a note on Congressional bill that involves silver
so many attempts in recent years to replace widely used silver
now a case where widely used arsenic might be replaced by silver
it concerns pressure-treated wood (like on back decks)
arsenic based treatments are now seen as environmentally damaging
Morgan on Gold-Eagle silver news:
gold-eagle.com
some snippets
Unless you follow the silver market closely, you may have missed some recent and important news regarding the silver market. Legislation has recently been introduced into both the House and Senate that could require 100 million ounces of silver on an ANNUAL basis.
Think about that for just a moment. If this legislation is passed, the possibility of using what is currently held on the COMEX would be eaten up per year. One hundred million ounces of silver demand year in and year out. Year after year, someone in the silver market buying roughly what Mr. Warren Buffett bought, again and again, and again. This news certainly falls into the bullish argument for silver.
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The following quote is straight from the Silver Institute and should help to affirm any silver investors worries.
"Since ancient times silver has been used as a treatment to prevent the spread of bacteria and has acted as a purifying agent. Its healthful properties are well known, and it's projected that by 2006 silver's use as a biocide in various applications could grow by 600%," said Paul Bateman, Executive Director of the Silver Institute. "However, if silver-based biocides were used as an alternative to harmful arsenic-based preservatives, over 100 million ounces a year would be consumed in this application alone, adding significantly to overall worldwide fabrication demand," Bateman added.
Very positive news for the silver bulls correct? The following is for verification for those that wish to check further.(Washington, D.C. - October 10, 2002) - Senator Larry Craig (R-ID) has introduced legislation directing the Secretary of Agriculture to conduct a study of the effectiveness of silver-based biocides as an alternative treatment to preserve wood. Senator John Ensign (R-NV) has cosponsored the bill. see www.silverinstitute.org/news/pr10oct02.html
Now that was in the fall of last year, and I have been watching this closely ever since, in fact I made a good contact point in Senator Craig's office. Since last Friday, the 21 of February we have learned the following.
(Washington, D.C. - February 21, 2003) - Members of the United States House of Representatives introduced legislation last week directing the Secretary of Agriculture to conduct a study of the effectiveness of silver-based biocides as an alternative treatment to preserve wood. see www.silverinstitute.org/news/pr21feb03.html
The House has introduced but it needs to go to the Senate to become law, and of course passed by both the House and the Senate. Fine, a few days ago we learned the following.
(Washington, D.C. - February 25, 2003) - Three leading U.S. Senators introduced S. 432, legislation to authorize both the Secretary of the Interior and the Secretary of Agriculture to conduct and support research into alternative preservation treatments for wood using silver-based biocides. Senator Larry Craig (R-ID), Senator Mike Crapo (R-ID) and Senator John Ensign (R-NV) introduced the bill. See www.silverinstitute.org/news/pr25feb03.html
Certainly, this legislation will need to be watched closely and does not guarantee that an additional 100 million ounces of silver will be demanded immediately. I just wish to eliminate some of the silver blues and spread the good news.
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