New silver market opens as Bush signs coin bill This new US law is expected to soak up ~ 9 million ounces of US mined silver each year. That is 9mil oz not going to the world market.
Wednesday, July 24, 2002
Idaho
New silver market opens as Bush signs coin bill
Federal law to bolster reserves could help N. Idaho producers
President Bush signed legislation Tuesday to create a new market for domestic silver in government-minted coins in what could be a boon to North Idaho silver producers.
Sponsored by Idaho's two senators and U.S. Rep. Butch Otter along with members of two other silver-producing state congressional delegations, the law enables the federal government to become a net silver buyer for the first time in four decades.
It permits continued production of the American Eagle Silver Bullion Coin and the preservation of dozens of jobs in the Panhandle.
The initiative was prompted by news that the government's 730-million-ounce strategic stockpile of silver -- accumulated in the years immediately following WW II -- will be depleted this summer.
Since 1986, about 10 million troy ounces a year have been taken from the stockpile, stamped into rounds by Sunshine Minting Co. in Coeur d'Alene and then struck by the U.S. Mint into 1-ounce investment coins.
The mint is expected to buy up to 9 million ounces of silver each year to continue production.
http://www.spokesmanreview.com/news-story.asp?date=072402&ID=s1187087&cat=se
MMN
macmin silver ltd
