US Treasury trying to reduce ASE/AGE mintages

Clawhammer

Clawhammer

Well-Known Member
Silver Stacker
http://goldandsilverblog.com/gold-and-silver-treasury-secretary-public-demand-0124/

The US treasury has been pushing a bill to amend the number of ASE/AGE coins the US Mint HAS to produce by law. Obviously they've seen how much bullion is walking out of the treasury doors. Is this the thin edge of the wedge regarding PM restrictions?

As the bill has already been passed in the House and Senate, and only requires the President's signature to become law, it seems too late to do anything other than brace for the possible repercussions.
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Here's how the law authorizing American Silver Eagles currently reads (emphasis added):

(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities sufficient to meet public demand, coins which (1) are 40.6 millimeters in diameter and weigh 31.103 grams; (2) contain .999 fine silver; (3) have a design (A) symbolic of Liberty on the obverse side; and (B) of an eagle on the reverse side...

And here's now the law would read if the bill H.R. 6162 is enacted (emphasis added):

(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities and qualities that the Secretary determines are sufficient to meet public demand, coins which (1) are 40.6 millimeters in diameter and weigh 31.103 grams; (2) contain .999 fine silver; (3) have a design (A) symbolic of Liberty on the obverse side; and (B) of an eagle on the reverse side...

A similar change occurs for subsection (i), which deals with American Gold Eagles.
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The article argues that the inclusion of the word "quality" takes into account the deletion of 'proof' coins by the mint in 2009, and will allow the mint to concentrate on quantity.
 
Epic....

I wonder all the other knee-jerk reactionary moves we will see in the run up to $500ounce...

Confiscation is surely not off the cards
 
that the Secretary determines are sufficient

This is the alarm bell for me - so someone might decide that 12 million coins are sufficient and only crank out a million a month when they've been selling at anywhere from one to four million a month this year.
 
Would they ever learn ?

Every time you try to manipulate something somewhere there is always other things that will have to be added, modified or even falsified to balance the way of things looking normal.
The truth is, there is nothing left to trust in the way the US govermin is running the show.
Yes, the Plumbers (PPT) will close a valve here and there but the pressure will have to be dealt somewhere else or the whole she-bang will blow up in their faces.
You have Silver and Gold, good... now sit tight and watch the show, you won't be dissapointed !
:cool:
 
This is definitely a camel nose inside the tent.

I'm sure as hell they won't stop at this and this is just the beginning of more buying restriction on PM.

And who's to say Australian govt and Perthmint won't follow suit? Currency crisis is NOT just American problem, Australian too.
 
This is a failure of logic! How can the secretary determine what quantity is 'sufficient' for public demand? :) Public demand is public demand, the more demand there is the more orders pop up on their computer screens. There doesn't need to be a 'determination' made anywhere!
 
At the start of the year the Secretary determines that public demand will be 1,000,000 a month. 1,000,000 a month are sold. Voila; demand is equal to supply and he's done his job.

Yes, the sarcasm tag is in effect.
 
zurnaik said:
This is a failure of logic! How can the secretary determine what quantity is 'sufficient' for public demand? :) Public demand is public demand, the more demand there is the more orders pop up on their computer screens. There doesn't need to be a 'determination' made anywhere!
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You have to remember, the US use supply side economics and trickle down, not the more rational demand driven market model.
 
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