US Nickel Melt on Stephen Colbert

[JadeDragon]

Stephen Corbert was interviewing an author talking about banks and how they are screwing up the economy. I really tuned in when the author started talking about some guy who figured out that the US nickel was worth 7 cents in melt value so he went to the bank and ordered 20 million nickels. The bank said that they would have to call him back. Than the Federal reserve called and asked why he wanted the nickels - he said he liked nickels. They bantered about how you even ship that many nickels and mentioned a brinks delivery.

This should attract some attention to nickel hoarding. I don't know who the story is about or if it is true but there are a lot of people who recognize that inflation has made the US nickel worth more in metal value than face and that a bunch of us plan to benefit from that in time.

[PennyPauper]

It's getting too easy to poke a finger at the soft underbelly of the dollar with the ongoing debasement of U.S currency.
Crazy when a jester may have more power then elected representatives to put things in context and raise a issue.
TPTB might put a collar on him if he keeps it up.But its only a joke,right?
Sadly it is becoming in vogue to wish the dollar is squashed.
It would take $5 copper and $20 nickel to push melt to 2x face for the nickel.Which isn't far off at current pace.IMHO.

[PennyPauper]

http://www.colbertnation.com/the-colber ... hael-lewis

[Rodebaugh]

Thanks for the link PP.

The guy should join realcent. username: 20MillNicks

[Corsair]

Thanks for the link PP.

The guy should join realcent. username: 20MillNicks

Otherwise known as "Ponce."

[Nickelmeister]

Thanks for the link PP.

The guy should join realcent. username: 20MillNicks

For this guy, I would gladly relinquish my handle.

[AGCoinHunter]

Otherwise known as "Ponce."

Wonder what happened to Ponce? He never migrated over to the new RC. If I recall correctly he left the old RC a bit before the switch.

[Corsair]

Otherwise known as "Ponce."

Wonder what happened to Ponce? He never migrated over to the new RC. If I recall correctly he left the old RC a bit before the switch.

Right. He had a falling out. I don't remember the exact details, but something really upset him, and he left, never to return. I miss the old Godfather.

[JadeDragon]

http://www.colbertnation.com/the-colbert-report-videos/372964/february-01-2011/michael-lewis

Can't see the Comedy Central inked videos in Canada so I did not try to find it. Thanks for posting it. I was zoning out when this came on so I missed the first bit. I'm unclear if the story was a joke or a real story or what.

[JadeDragon]

It's getting too easy to poke a finger at the soft underbelly of the dollar with the ongoing debasement of U.S currency.
Crazy when a jester may have more power then elected representatives to put things in context and raise a issue.
TPTB might put a collar on him if he keeps it up.But its only a joke,right?
Sadly it is becoming in vogue to wish the dollar is squashed.
It would take $5 copper and $20 nickel to push melt to 2x face for the nickel.Which isn't far off at current pace.IMHO.

Nickel has been higher than that I think. Canadian Nickels were worth well over 2X at one point.

[fasTT]

In 2007 they hit $27/pound.

$5 face of Canadian 1981's and earlier had a melt of over 5x face.

The lead up to that is what made me realize that these coins are the exact same thing as junk silver and a great opportunity was at hand.

[HoardCopperByTheTon]

Wasn't it Ardent that ordered those nickels?

[west77]

In 2007 they hit $27/pound.

$5 face of Canadian 1981's and earlier had a melt of over 5x face.

The lead up to that is what made me realize that these coins are the exact same thing as junk silver and a great opportunity was at hand.

I think you just told my story. I noticed at around $15 a pound, watched it peak and proceed to slide. Now we are slowly getting back to where I first noticed it... I think I may have found a never ending source of loose nickels to buy at face from a place that wraps their own coin, but pays to deposit it in the bank... I think that I can "purchase" them @ face then wrap and deposit the post '81 coins. First I might need to find a place to sell the sorted coin as I almost feel that I have enough $$ tied up in nickel.

[Recyclersteve]

Sorry for the very delayed response... This was almost certainly hedge fund guy Kyle Bass out of Dallas who ordered the million dollars in face value of nickels. My rough calculation is that the nickels weighed about 210,000 lbs. Read up on Bass when you get a chance- interesting guy who made a killing when real estate cratered.