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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: shades who wrote (58905)4/20/2006 3:51:02 PM
From: regli  Read Replies (2) of 110194
 
China going off the silver standard in 1934 contributed significantly to why silver prices stayed so low for so long despite a silver production deficit for 60 years.

Obviously most other countries including the U.S. melted their silver coins in the meantime adding to the glut of silver in the market place. Note that the U.S. has to buy silver on the open market now even for commemorative coins.

silverusersassociation.org
"... In late 1970, the General Services Administration was authorized by Congress to release the national strategic stockpile of silver to the Treasury Department, primarily for coinage of new commemorative silver dollars (40 percent silver content). The same act provided for the auction of approximately 3 million old uncirculated silver dollars (90 percent silver). In 1973, the Cost of Living council freed commercial-grade silver from price ceilings imposed the year before to allow domestic silver to advance to current international price levels. ..."

usmint.gov
"... The Mint is required by legislation to obtain silver to be used in minting of commemoratives from the DLA stockpiles. The Mint has been using DLA silver in the production of numismatic silver coins. In FY 2000, due to the dwindling supply of DLA silver, the Mint has gone out on the open market to meet coin production demands. It is expected that the Mint will deplete the DLA stockpiles of silver within the next two fiscal years. The Mint reimburses the DLA at the market price for silver, less the statutory rate of $1.292929292 per FTO. The $1.292929292 per FTO is paid by the Mint to the Treasury. ..."
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