It’s not the first time the US government is on the brink of default, but it’s the first time such a radical solution has been proposed.

The Biden administration is considering utilising legislation to mint a platinum coin with a value of $1 trillion into the Treasury to avoid a default.

While Treasury Secretary Janet Yallen has said she was opposed to the idea some Democratic lawmakers, including House speaker Nancy Pelosi, have advocated for it.

There’s also been debate about who or what should go on the face of the coin and how such a coin would be prevented from falling into the wrong hands.

The ASX 200 is up as at 12pm – by 0.62% – but it remains to be seen if the rally will last throughout the afternoon.

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for October 7 [intraday]:

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Sunstone Metals (ASX:STM) reported assay results from its El Palmar gold-copper prospect in Ecuador.

Uranium play Delecta (ASX:DLC) told shareholders assays from last month’s exploration program exceeded lab thresholds even though these resulted in a delay in processing, requiring a laboratory which could handle the elevated levels.

In tech, Prophecy International (ASX:PRO) signed on US health insurer Humana as a client in a deal that will see it net at least $1.784 million in annualised recurring revenue.

And CV Check (ASX:CV1) rose with a financial update.

 

 

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for October 7 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort: