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Emerald.
Silver Coin Proposal
GATA's Gold Rush 21 Conference was designed to help precious metal advocates determine the best ways to promote gold and silver. Inspired by their leadership, inspired by Hugo Salinas Price's silver coin movement in Mexico, inspired by the Liberty Dollar, inspired by New Hampshire's Silver Coin ballot measure, and most importantly, inspired by what I have learned about honest weights and measures and economic principles in the Bible, I developed this Silver Coin Proposal. So, in mid-July 2005, I sent the following Silver Coin Proposal to all 50 governors of all the states in the U.S. So far, I've heard back from about 15 states, and two Governor's administrations have called me saying that when they are ready, they would like to book an appointment with me so that they could discuss this further.
This Silver Coin Proposal was originally written for State Governments, (and the nations of the world), but most of general priciples are also suitable for any employer--especially large employers. Gold and silver mining companies (producers) should be among those employers who would benefit the most from paying their employees (who wish it) in silver. Issuing silver as money is the best way to promote the use of silver as money! But also, city governments and county governments could adopt this silver coin proposal. It is too much for one man, me, to contact or persuade all the many employers and local or national governments in the world. Therefore, it is up to you, my readers, to take this to your own mining companies, to your own employers, to your own local governments, or to your own national governments. Only you, the many in the market place, can demand and promote using silver as money.
Why Silver? Why Now?
We live in a unique time in history. No nation on earth uses gold or silver as money. This has created the greatest investment opportunity in the history of mankind, because lack of monetary demand for gold and silver has lowered their value.
Silver used to have a much higher value. For over 2000 years, the amount of silver in a silver dime was worth a day’s wage, whether 100 years ago in the U.S. or Canada, or whether in Roman times with a silver denarius. At $7/oz., those same dimes are worth about 50 cents each, and you can buy about 300 silver dimes with a day's wage of $150. Thus, silver today is valued about 1/300th of the historic value when it was plentiful—and this is an opportunity to be exploited.
Even better, silver is more scarce now than ever before in human history due to the fact that modern industrial nations have consumed about 7/10ths of an ounce of silver per person, annually, since 1945, consuming about 90% of the silver mined in the history of the world.
The people, the leaders, and the employers, who first recognize this monetary opportunity, and take advantage of it, will surely benefit the most.
Over the last five years, I have invested millions of dollars in silver. About 15% of my silver is in bullion bars and coins, and about 85% is invested in stocks of silver exploration and mining companies. I am one of the world’s experts on the opportunities available in silver stocks, as I keep track of about 80 silver stocks at silverstockreport.com. I have given speeches in mining conventions in Vancouver, Toronto, Calgary, Chicago, and Idaho. I am a very good trader and investor, as my personal portfolio is up about 40% since Jan, 2004, which has been a difficult time in the precious metals market. In 2002, my picks and portfolio were up about 150%, and in 2003, my picks and portfolio were up about 300%. Of course, gains of this magnitude are much easier to do with my small, multi-million dollar portfolio.
Speaking of successful investors, one of the world’s best is Warren Buffett, who averages about 20% gains each year. (But that is more significant because Warren invests billions, and the larger your holdings, the more difficult it is to grow rapidly.) The point is that Warren Buffett purchased 130 million ounces of silver in 1997, which was 2% of Warren Buffett’s holdings. Today, this is nearly half of all known stockpiles of above ground refined silver. When Warren bought his silver, he understated the case when he said, “equilibrium between supply and demand was only likely to be established by a somewhat higher price.” This can be confirmed here:
http://www.berkshirehathaway.com/news/feb03981.html
Various states and nations are now beginning to re-consider a slow return to using gold and silver coins as money for the benefit of their people. New Hampshire, Nevada, Idaho, and others are considering legislation to make this happen. See http://www.goldmoneybill.org/
Hugo Salinas Price, a billionaire in Mexico, has lead all 31 govenors of Mexico to ask the Mexican Federal government to begin minting and using the Libertad, a one-ounce silver coin, for general commerce. See
http://www.gold-eagle.com/editorials_03/salinas061103.html
Additionally, Muslim nations have begun a return to the dinar and dirham, the gold and silver coins of the Muslim world. See http://www.islamicmint.com/
In sum, it’s about truth. Will you stand up for the truth of honest money, honest weights and measures? The alternative is to stand up and support the fraud of “broken promises” of un-backed paper money.
Silver Coin Proposal
The State should buy silver on the open market, mint the silver into one-ounce silver coins (or hire a company such as NorthWest Territorial Mint http://www.nwtmint.com/), and pay silver to employees of the State who choose to be paid in silver. (Acceptance of the coins must be voluntary.) Employees could decide, and select, on a questionnaire form, whatever percentage of their paychecks they want to be paid in silver (rounded to the nearest price of an ounce of silver).
The coin should be “sold”, “traded”, “priced”, or “valued” at 10% above the spot price, (The spot price is the bullion price of silver traded worldwide) which would give a nice profit to the State. (Private mints today, can mint silver coins at 4-7% above the spot price.) State coins could be “bought”, “repurchased”, or exchanged for cash by the State, (or accepted as payment for State taxes), at the same value of 10% above the spot price.
Extra profit for the State would be also be gained as the price of silver rises between the time of purchase of silver in the spot market, and until the time of coin distribution, as surely the price of silver would rise due to increased monetary usage and demand. This extra profit, I anticipate, could reach, or even exceed 100%-200%, due to the fact that the silver market is so small, and prices so volatile in response to even tiny increases in investment demand. In other words, the State could purchase raw silver between $7-15/oz., and by the time the State issues coins, the price of silver could rise to $21 to $45/oz. in anticipation of the increased demand for silver that a successful coin program could bring.
