-- Posted Tuesday, 27 July 2010 | | Source: GoldSeek.com
By Bix Weir
One of the more disingenuous frauds the citizens of the United States are being subjected to these days is coming out of the US Mint. For over 2 years the Mint has been illegally rationing gold and silver American Eagles and now the Director of the U.S. Mint, Edmond Moy, is finally on the hot seat.
"A congressional subcommittee has been asked to investigate the growing backlog in and foreign procurement of U.S. bullion and collectors' precious metals coin blanks manufactured by the U.S. Mint."
http://www.mineweb.co.za/mineweb/view/mineweb/en/page72068?oid=108615&sn=Detail&pid=102055
On June 4, 2008 I wrote an letter to Henry Paulson and Edmond Moy explaining that their announcement of Eagle rationing was against US Law: 31USC5112(e). The Law clearly states that "the silver coins must be supplied to the US public in 'quantities sufficient to meet public demand' EVEN IF it means the US Mint drives up the price of silver bullion on the open market in order to obtain the silver needed to produce the US Silver Eagles."
That letter is posted here:
http://www.roadtoroota.com/public/140.cfm
Now Mr. Moy is claiming that the problem is not with the sourcing of the gold/silver bullion (sure it isn't) but with the sourcing of the coin blanks:
"We experienced considerable difficulty in getting this raw material fabricated into planchets by our vendors in sufficient quantities to meet public demand."
GIVE ME A BREAK! Tell me where the law states "if they can't obtain planchets the Mint does not have to supply the coins"? The reality is that the supply of planchets is NOT the problem as the US Mint can out bid other buyers of planchets all-day-long! The supply of gold and silver planchets is UNLIMITED to the US Mint as they can secure all supply or even make their own planchets to satisfy demand.
Just look at their system for obtaining those "oh-so-rare" planchets:
"Congress requires the Mint to procure the gold for its Eagle bullion coins from newly mined U.S. deposits, the Mint then ships that gold to Australia to be made into blanks. Then, the fabricated blanks are later shipped back to the United States for the production of coins."
(*note: the law states that Gold must be sourced domestically but not silver)
Now with investigations into the INCOMPETENCY of the US Mint in not supplying the market with American Eagle Coins in "quantities sufficient to meet public demand" the same guy who hasn't figured out how to increase production to meet Federal Law...WANTS TO CHANGE THE LAW!
"Moy said he was encouraged that the House Subcommittee on Domestic Monetary Policy "is exploring the possibility of an amendment that would afford the Secretary [of the Treasury] the authority to approve the minting and insurance of American Eagle Silver Proof and Uncirculated Coins even when we are unable to meet the public's demand for the bullion versions of these coins."
The Tim Geithner and Banking Cabal who currently control the US Treasury is now trying to take control of the entire gold and silver American Eagle Program by "determining the materials" used in the coins!
"The Department of Treasury is seeking the authority to determine the materials for all coin dominations. Moy said "we are proposing to save millions of dollars per year-over one billion dollars in the next 10 years-by determining the materials for the other coin dominations."
The reality is that the US Mint is deliberately breaking the law by rationing gold and silver American Eagles. The weak excuses have been going on for 2 years. Here's a good one:
Q: How many US Mint employees does it take to stamp a US Eagle?
A: Two. One to turn on the machine and one claim there are no blanks!
Don't worry folks. The Good Guys are all over this one. Don't forget that the US Eagle Program was Barney Frank's baby back in 1987 and we currently have Ron Paul on the sub committee:
"We could not maintain the gold standard nor the silver standard. We could not maintain the copper standard, and now we cannot even maintain the zinc standard," Paul noted. "Paper money inevitably breeds inflation and destroys the value of currency."
The battles are heating up and the banking cabal knows the whole thing is about to blow. If you don't believe in the timing let me quote my good friend Mr. Moy...
However, he added, "such a change needs to be enacted soon."
Buckle up...we're about to take off!
Bix Weir
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-- Posted Tuesday, 27 July 2010 | Digg This Article
| Source: GoldSeek.com
