related to metals and commodities. I posted this on the forum, but wanted to share it here, too.

    I had a coworker confidently tell me that gold and farmland are bubbles waiting to burst, and that he’s putting his money in US Treasuries and GM stock!!! I’m pretty sure there most folks that frequent the TSP sites will be as flabbergasted as I was that people actually think this way. This tells me gold is still a long way from a bubble. If this guy is right, I deserve to loose all my money because it means I am 100% wrong about everything…

    Man, I’m still just shaking my head…

  7. Really looking forward to listening to this later today. Right now, I can’t get Burl Ives singing “Silver and Gold” from Rudolf The Red Nose Reindeer out of my head.

    I’m rolling out my side gig after Christmas, and will make silver one of the payment options. The AOCS marketplace looks like a good option as well.

  8. Great interview Jack! I’m curious to hear more about how AOCS interacts with non-PM based local currencies such as the Ithaca Hour. Maybe I’ll fire off an email to Rob. I believe that the Ithaca Hour movement has been successful enough that the county/city government now accepts Hours for payment on taxes and other government fees. It’s a good system, but it’s a complete script system with no commodity backing so there is no value if the system collapses someday.

  9. Other metals worth considering making into rounds? Scrap tin is going for $11.61 a pound. Scrap nickel is going for $10.77 a pound.

  10. I am not sure I understand. But if the cost to produce the currency is more than the face value. there is not value in the currency.. So why would I pay more than market value of the coin, if it does not have the buying power of the face value..Someone please help me understand..

  11. Scott, the cost of the AOCS rounds is 1.00 – 1.25 depending on quantity. They have a face value of 2 in the barter network. You have it backwards.

    Now our cost of production is far beyond the spot price of junk copper, I think that is where you were getting hung up.

  12. Jack,
    I’m not sure what you did with the audio today but this was the first interview show where I did not have to turn my volume all the way up to hear what was being said. Keep up the good work.

  13. Good stuff, pre-ordered 50 already.

    Couple questions:

    1. I’m trying to join AOCS as a merchant, but haven’t heard back from them. Do I have to wait for them to contact me, or can I just start accepting AOCS currency? Would seem the latter, just want to check. I imagine the contact is just to be listed in the upcoming merchant directory?

    2. Are there any plans to do AOCS electronically? Perhaps a holding company who credits/debits between members accounts and actually holds the physical AOCS rounds? Perhaps this is a good business opportunity, as many of us have web-based enterprises, and it’s just always a pain in the butt to have people mail a physical coin.

  14. Where can I find an online directory of merchants who accept AOCS? I spent a half hour on opencurrency.com but couldn’t find it and only want to buy some if I can know who takes it.