I suspect Dave Ryder may be interested in telling his story. But Ed Moy's experience is fairly current. Plus he oversaw the huge ramp in ASE production
Jul 20, 2023Liked by Michael Lynch on Gold & Silver
What I found interesting is that Miles Franklin is not on your list of authorized ASE purchasers. Andy Schectman has spoken more than once of being one of this US Mint authorize purchasers, of which I'd thought that there were 24.
Jul 20, 2023Liked by Michael Lynch on Gold & Silver
Excellent observations and well supported by factual data. I fully support your inferences and stated goals. A recent article by a writer at Kitco.com inferred that demand is low because the sales numbers are low, without taking into consideration the historically high premiums that investors and collectors must pay to acquire even a single ounce. Most retail outlets are charging in excess of $10-15 per ounce over the spot price for a single American Silver Eagle. There is an obvious shortage of available inventory and thus the exorbitant premiums. Thank you for this timely write up.
Jul 19, 2023Liked by Michael Lynch on Gold & Silver
The key unresolved question is how to motivate action. Facts don't matter - or COMEX would have been cleaned up years ago.
This behavior is decreed by somebody who feels they have impunity. The MSM will not help. The Justice Department does not care.
Maybe one or more state AGs? Especially those who have made silver legal tender. If only the Feds can produce legal tender, then the Feds should produce enough.
Jul 20, 2023Liked by Michael Lynch on Gold & Silver
Thinking of this globally...people in the U.S. are the #1 buyer of PM. Because ASEs are too expensive, what are they buying instead? Maples, Brits, Roos, Pandas, Swiss bullion, etc... Perhaps, TPTB like the idea of Americans sucking global supply within the borders.
Jul 23, 2023Liked by Michael Lynch on Gold & Silver
Thanks for all of your work here and on WSS and SDC. I fully agree with your economic and political analysis. As a legal matter, though, you've got a tough row to hoe. You're correct, of course, that 51 U.S.C. 5112(e) requires the Secretary of the U.S. Mint to mint and issue ASEs. But it does so only to the extent the Secretary herself determines that the qualities and quantities are sufficient to meet public demand. In short, Congress gave the Mint the discretion to decide, on its own, how many ASEs are sufficient. So, you'd basically need to establish that the Secretary is exercising that discretion in an arbitrary, capricious, or otherwise bad-faith manner. In response, the Secretary will simply point to the corrupt paper markets to claim that silver demand is actually down in recent years, arguing, for example, that the spot price of silver remains the same as it was in 2016, 2008, and even 1984, or that open interest on COMEX silver contracts has declined significantly since the COVID pandemic. And, to overcome those arguments, you'd basically need to prove that the entire commodities exchange is a fraudulent enterprise. Obviously, it *is* a fraudulent enterprise, but neither Congress nor the courts are going to agree with us or do anything about it because doing so would implicate the entire U.S. banking system, the Fed, much of the Executive branch, and almost all of Congress. I wish you the best of luck in trying to change all of those institutions via State AG investigations or Congressional hearings, but I suspect the only way to force any change is to keep piling on the economic pressure through the SilverSqueeze until it actually breaks the COMEX (not unlike how free-market forces inevitably broke down Soviet institutions that were simply unsustainable). Thanks again for your work. Much appreciated!
Appreciate your thoughts. I spent extra time developing the "Excess Premium" concept hoping that 3-1/2 years of extreme Excess Premiums would be the proof of the bad-faith manner. It sure was a good under supply indicator in the past!
The state AGs are a good idea.
I'm hoping to enlist support from members of congress.
I suspect Dave Ryder may be interested in telling his story. But Ed Moy's experience is fairly current. Plus he oversaw the huge ramp in ASE production
What I found interesting is that Miles Franklin is not on your list of authorized ASE purchasers. Andy Schectman has spoken more than once of being one of this US Mint authorize purchasers, of which I'd thought that there were 24.
I thought about that and figured their mint dealings are through another company name?
Excellent observations and well supported by factual data. I fully support your inferences and stated goals. A recent article by a writer at Kitco.com inferred that demand is low because the sales numbers are low, without taking into consideration the historically high premiums that investors and collectors must pay to acquire even a single ounce. Most retail outlets are charging in excess of $10-15 per ounce over the spot price for a single American Silver Eagle. There is an obvious shortage of available inventory and thus the exorbitant premiums. Thank you for this timely write up.
A restriction of production is a desperate attempt to keep the physical out of the hands of the People.
Obtaining physical from other sources and exposing their desperation are counter moves to their attempts to squeeze the People.
The key unresolved question is how to motivate action. Facts don't matter - or COMEX would have been cleaned up years ago.
This behavior is decreed by somebody who feels they have impunity. The MSM will not help. The Justice Department does not care.
Maybe one or more state AGs? Especially those who have made silver legal tender. If only the Feds can produce legal tender, then the Feds should produce enough.
Other ideas??
Thinking of this globally...people in the U.S. are the #1 buyer of PM. Because ASEs are too expensive, what are they buying instead? Maples, Brits, Roos, Pandas, Swiss bullion, etc... Perhaps, TPTB like the idea of Americans sucking global supply within the borders.
We should try and get past Mint director Ed Moy to read and comment on this article.
Thanks for all of your work here and on WSS and SDC. I fully agree with your economic and political analysis. As a legal matter, though, you've got a tough row to hoe. You're correct, of course, that 51 U.S.C. 5112(e) requires the Secretary of the U.S. Mint to mint and issue ASEs. But it does so only to the extent the Secretary herself determines that the qualities and quantities are sufficient to meet public demand. In short, Congress gave the Mint the discretion to decide, on its own, how many ASEs are sufficient. So, you'd basically need to establish that the Secretary is exercising that discretion in an arbitrary, capricious, or otherwise bad-faith manner. In response, the Secretary will simply point to the corrupt paper markets to claim that silver demand is actually down in recent years, arguing, for example, that the spot price of silver remains the same as it was in 2016, 2008, and even 1984, or that open interest on COMEX silver contracts has declined significantly since the COVID pandemic. And, to overcome those arguments, you'd basically need to prove that the entire commodities exchange is a fraudulent enterprise. Obviously, it *is* a fraudulent enterprise, but neither Congress nor the courts are going to agree with us or do anything about it because doing so would implicate the entire U.S. banking system, the Fed, much of the Executive branch, and almost all of Congress. I wish you the best of luck in trying to change all of those institutions via State AG investigations or Congressional hearings, but I suspect the only way to force any change is to keep piling on the economic pressure through the SilverSqueeze until it actually breaks the COMEX (not unlike how free-market forces inevitably broke down Soviet institutions that were simply unsustainable). Thanks again for your work. Much appreciated!
Appreciate your thoughts. I spent extra time developing the "Excess Premium" concept hoping that 3-1/2 years of extreme Excess Premiums would be the proof of the bad-faith manner. It sure was a good under supply indicator in the past!
Hey Ditch, Love this. May I post this in the Pickaxe?
Stay awesome
Jon Forrest Little
Please do. Anyone and everyone ... please distribute as widely as possible.
Clearly there is a lot of smoke around the ASE situation.
I recall hearing some years ago that the AG is sourced from international mining, not that it matters all that much. Silver is metal after all.
As soon as member of the government can make money from a situation like this is the day action will be taken. Until then its par for the course.
More analysis does help.
Thank you Michael