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Silver Wheaton Corp. Message Board

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  • hapiwondrer hapiwondrer Nov 7, 2011 3:17 AM Flag

    Bart Chilton: "There is manipulation in the Silver Market"

    These links are totally on the mark “silverwriter888”, as far as who should have the unquestioned right to own PMs.

    As posted before, it should not be legal for banks to own PMs. They can store it for customers and charge a fee for doing so, but until they are forced to disgorge their holdings in exchange for people presenting USD fiat currency to them nothing will change. The only non-individual holdings of PMs, in the form of coinage, that can legally be held are for industrial/manufacturing uses where such users have been granted a license to do so. This applies to PM ETFs as well which could continue to operate as long as there is investor demand, but their storage should be only in the form of PM coinage. Mines and smelters would present their output to the US Mint, as provided by the US Constitution to be returned to them as coinage. This would serve as payment for payroll and all costs associated with their operations. In this way, in a very short period of time, the country and its people would possess honest money again.

    Any are welcome to criticize this approach, but there don’t seem to be many others fronting their own, with the exception of what the links in this topic display, to again bring back the gold/silver/copper standard. We, the People, are being robbed because the banks, the super rich, governments and the politicians hold most of the real money and throw us a bone in the form of paper currencies.

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    • Seigniorage the revenue or a profit taken from the minting of coins, usually the difference between the value of the bullion used and the face value of the coin, or oftentimes charged as the cost of the production of the coins, was part of the plan of the founders.

      The metals, unlike paper fiat, actually represent value in a number of ways, but one of them is the labor it took to extract and refine them.

      • 1 Reply to moses_on_wall_street
      • “...Seigniorage ... was part of the plan of the founders.

        That is NOT correct.

        The US Constitution stipulated that part of the services provided by the Federal Government, generally free of charge, was the minting of bullion presented for return as coinage. Included as part of the service was assay. The only time that a charge was imposed was if those who presented bullion to become coinage required expedited turn-a-round.

        Obviously the banksters of the day took great umbrage at their ability to rob and steal by printing bank notes masquerading as money, as had been their practice for 100s of years, so they undertook to subvert the US Constitution, which they successfully did beginning in 1910 (Jekyll Island conference), culminating in the Federal Reserve Act in 1913.

        One of the penalties for counterfeiting was the DEATH penalty (see the Coinage Act of 1792). Obviously the banksters considered this laughable. We’ll see how that works out in the future if people continue to be empoverished by bankster practices of refining their counterfeiting to include the current age of digital “money”, counterfeited stock securities (FTDs-aka naked short selling) and the like. Unfortunately, for the banksters to be convinced to discontinue their robbery and become honest enterprises does NOT have any historical precedent.

    • Sorry. That was a hurried post. Substitute bullion everywhere, in reference to bank and government holdings, that should be disallowed.

    • The only holdings of PMs, in the form of BULLION, that can legally be held are for industrial/manufacturing uses where such users have been granted a license to do so.

 
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