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Patrick Heller: When it comes to buying silver, U.S. Mint's hands are tied
8:16p ET Thursday, March 25, 2022
Dear Friend of GATA and Gold (and Silver):
Writing today at Numismatic News, veteran numismatist Patrick Heller explains that federal law is actually preventing the U.S. Mint from minting silver coins in a couple of usual series.
That is, Heller writes, the law forbids the mint from paying more for silver than the "average world price" as "determined by a widely recognized commodity exchange."
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So of course the Treasury secretary, supervisor of the mint, has chosen the London silver futures market's price, which is determined by banks working with Western governments to suppress monetary metals prices, even as prices in the physical silver market typically are higher.
Heller writes: "The federal government has a strong interest in holding down silver (and gold) prices as a major tactic to minimize the interest rate it pays on its $30 trillion of debt. This concern would almost certainly override any consideration of allowing the U.S. Mint the flexibility to acquire sufficient silver.
"So long as the market price for physical silver remains consistently higher than the paper commodity contract price, the U.S. Mint is going to continue experiencing difficulty in obtaining sufficient silver."
Heller's analysis is headlined "When It Comes to Buying Silver, Mint's Hands Are Tied" and it's posted at Numismatic News here:
https://www.numismaticnews.net/coin-market/acquiring-silver-u-s-mints-hands-are-tied
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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