Le Metropole Members,
New law lets Treasury diminish gold, silver coin production
Submitted by cpowell on 12:25PM ET Monday, December 6, 2010. Section: Daily Dispatches
3:23p ET Monday, December 6, 2010
Dear Friend of GATA and Gold (and Silver):
Mike Zielinski of the Gold and Silver Blog has uncovered another telling sign of the increasing desperation of the U.S. government’s campaign to suppress gold and silver prices.
Zielinski reports that new legislation passed by the House and Senate — H.R. 6162, the Coin Modernization, Oversight, and Continuity Act of 2010 — which awaits action by President Obama, diminishes the obligation of the Treasury Department to make gold and silver coins available to the public.
Current law requires the department to mint gold and silver coins “in quantities sufficient to meet public demand.”
The new law would require the department to mint gold and silver coins “in quantities and qualities that the secretary determines are sufficient to meet public demand.”
Not that the Treasury Department lately has been observing the law, what with the U.S. Mint’s frequent suspension of gold and silver products. But now apparently the government recognizes a likely difference between what actually will meet public demand and what the treasury secretary will determine meets public demand. This may reduce the government’s own gold and silver purchases and thus reduce metal demand generally.
Zielinski’s report is headlined “How Much Gold and Silver Will the Treasury Secretary Determine is Sufficient to Meet Public Demand?” and you can find it at the Gold and Silver Blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.