LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

How to Deprogram Your Friends & Family from the Cult of Fiat Currency
By: Jeff Clark, GoldSilver

Real Rates Drive Gold Higher
By: Craig Hemke, TF Metals

Gold New All-Time Highs and Beyond
By: By Hubert Moolman

Stop Believing The 'Economy' Is The Same As The Stock Market
By: Avi Gilburt

Kirkland Lake Gold Update
By: Chris Marchese, Chief Mining Analyst at GoldSeek

Asian Metals Market Update: July-8-2020
By: Chintan Karnani, Insignia Consultants

Mphm! Gold as a lifestyle decision for the times
By: Michael J. Kosares, USA Gold

The Bizarre Mathematics Of How Negative Interest Rates Create Stratospheric Profits
By: Daniel R. Amerman

China Comes Alive & Junior Miners Surge
By: Stewart Thomson, Graceland Updates

Gold Getting Closer to a Breakout
By: Gary Savage

 
Search

GoldSeek Web

 
The US Mint Fraud



-- 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

Sign up for free updates www.RoadtoRoota.com


-- Posted Tuesday, 27 July 2010 | Digg This Article | Source: GoldSeek.com




 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.