Wednesday 3 April 2013

The US Coinage Act From the Archives 
Originally published February 15th, 2010 1783 words - 
Reading time : 4 - 7 minutes 
 April 2, 1792 :
The 1792 Coinage Act had an interesting provision under Section 19. 

SEC. 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death. 
____________ FULL TEXT OF THE ACT ____________ 
Excerpts from the Coinage Act of 1792
Act of 2 April 1792, 1 Statutes at Large 246 CHAPTER XVI. – An Act establishing a Mint, and regulating the Coins of the United States. 
SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, and it is hereby enacted and declared, That a mint for the purpose of a national coinage be, and the same is established , to be situate and carried on at the seat of the government of the United States, for the time being; and that for the well conducting of the business of the said mint, there shall be the following officers and persons, namely, –a Director, an Assayer, a Chief Coiner, an Engarver, a Treasurer. 

 * * * * * 

SECTION. 9. And be it further enacted, That there shall be from time to time struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values and descriptions, viz., 
EAGLES – each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eights of a grain of pure, or two hundred and seventy grains of standard gold. 
HALF EAGLES – each to be of the value of five dollars, and to contain one hundred and twenty-three grains and six eights of a grain of pure, or one hundred and thirty five grains of standard gold. 
QUARTER EAGLES – each of be of the value of two dollars and a half dollar, and to contain sixty-one grains and seven eights of a grain of pure, or sixtyseven grains and four eights of a grain of standard gold. 
DOLLARS or UNITS – each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. 
HALF DOLLARS – each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and ten sixteenth parts of a grain of pure, or two hundred and eight grains of standard silver. 
QUARTER DOLLAR – each to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver. 
 DISMES – each to be of the value of one tenth of a dollar or unit, and to contain thirty-seven grains and two sixteenth parts of a grain of pure, or forty-one grains and two sixteenth parts of a grain of standard silver. 
HALF DISMES – each to be of the value of one twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts of a grain of pure, or twenty grains and four fifth parts of a grain of standard silver. CENTS each to be of the value of the one hundredth part of a dollar, and to contain eleven penny-weights of copper. 
HALF CENTS – each to be of the value of half a cent, and to contain five penny-weights and a half penny-weight of copper. 
SECTION 10. And be it further enacted, That, upon the said coins respectively, there shall be the following devices and legends, namely: Upon one side of each of the said coins there shall be an impression emblematic of liberty, with an inscription of the word Liberty, and the year of the coinage; and upon the reverse of each of the gold and silver coins there shall be the figure or representation of an eagle, with this inscription, “UNITED STATES OF AMERICA” and upon the reverse of each of the copper coins, there shall be an inscription which shall express the denomination of the piece, namely, cent of half cent, as the case may require. 
SECTION 11. And be it further enacted, That the proportional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals. 
SECTION 12. And be it further enacted, That the standard for all gold coins of the United States shall be eleven parts fine to one part alloy; and accordingly that eleven parts in twelve of the entire weight of each of the said coins shall consist of pure gold, and the remaining one twelfth part of alloy; and the said alloy shall be composed of silver and copper, in such proportions not exceeding one half silver as shall be found convenient; to be regulated by the director of the mint, for the time being, with the approbation of the President of the United States, until further provision shall be made by law. 
SECTION 13. And be it further enacted, That the standard for all silver coins of the United States, shall be one thousand four hundred and eighty-five parts fine to one hundred and seventy-nine parts alloy; and accordingly that one thousand four hundred and eighty-five parts in one thousand six hundred and sixty-four parts of the entire weight of each of the said coins shall consist of pure silver, and the remaining one hundred and seventy- nine parts of alloy; which alloy shall be wholly of copper. 
SECTION 14. And be it further enacted, That it shall be lawful for any person or persons to bring to the said mint gold and silver bullion, in order to their being coined; and that the bullion so brought shall be there assayed and coined as speedily as may be after the receipt thereof, and that free of expense to the person or persons by whom the same shall have been brought. And as soon as the said bullion shall have been coined, the person or persons by whom the same shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of bullion which shall have been delivered, weight for weight, of the pure gold or pure silver therein contained: Provided nevertheless, That it shall be at the mutual option of the party or parties bringing such bullion, and of the director of the said mint, to make an immediate exchange of coins for standard bullion, with a deduction of one half per cent, from the weight of the pure gold, or pure silver contained in the said bullion, as an indemnification to the mint for the time which will necessarily be required for coining the said bullion, and for the advance which shall have been so made in coins. 

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SECTION 16. And be it further enacted, That all the gold and silver coins which shall have been struck at, and issued from the said mint, shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before described, and those of less than full weight at values proportional to their respective weights. 
SECTION 17. And be it further enacted, That it shall be the duty of the respective officers of the said mint, carefully and faithfully to use their best endeavours that all the gold and silver coins which shall be struck at the said mint shall be, as nearly as may be, conformable to the several standards and weights aforesaid. 
SECTION 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, * * * every such officer or person who shall be guilty of any * * * of the said offenses, shall be deemed guilty of felony, and shall suffer death. 
SECTION 20. And be it further enacted, That the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths, a disme being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part of a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. 
APPROVED, April 2, 1792. 
Trace Mayer RuntoGold.com 

Trace Mayer, J.D., holds a degree in Accounting from Brigham Young University, a law degree from California Western School of Law and studies the Austrian school of economics. He works as an entrepreneur, investor, journalist and monetary scientist. He is a strong advocate of the freedom of speech, a member of the Society of Professional Journalists and the San Diego County Bar Association. He has appeared on ABC, NBC, BNN, many radio shows and presented at many investment conferences throughout the world.

