March 2, 2011
Open letter to:
Edmond C. Moy
Director of The US Mint 801 9th Street
NW Room 8S23-3
Washington, D.C. 20220
Re: US Mint Must Pay More For Silver
Dear Mr Moy:
By stopping the production of US Silver Eagle Coins you are in violation of Public Law 99-61 which requires you to produce these coins "in quantities sufficient to meet public demand . . . "
The Laws of the United States of America are put on the books to facilitate the proper functioning of our society. It is not within the powers of the US Mint to decide which laws are obeyed and which are discarded.
The reason given for stopping production of the US Silver Eagle is the lack of availability of silver blanks.
"The United States Mint will resume production of American Eagle Silver Uncirculated Coins once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products."
The "Uncirculated" Silver Eagles coins are subject to Public Law 99-61 as stated in section 2(J).
“(1) In general.--Except as provided in paragraph (2), no provision of law governing procurement or public contracts shall be applicable to the procurement of goods or services necessary for minting, marketing, or issuing any coin authorized under paragraph (7), (8), (9), or (10) of subsection (a) or subsection (e), including any proof version of any such coin.”
This is not a new problem as I have written you many times in the past about this issue. Here is a letter from over 2 1/2 years ago that addressed the exact same problem:
US Mint Illegally Rationing Silver Eagles
Mr. Moy, the problem with silver availability is NOT that the silver blanks are not available but that...
THE PRICE THAT THE US MINT IS WILLING TO PAY IS FAR TOO LOW!
The reason for this is that the ongoing manipulation and price suppression of silver keeps the price of silver well below its "Fair Market Value".
Of course there is an obvious solution to the problem...
PAY MORE THAN THE ARTIFICIALLY SUPPRESSED PRICE FOR SILVER BLANKS!
If the US Mint were to offer $50/ounce for silver blanks then suppliers would be lined up around the block to provide you with all the silver you need to be within Public Law 99-61. If you believe that $50/ounce is too high then you must determine at what price would the US Mint be able to source silver blanks to adhere to the requirements under the law.
This is not rocket science. This is how the FREE MARKET IS SUPPOSED TO WORK!
I request that you IMMEDIATELY remedy this violation and offer sufficient premiums to the suppliers of silver blanks in order to deliver US Silver Eagles "in quantities sufficient to meet public demand".
The injustices in America these days are many...don't add to them by not upholding the laws of our land.