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Gold/Mining/Energy : Silver prices
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To: long-gone who wrote (4441)1/13/2002 8:03:11 PM
From: goldsheet  Read Replies (2) of 8010
 
Don't know how many numismatic gold and silver coins are out there, but suspect that even if one were crazy enough to melt them all it would not be a significant amount of ounces. One would have to go through a PCGS population report (6 million coins graded), then NGC, etc .. to see how many ounces were submitted for grading.

Even if 6 million coins were all $20 gold pieces, it would be under 6 million ounces of AU, and if all were silver dollars it would be under 5 million ounces of AG. Of course many coins are smaller denominations and many coins have not been graded. Even if 50 million ounces of gold coins and 200 million ounces of silver were out there, it would be relatively small impact, which isn't going to happen because they aren't likely to be melted.

Trivia: I need to get the data/reference but there was a time when aluminum was more expensive than gold, prior to development of an inexpensive smelting process for bauxite. It was more much cool and expensive to have an aluminum dome on a public building than gold leaf.
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