Exceeding The US Savings Bond Annual Purchase Limit

Is it possible to exceed the $10,000 annual limit for purchasing I Savings Bonds by buying gifts for each other?  For example, if I bought $10k, my wife bought $10k, our daughter bought $10k, and then we gave each of the others gifts of $10k, could we together effectively purchase $90,000 worth of savings bonds?

Thanks for the link pearlbrown -- very helpful (and I just voted it so :-)  From that FAQ on the annual limit:

Do bonds I've bought as gifts through TreasuryDirect but have not yet delivered to the gift recipient apply against my annual limit? 

No. Gift bonds are purchased in the name and SSN of the gift recipient. They do not count against your annual limit even if you have purchased them through your TreasuryDirect account but have not yet delivered them. Gift purchases in TreasuryDirect count toward the annual limit of the recipient in the year they are delivered.

It's subtle, but does look as if you can purchase them as a gift for someone else without affecting your or the recipient's annual limit, so long as the bonds are NOT DELIVERED to the recipient's treasury direct account.  They only count towards the recipient's annual purchase limit IN THE YEAR THEY ARE DELIVERED.  So, if you want to buy the extra this year, and deliver them in some future year when the recipient doesn't buy any, it says that you can do so.