A palladium bullion coin could soon be introduced in the US, KULR-8 revealed yesterday (30th July).

US Representative Denny Rehberg has outlined new legislation which would require the Treasury to mint a 1907 Augustus Saint-Gaudens coin, which was originally made from gold.

Under the terms of the law, the palladium for the coins would be taken from the Montana facility belonging to Stillwater Mining Company - the only domestic producer of the metal.

Explaining the move, Mr Rehberg noted that enlisting the mine to produce the coins could cushion the blow of the recent news that the firm has lost its palladium-rhodium agreement with General Motors (GM).

He told the TV station: "Unfortunately, introducing this legislation is not going to offset the damage of General Motors cancelling the palladium contract, but we'll do anything we possibly can to help the folks up at the Stillwater mine."

A judge ruled that GM could tear up its contract with Stillwater as a result of filing for bankruptcy, although it is retaining similar pgm deals with foreign producers.

Source:

Rehberg's Coin Idea (31/07/09)

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