10:32a ET Friday, August 19, 2005
Dear Friend of GATA and Gold:
GATA today distributed an international press
release about the endorsement given by its Gold
Rush 21 conference to the proposal by the
Mexican Civic Association for Silver and its
president, Hugo Salinas Price, to put an
undenominated silver coin into commercial
circulation in Mexico. The press release is
appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
GATA's International Conference
Supports Mexican Silver Coinage Plan
Press Release via Business Wire
Friday, August 19, 2005
http://home.businesswire.com/portal/site/google/index.jsp? [1]
ndmViewId=news_view&newsId=20050819005204&newsLang=en
An international conference studying the manipulation of the precious
metals markets has endorsed a proposal to put silver coinage back
into circulation in Mexico.
The conference, Gold Rush 21, held in Dawson City, Yukon Territory,
Canada, from August 7-9 and sponsored by the Gold Anti-Trust Action
Committee, heard a presentation on the coinage proposal by Hugo
Salinas Price, president of the Mexican Civic Association for Silver
and retired chairman of Grupo Elektra. Gold Rush 21's endorsement
came in a unanimously adopted resolution summarizing the conference's
findings, the Dawson Declaration, which can be found here:
Price and the civic association are supporting legislation before
Mexico's Congress to require the Bank of Mexico to mint 1-ounce
silver coins without any engraved nominal value. Instead, the coin's
official rate of convertibility into pesos would be set and reset
from time to time by the Bank of Mexico and announced and posted
frequently in the news media and at banks. To prevent the coin's
official value from falling below the market price of silver and
dragging the coin out of circulation and sold into the metals market
for its silver content, as has happened to other Mexican silver
coins, the peso convertibility rate could never be reduced.
"The civic association's proposal would give Mexicans a choice about
their money and some insurance for their cash holdings against paper
money devaluations," GATA Chairman Bill Murphy said. "The coin would
add intrinsic value to Mexico's currency and strengthen the peso
against other currencies."
"Like South Africa and Russia, Mexico is a rich country insisting on
being poor," GATA Secretary/Treasurer Chris Powell said. "Even though
it is the foremost producer of silver and a major producer of gold,
the traditional monetary metals, Mexico more or less forfeits to the
United States the manufacture of the currency it uses in
international trade, the U.S. dollar. The more of its currency that
Mexico produces itself, the more productive jobs Mexico will generate
and the more independent and prosperous the country will be."
The coinage proposal of the Mexican Civic Association for Silver is
described at the group's Internet sites here:
http://www.plata.com.mx/plata/plata/english.htm [3]
(in English)
http://www.plata.com.mx/plata/home.htm [4]
(in Spanish)
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----------------------------------------------------
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