Currency Arbitrage – Zinc Highs Make Pennies More Valuable
October 18th, 2006 by Stephen RomanWith Zinc prices at record levels the metal in a penny is worth more than the denomination
Zinc passed the $1.80 mark today, that means the current “penny” has a melt value of $0.0101867. All the coins in your penny jar are worth more than their denomination (except for steel cents made during WW2).
One thing that is certain is that Zinc will not rise much above these levels. If it did, there would be a huge supply of the metal could readily be brought to the market like the silver melt of the 80’s.
At the door of the coin shop we had an armed security guard. I wore my .380 Walther on a belt holster on my back under my shirt. We could only permit a dozen or so in the shop at any one time. Outside, at times as many as three or four dozen were lined up waiting their turn to convert their silver to cash money. It was exciting. We all knew we were racing to hyperinflation.
Posted: October 18th, 2006 under Americas, Currency, General.
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