US Silver Eagles Illegally Rationed

[webmaster]

Subject:US Silver Eagles Illegally Rationed
By: Bix Weir

Overview: The law is clear 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.

Link: http://news.silverseek.com/SilverSeek/1212595279.php

[Drumblebum]

Originally Posted by webmaster

Subject:US Silver Eagles Illegally Rationed
By: Bix Weir

Overview: The law is clear 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.

Link: http://news.silverseek.com/SilverSeek/1212595279.php

I'm not sure how one could argue against that, or deny that the Mint's actions have artificially influenced the silver market.

It's clear that the government just does whatever it wants now, without regard to legality.

They just. don't. care.

[prahudka]

Originally Posted by Drumblebum

They just. don't. care.

My favorite mockery of lawyers. They say things like, "Maybe my client ax-murdered a dozen children and was caught red-handed, and maybe he didn't. But, there is a PRINCIPLE at stake here!"

Analogously, and to play devils advocate on constitutional coinage, "Sure the Constitution of the United States is important, but there is a principal at stake here."

[bobby131313]

Well the way I read it it is not illegal. Here is what the letter author quotes the law as saying...

The law is clear that the silver coins must be supplied to the US public in "quantities sufficient to meet public demand"

Bolding is mine.

That is not how the quoted law reads. It reads like this...

Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities sufficient to meet public demand, coins which--

Again, bolding is mine.

The law does not state that the coins must be issued to the public, it says that enough coins must be issued to meet public demand. There's a difference. They still meet the literal requirement of the law.

[bobby131313]

I think the confusion lies in the fact that the US Mint generally sells all thier products to the public.

If the government passed a law the Ford Motor Company shall build and issue, in quantities sufficient to meet public demand, cars which........

No one would assume that Ford Motor Company must sell the cars directly to the public. Because the norm for Ford is to sell the cars through dealers, no one would question it.

[Skid]

What a neophyte this guy is! Seriously, does he think either of these two criminals care about the law?

[nuslvrkwen]

Great Article, and as far as the law goes -

The Secretary has not authorized the minting of NEW silver eagles because the Secretary does not understand the DEMAND. All trades are electronic, the supply and demand part of silver buying has been on paper trades of silver. The futures' price of silver and the spot price for physical. The PHYSICAL buyer, unless they can take possession of an amount that would rival Bill Gates' purchase, or the Hunt Brothers looks like NO DEMAND to them! Pnysical purchase amounts to 10% of all silver transactions in a year, I think.

If Chevron can claim it made a profit on refining oil, then whine about the price of the crude it has to buy to refine. Then the corporation is to blame. Chevron just CHOOSES NOT to purchase its' supply. This means they don't produce as much. The speculative price of oil right now continues to drive the price up. Chevron makes a nice profit again, this time for producing LESS oil, etc... This is still bad corporated business practice.

There's no sane reason for the Treasury Department NOT minting new silver eagles every year. It plainly does NOT have bullion in its' possession to mint enough for real demand. The public should make sure the Treasury Department knows WE know this fact. The Treasury Department would appear weak. Remember, the government doesn't see the above ground bullion and coins as being completely sold. They've leveraged and leased all their supply. Is this surprising to anyone in this forum?

[Drumblebum]

Originally Posted by bobby131313

Well the way I read it it is not illegal. Here is what the letter author quotes the law as saying...



Bolding is mine.

That is not how the quoted law reads. It reads like this...



Again, bolding is mine.

The law does not state that the coins must be issued to the public, it says that enough coins must be issued to meet public demand. There's a difference. They still meet the literal requirement of the law.

Forgive me for being a dolt, but... how do you figure? It seems hard for me to believe that the clause concerning amount required to be minted would be meaningless. What part of "in quantities sufficient to meet public demand" is vague or subject to interpretation? Why put that statement in if not to specifically prohibit shortages?

I consider myself a member of the public, and I can't buy as many as I want (demand) because of the refusal of the Mint to produce SAEs...

What am I not understanding?

[Richard]

Originally Posted by bobby131313

Well the way I read it it is not illegal. Here is what the letter author quotes the law as saying...



Bolding is mine.

That is not how the quoted law reads. It reads like this...



Again, bolding is mine.

The law does not state that the coins must be issued to the public, it says that enough coins must be issued to meet public demand. There's a difference. They still meet the literal requirement of the law.

No, no, no... That's slick yet very poor lawyer speak!

TO the public, or whomever, is not relevent. The sufficiency to meet public demand is.

So unless they present that provision of law that would excuse them this rationing, then they're breaking the law.

[NNZ]

How can one tell that there is a shortage of US Eagles? When I look at www.tulving.com or www.apmex.com (the only two american webshops I know of) it seems to me that they have lots of silver.

After a few delivery problems in January all kinds of bullion coins are available here in Germany. Eagles are slightly (20 Cents or so) more expensive than Maples and Philis (the new Austrian bullion coin), but that might be just coincidence.