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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: RiceTrader12/20/2004 9:09:48 AM
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DALLAS--(BUSINESS WIRE)--Dec. 20, 2004--Mexico is close to remonetizing the country's greatest natural resource, silver, the Gold Anti-Trust Action Committee said today.

GATA distributed an essay from its correspondent in Mexico City, Hugo Salinas Price, reporting that legislation is pending before the Ways and Means Committee of Mexico's House of Representatives that would put an undenominated one-ounce "Libertad" silver coin in general circulation along with Mexico's current paper money.

While it is vehemently opposed by Mexico's central bank, the Bank of Mexico, the legislation has the support of 30 of Mexico's 31 state governors and 176 Mexican journalists and was almost unanimously favored in a poll taken by TV Azteca. GATA said.

GATA said the silver coin legislation would give Mexicans a choice of money by which they might protect themselves against the devaluation of fiat currencies; would stimulate employment in the country's mining industry, the world's largest producer of silver; and would help break the suppression of the price of both silver and gold on the U.S. commodities exchanges, which are dominated by derivatives players more or less backed by the U.S. government.

Salinas Price's essay can be found at the Internet site for GATA dispatches here: groups.yahoo.com

Salinas Price's own proposal for remonetizing silver in Mexico can be found at his Internet site here: plata.com.mx
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