CRH on ABC Nightline

[madwest]

Did anybody see the piece on copper hoarding that they did on ABC last night. http://abcnews.go.com/Nightline/

They featured a guy with ~10 5gallon home depot pails filled with brass cents from his Ryedale - buying bags and rolls from the bank and sorting them for 1982 and before.

They also interviewed the Portland Mint guy (Adam Young).

From the link (http://abcnews.go.com/Nightline/), there is a video of the feature. Watch it now before the feature goes away from their main page.

 

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[Bigheed]

all I have to say is WOW that guy in Portland is doing it right!

I wonder what kind of overhead he has though, that looks like a big warehouse, he has a forklift, multiple machines for counting, armored deliveries..seems like he is doing quite well though!

 

[madwest]

all I have to say is WOW that guy in Portland is doing it right!

I saw an Ebay auction from the Portland Mint once for 1,000,000 copper cents. I don't remember the details of it, but I think it was 1.7x face at the time.

 

[favored papa]

i saw it and thought :Thank God itis not on silver hoarding.

HH

 

[Lawrence]

Saw that. Pennies seem like a great deal if you have the space and a sorter. I think I'll stick with silver, though.

 

[CardsNCoins]

all I have to say is WOW that guy in Portland is doing it right!...........

His name is Adam, and he is a real nice guy. I bought some canvas bags from him a few weeks ago. He is a moderator over at RealCent.org, and the the guy with the orange pails is a member there too.

 

[Farchaus2k]

That is the definition of dedication.... They could basically open up their very own mint at this point.

 

[oxbowbarefoot]

He's pretty young to be that smart. There isn't going to be a shortage of coppers for a while, even if we hoarders multiplied 10 fold. Plenty of coppers to go around, for now... I've only got a few hundred pounds myself, sorting pennies takes away from my silver hunt. Once the silver gets too thin I'll do more pennies.

 

[madwest]

Seeing the Portland Mint operation proves that a business model does exist.

The capital for 2-3 high volume, high speed sorters and a corresponding number of coin rolling machines would not be out of reach.

For as long as cents circulate, there will be a market for boxed, MWR cents at face value (sans the brass ones of course). One could probably contract with regional banks by undercutting Brinks, etal and have no problem liquidating the zincolns.

I don't know why I'm not moving on this immediately. I guess I'm too old and too scared to take a chance. I will look back on these days and regret not doing more than I did with brass cents. I will have many tons of hoard (@ 900+lb currently), but will wish that I had done more.

Andy indicated that he has been approached by investors. He is ideally positioned to hold physical inventory for investment funds. I want to be his competition.

 

[MauserMan]

Good video into the world of copper hoarders. I'm a real small fish, just a couple pounds I suppose, haha. I consider copper to be the third form of real money, but if the stock market crashes again, gold and silver might hold up this time amid a fiat debt crisis... but, silver less so than gold, and copper would be the biggest crap shoot. I still like copper though.

 

[AgentX]

Running this story on the Yahoo landing page now.

It would be nice be be able to "go all in" on copper hoarding. I'm to scared of the capital investment and tying up to much of my limited funds. These guys are definitely doing it right.

 

[MIhunter]

I would warn against putting too much in copper. Copper like most base metals tends to drop in value when recession or fears of recession occur. Most demand for copper is industrial and if industrial demand drops so does price. This is what has happened in the last few months to the price of nickel, copper and zinc. Investing in metals like other forms of investment are best made without putting all the eggs in one basket.
It is one thing to sort pennies for the copper ones and sell them at a premium over face value, that's business, and there is money to me made. But if you are interested in investing in metals, don't forget silver and gold. Far better investments, if one looks at the last 10 yrs.

 

[MauserMan]

Running this story on the Yahoo landing page now.

It would be nice be be able to "go all in" on copper hoarding. I'm to scared of the capital investment and tying up to much of my limited funds. These guys are definitely doing it right.

Oh my, it is...

 

[AGBlex]

he's going to melt down 30 1909 s vdbs.......

 

[blkcwbyhat]

a while back on one of the survival guys blog,there was a guy who used penny boxes to "bulletproof" his home!Stacked them along the walls,and it was also his Doomsday cash bank! The problem is,was,that he had it on the second floor also..can you imagine the weight on the joists?

 

[jrf30]

he's going to melt down 30 1909 s vdbs.......

Probably not a one. Because like ALL of us ewith Ryedalkes, the 1941 and older cents do NOT go into the copper side. PLus, we mostly all search the wheat side FOR wheats. take those out and still keep the copper. BVut even for those who donb't search the wheat side, the 1941 and olders STILL don't go to the copper side.

And some propbably go back into the WILD, since many don't check the reject side while using the ryedale for coppers.

:-)

 

[AGBlex]

Jrf.... you just eased alot of the stress i've had reading those articles in the news. thank you very much

 

[tlowery04]

anyone know what kind of machines those were?

sorry for the old thread but I'm curious if anyone figured it out. I contacted Alison cumings a while back and they said non of their machines sort for copper.

 

[tlowery04]

Cummins-Allison**

 

[DrawkcaB]

updated link:
If Laws Change, 'Penny Hoarders' Could Cash in on Thousands of Dollars - ABC News