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So why doesn't the U.S. Mint try buying silver via futures contracts?
11:51p ET Thursday, March 25, 2022
Dear Friend of GATA and Gold:
Responding tonight to Patrick Heller's explanation for the U.S. Mint's suspension of silver coin production -- that the mint is legally required to pay futures market prices for silver even as real metal isn't immediately available at those prices --
-- some friends raise a good question.
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That is, why can't the mint try obtaining the silver it needs through the purchase of futures contracts and then taking delivery?
Maybe the mint would say it would want immediate delivery of the metal and not want to have to wait for a futures contract to come due. Of course that would not be very persuasive. After all, wouldn't some metal later be better than no metal ever?
But then some excuse would have to be provided as cover for the likely real reason, which Heller offered: that the U.S. government doesn't want the mint facilitating demand for the monetary metal and driving up its value against the dollar.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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