Schiff Suggests Buying Nickels Over Treasuries

Economist Peter Schiff is making an unconventional investment pitch to his followers. He claims that buying nickels, which contain copper and nickel, is a better investment than US Treasury Bonds.

The value of the metal in modern nickels is now higher than their face value, with each coin carrying 3.75 grams of copper and 1.25 grams of nickel. According to Schiff's calculation, the metal content in a nickel is worth about 55% more than its face value.

The prices of copper and nickel have recently reached record highs, with copper closing at $6.69 a pound on COMEX and nickel settling at $16,776 a tonne. However, there's a catch: federal law prohibits melting or exporting coins, including nickels, which could make it difficult for investors to profit from this strategy.

Despite the regulatory hurdle, Schiff is undeterred in his pitch. He suggests that buying nickels can be a way to hold their value without actually melting them down.