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Trillion Dollar Platinum Coin Issue Proposed

President Obama has expressed his reluctance with regard to lifting the US debt ceiling. With the nearing fiscal cliff, the US has come up with a new proposal: a trillion dollar platinum coin.

The one trillion dollar-worth platinum coin could be used to pay off part of the US' accumulated debt. Unlike fiat currency, this coin could have precious metal backing.

Could this be a sign of a platinum standard instead of the long-redicted return to a gold standard?

The law limits the denominations that gold and silver coins can bear and, the law also limits the amount of paper currency that can circulate. But there is no legal limit regarding platinum.

It's both legal and technically possible for the US to release a platinum coin worth 1 trillion dollars.

The coin would most likely have very low mintage and all of them would be well-guarded. This would not be available to the great public.

This comes as stunning news to those who already own platinum. There is a possibility that platinum's price could skyrocket if the US engages into such an activity. Even if not directly, it could influence the price of platinum due to intense publicity to the metal.

Mainstream media has covered the issue in the news. CNN, Bloomberg, RT and other prestigeous TV channels have covered the subject.

Below you will find a a video regarding the platinum coin...

Video by Bloomberg:

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