Tuesday, December 7, 2010

How Much Gold and Silver Will the Treasury Secretary Determine is Sufficient to Meet Public Demand?

http://goldandsilverblog.com/gold-and-silver-treasury-secretary-public-demand-0124/

The bill H.R. 6162 Coin Modernization, Oversight, and Continuity Act of 2010 primarily establishes rules for the Secretary of the Treasury to provide biennial reports to specified committees on the costs related to circulating coins, and make recommendations for new metallic materials or procedures.

So what is the difference between "quantities sufficient to meet public demand" and "quantities that the Secretary determines are sufficient to meet public demand"?

In practice, we shall see if this represents a different standard, but at this point the change in wording makes me uncomfortable.  I want the supply of gold and silver bullion coins to be determined by demand in the marketplace, not determined by unspecified criteria established by the Secretary of the Treasury.

As the bill has already been passed in the House and Senate, and only requires the President's signature to become law, it seems too late to do anything other than brace for the possible repercussions.

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