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Philip Diehl, the U.S. Money Reserve’s president, appeared on Squawk Box, CBN’s morning program to speak about the elimination of U.S. penny. Aired on 30th December, 2015, the interview proved the position of Diehl that the expense of penny outweighs its use and should be eliminated.
According to Philip Diehl, there’s nobody using the penny anymore. He went ahead to joke about it saying that if one bent over to pick it up lying on the streets then they would be getting less than the minimum wage for all that trouble. Some experts differed with Diehl’s opinion saying that the move to eliminate the penny may lead to distorting prices of commodities, which may eventually lead to inflation. In response to this, he said that this argument has been there for over two decades, and that today, only 25 percent of transactions are based on cash as opposed to the remaining 75 percent which are conducted electronically. He did not hesitate to point out that very few transactions would suffer as a result of the elimination, stating that many businesses would actually round off their prices to portray good customer service.
U.S. Money Reserve’s president said that his thought competition in the U.S marketplace will not allow companies to increase their prices, and will actually discipline them.
The U.S. Money Reserve
According to Gold News Network, U.S. Money Reserve was founded in 2011 by gold market veterans, who believed that there was a need to combine good customer service, trustworthy guidance and expert market when buying precious metals. The company is one of the largest private government-issued gold, platinum products and silver distributor in the country. It also distributes popular coins that are produced by Mint. Today, it works with numerous clients who understand the advantages to owning various precious metals.
U.S. Money Reserve has a trained team, which includes numismatic professionals and coin researchers who have extensive knowledge in finding products that can offer highest profit for precious metals. The company is based in the city of Austin, Texas and has been active in its community, raising more than 3,000 dollars for Blue Santa, Austin’s Police Department.