From the Sept. 5 Numismatic News E-Newsletter:
Q. Will it make any difference to the hobby which presidential candidate wins in November?
Here are some answers sent from our e-newsletter readers to Editor Dave Harper.
I look at these two as a choice between being shot or hung.
Crystal Lake, Ill.
Yes! If the GOP gets back into office, our economy will continue in its downward trend because we are spending ourselves to death in Iraq.
If the Democrates get into office, they will try to correct the problems the GOP has caused, but it will also cost money and this will cause the economy to suffer. My opinion.
It looks to me that the expectations for Obama are high and with it rampant inflation, which is a hallmark of the Democratic Party. They print the money to get what they want when taxation falls short, which it will in the current state of the economy. This is being countered by the feverish pace of the purchase of gold for which the Mint cannot keep up. Numismatic rarities and art are also viewed as a safe-haven for large amounts of cash. It is obvious that a major shift in wealth resources is taking place, in preparation for political change. Numismatists are buying all they can fit into their comfort zone.
While I strongly believe that the U.S. Mint is now producing too many expensive specialties aimed at collectors and investors, e.g., proofs of gold and platinum, too many sub-varieties, satin whatevers, first lady gold – should be affordable silver, etc., – neither party holds the majority of the guilt. The Mint’s policies do not seem to derive from any political pressure from a particular party. So for future Mint productions for collectors, I’d say 50 percent to Obama and 50 percent to McCain. Or perhaps zero percent to both of them, with internal nonpartisan Mint decisions responsible for 100 percent.
Santa Rose, Calif.
The Republican Party’s inflationary policies have caused gold and silver prices to spike upward. Therefore, one should vote for John McCain if one has attained the age to cash out or is in a position to benefit from inflation. McCain has admitted that he knows nothing about economics, so plan accordingly.
The years the Democrats controlled the Presidency had stagnant gold and silver prices and low inflation rates. A young person should prefer to accumulate precious metals at lower prices. Obama is the logical choice for those who are starting to accumulate wealth.
Lower prices should be treasured as buying opportunities. Higher prices are times to sell. Folks seem more cautious about buying when prices are low. When prices are high, they seem afraid to sell and become active buyers because prices might go higher! Just sell if you need money and buy as much as you can when you can. Dollar cost average and you will do well in the long run. Don’t sell at a loss when prices are low. Prices will go back up when deficit spending Republicans are in office. Gold and silver are havens to preserve wealth no matter what inflation does.
Bruce R. Frohman
Since the hobby’s very existence is based upon the expendable income of collectors, I guess it would make a difference who gets elected on Nov. 4. In one scenario, I might not have enough spare cash after taxes to even buy the small version of the U.S. Mint’s Obama Presidential medal.
Rich Bottles Jr.
Will it make any difference to the hobby which presidential candidate wins in November?
I think an OBAMA presidency would hurt the COIN hobby.
IT would be very hard to focus on any hobby with our country’s well being in Jeapordy.
From what I can see right now, the only way out of the mess we are in is to spend,spend spend. As far as which candidate is the most favorable for gold, I think its a toss up. No matter who wins, I can see a trillion $ deficit coming, which is not going to bode well for the dollar. If I owned a bunch of dollars, I would definiutely be a buyer of gold.