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New law lets Treasury diminish gold, silver coin production
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:
http://goldandsilverblog.com/gold-and-silver-treasury-secretary-public-d...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Opportunity in the gold coin market
Swiss America Trading Corp. alerts GATA supporters to an opportunistic area of the gold coin market. While the gold bullion market has been quite volatile lately and as of November 29 gold has risen only $7 per ounce over the last month, the MS64 $20 gold St. Gaudens coin has risen about 10 percent in the same time. The ratio between the price of these coins and the price of gold is rising. If you'd like to learn more about the ratio and $20 gold coins, Swiss America can e-mail you a three-year study of it as well as other information.
Swiss America also can provide a limited number of free copies of "Crashing the Dollar," a book written by Swiss America's president, Craig Smith.
For information about the ratio between the $20 gold pieces and the gold price and for a free copy of "Crashing The Dollar," please call Swiss America's Tim Murphy at 1-800-289-2646 X1041 or Fred Goldstein at X1033. Or e-mail them at trmurphy@swissamerica.com and figoldstein@swissamerica.com.
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Prophecy Drills 71.17 Metres of 0.52 percent NiEq
(0.310 percent Nickel 0.466 g/t PGMs +Au and 0.223 percent copper)
from surface at Wellgreen Project in the Yukon
Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit:
http://prophecyresource.com/news_2010_nov29.php