BrotherJohnFSilver Update 4/2/13 Fake Market



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Silver's Coming of Age
Published : April 03rd, 2013
710 words - Reading time : 1 - 2 minutes


Source: http://www.24hgold.com/english/contributor.aspx?rss=true&article=4311653152G10020&redirect=false&contributor=Richard+Mills

Silver is winning market share from gold buyers.
2008 - In March 2008, sales increased nine times over the month before - 200,000 to 1,855,000.
In April 2008, the United States Mint had to start an allocation program, effectively rationing Silver Eagle bullion coins to authorized dealers on a weekly basis due to "unprecedented demand."
On June 6, 2008, the Mint announced that all incoming silver planchets were being used to produce only bullion issues of the Silver Eagle and not proof or uncirculated collectible issues.
The 2008 Proof Silver Eagle became unavailable for purchase from the United States Mint in August 2008. The US Mint suspended sales of the silver bullion coins to its network of authorized purchasers twice during the year.
20,583,000 Bullion American Silver Eagles were sold in 2008. Silver averaged $14.99 an ounce and almost 80 percent more American Silver Eagles were sold then in any previous year.
“During 2008 there was a record inflow of over 93.1 million ounces (Moz) into the three main silver ETFs.Coins and medals fabrication jumped by an astonishing 63% to a record of 64.9 Moz. The main reason for this was a surge in investment-related purchases of bullion coins, both in the United States and Europe. Notably, fabrication of the U.S. Silver Eagle bullion coin achieved a record 19.6 Moz, approximately double the 2007 figure, and would have been higher if the U.S. Mint had sufficient blanks to produce coins to meet demand.” silverinstitute.org
2009 - 30,459,000 Bullion American Silver Eagles were sold.
On March 5, 2009, the United States Mint announced that the proof and uncirculated versions of the Silver Eagle coin for that year were temporarily suspended due to continuing high demand for the bullion version.
On October 6, 2009, the Mint announced that the collectible versions of the Silver Eagle coin would not be produced for 2009.
The sale of 2009 Silver Eagle bullion coins was suspended from November 24 to December 6 and the allocation program was re-instituted on December 7.
Total ETF holdings rose by 132.5 Moz and ended the year at 397.8 Moz. Coins and medals fabrication rose 21 percent to post a new record of 78.7 Moz.
Silver Eagle bullion coins sold out on January 12, 2010.
The average cost of an ounce of silver in 2009 was $14.67
2010 - No proof Silver Eagles were released through the first ten months of the year, and there was a complete cancellation of the uncirculated Silver Eagles.
Production of the 2010 Silver Eagle bullion coins began in January instead of December as usual. The coins were distributed to authorized dealers under an allocation program until September 3.
Silver posted an average price of $20.19 in 2010. World investment rose by an 40 percent in 2010 to 279.3 million troy ounces (Moz).
“Exchange traded funds (ETFs) registered another sterling performance in 2010, with global ETF holdings reaching an impressive 582.6 Moz, representing an increase of 114.9 Moz over the total in 2009. A significant boost in retail silver investment demand paved the way for higher investment in both physical bullion bars and in coins and medals in 2010. Physical bullion bars accounted for 55.6 Moz of the world investment in 2010. Coins and medals fabrication rose by 28% to post a new record of 101.3 Moz. In the United States, over 34.6 million U.S. Silver Eagle coins were minted, smashing the previous record set in 2009 at almost 29 million.” silverinstitute.org
2011 - Silver posted an annual average price of $35.12 in 2011, more than double the $14.67 average price for 2009.
Global investment in silver bars and coins & medals produced yet another historic high of 282.2 million ounces - the equivalent of $10 billion, itself a record high.
Physical silver bar investment grew by 67 percent in 2011 to 95.7 million ounces, global coins & medals fabrication rose by roughly 19 percent to an all-time high of 118.2 million ounces.
The US imported 6,600,000 oz of silver for consumption in 2011 – up from 2007’s imports of 4,830,000 oz.
In 2011 the US Mint sold 40,020,000 Bullion American Silver Eagle Coins.

As a general rule, the most successful man in life is the man who has the best information

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Societe Generale warns that gold is in a bubble. ETF Securites U.S.'s Will Rhind addresses the report with TheStreet's Joe Deaux.

GoldMoneyNewsMarc Faber: 

'I would probably choose gold'

Interview with Marc Faber April 2nd 2013 


Published on 3 Apr 2013
Subscribe to our newsletter at http://www.goldmoney.com/goldresearch. Episode 119: Alasdair talks to Marc Faber, publisher of the Gloom Boom & Doom (new.gloomboomdoom.com) Report. Marc discusses his 40 years of experience in capital markets and the lessons he has learned.

He looks at the underlying nature of the American economy and details the problems arising since 2007. Money printing -- along with the insidious effects of underreported inflation -- is to some extent disguising the sorry state of the US economy. Faber is cautious on China, and when questioned about Cyprus and the loss of depositor funds, raises pertinent points about the problems that deposit insurance may cause and what the ramifications of the bailout conditions in Cyprus may have on otherwise conservative investors.

Listen in for 25 minutes of economic common sense.

This podcast was recorded on 2 April 2013.

KitcoNewsGold Prices Down as Stocks, Equities Hit All-Time Highs-- Why? - Technically Speaking w/ Jim Wyckoff



Published on 3 Apr 2013
Gold prices continue to move downward as stock markets & indices hit all-time highs, and we're here with Jim Wyckoff for another edition of "Technically Speaking" to discuss the possible psychology of these trends, as well as get Wyckoff's market rating for gold & silver this week. Kitco News, April 2, 2013.

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Jim Cramer looks at the sectors that havent participated in the rally in a discussion with Mad Money Research Director, Nicole Urken

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