Important implications & considerations:
1. The State Pension Fund could invest in silver before the introduction of the coin. Thus, the investment into silver would increase in value as increased monetary demand for silver would follow. Increased liquidity for silver would also follow, (making it easier for State Pension Fund to liquidate and sell any investment of silver) as there would then always be a large and ready market for silver after the coin program.
2. The State’s purchase of silver in the open market, and/or through the dealer community, should be done discreetly at first for perhaps six months to a year. The State should buy through a hired broker that hides the identity of the buyer (the State), so as to get the most silver at the best price--without moving the market price upwards too much. Doing this could add 100% or more to the State’s initial profits from the coin program.
3. To encourage and strengthen the coin program, private hoards of.999 fine silver could be brought to the State mint and coined for a 5% fee. This would encourage others to buy silver and bring it to the State mint to coin it, for the profit of being able to"market" the coins at 10% higher than the silver price. This would thus enable coins to be placed into the hands of non-State employees, and circulate more widely, and be more widely accepted.
4. Since the coin would not be federally issued, the coin would not be accepted by any banks. This would have to be made clear to the people, but would not be a problem.
5. The coins would be accepted by:
A. The State, at 10% above the spot price.
B. Coin dealers, at whatever discount they offer (typically 5% off.)
C. Regular merchants, at whatever they decide they are worth. (typically 5% to 10% over spot.)
6. Since the coin would not be federal, one advantage is that it can contain the image of a living person. (Only Federal notes and coins must restrict the images to dead people.)
7. The coin would be entirely constitutional. Authorization is probably only needed by the governor and the State Treasury. (Check with State attorneys.)
8. To advertise the benefits of silver, a one-page fact sheet on the historical value of silver, and facts about silver today--which could be placed into the paychecks of state employees. This could really create increased voluntary demand for the coins, which is the entire point.
9. Free market dynamics: A coin that is accepted, voluntarily, is an important free market principle. Other free market principles are choice and competition. A silver coin would be a viable & meaningful choice to holding Federal Reserve Notes (U.S. paper dollars.) A silver coin must remain a choice.
10. A coin with a value always slightly higher than the value of the silver content and minting costs would help the coin to circulate. The coin cannot have a fixed dollar value, because the dollar's value is always changing. If a one-ounce silver coin was denominated as a $10 piece, or a $20 piece, the coins would not be valued closely enough to the free market value of silver. Few would choose to accept a grossly overvalued silver piece, and neither would the State, as it could be overwhelmed by people cashing in, or minting, silver. On the other hand, a dollar denominated coin would become obsolete, by being hoarded, if the silver price exceeded $10 or $20/oz.
11. Coins can be sent out through U.S. Post Registered Insured Mail very safely and cheaply. Coin dealers in the U.S. routinely send silver via U.S. Post Registered Insured Mail. All registered mail is transferred under lock and key, and signed for at every step of the way by each employee, and signed for by the final recipient. The cost varies from about $5 for a small package to $60 for a large amount of silver. This may add costs of up to 1-10%, depending on the amount of silver to be shipped. To further reduce shipping costs, an alternative might be to ship silver payments in bulk; for example, to be distributed by a school’s administration to the teachers.
12. Other denominations, such as 1/2 oz., 1/4 oz., and 1/10 oz., could also be minted as demand increases, or as silver's value increases. Gold coins could also be introduced in the same manner, after a successful review of the silver coin program.
13. The proposed State coin program will be vastly more successful than the Federal Silver Eagle coin program for the following reasons: (Advantages over U.S. silver eagles)
First advantage over U.S. silver Eagle coins: The State coin will be more reasonably priced. The Federal Silver Eagle sells for up to $2.50/oz. over the silver price, or up to 50% over the silver price. The State coin will be only 10% above the silver price.
Second advantage over U.S. silver Eagle coins: The State coin will be issued to employees (who choose it), and thus, will be more widely distributed to more people.
Third advantage over U.S. silver Eagle coins: The State coin will be accepted for State fees and taxes, unlike the Silver Eagle, which is not accepted by the Federal Government for any fees or taxes, thus, the State’s acceptance of the coin will legitimize the coin, and actually create demand for the coin.
Fourth advantage over U.S. silver Eagle coins: The State coin will be “created” by people who will bring in their own silver to the State mint, in order to “spend” their silver at a small profit, which will thus boost circulation of the coin among merchants.
Fifth advantage over U.S. silver Eagle coins: The State coin will circulate widely outside the state, as people, nationally and internationally, will have the alternative of a “State-backed” silver coin that is cheaper than the overvalued Federal coin that is not Federally backed (not repurchased.) (Just as the Mexican “piece of eight” silver coin was once widely circulated in the U.S.)
Suggested design for a State-Issued silver coin:
On one side (heads), an engraving of scales for honest weights and measures.
Arched across the top: “Silver is Money”
Arched across the bottom: “.999 fine silver”
Lower corner: Year minted (2005)
On the flip side (tails), the inscription,"Economic Strength through Honest Weights and Measures"
Arched across the top:"State of ________"
Arched across the bottom: “one ounce pure silver”
Questions about the Silver Coin Proposal can be sent to me at:
Jason Hommel, 19543 Explorer Dr., Penn Valley, CA 95946, Phone: (530) 432-9671
Email: j@silverstockreport.com
www.SilverStockReport.com
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