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US Mint increases prices on silver products

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News Date: October 13, 2020

The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. Prices for products containing silver will change EFFECTIVE October 13, 2020-applicable to silver products already on sale/those yet to be released.
In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.
The Mints goal, as a financially responsible Federal agency, is to always provide the best quality numismatic products while maintaining fair prices.
The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations.
(No tax dollars are used to fund numismatic operations.) The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price.
Sources:www.federalregister.gov, twitter.com, www.coinworld.com

Precious Metals as Money Moving Forward

Sound Money Bills Moving Forward Rapidly in Many States.
First, as to repealing precious metals sales taxes, bills in Mississippi and Kentucky are moving forward quickly.
Other full sales tax repeal bills are pending in Maine, Wisconsin, and Vermont - while Minnesota and Alaska are considering an expansion of their existing sales tax exemptions.
Efforts are underway in Iowa, South Carolina, Kansas, and Missouri to remove the state income taxes on the sale of gold and silver.
Meanwhile, several states are considering bills that prompt the establishment of a gold reserve.
(moneymetals.com)

Tether Introduces Gold-Backed stablecoin

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The first product, AUSDT, is a token that mirrors the U.S. dollar's value but is backed by Tether Gold (XAUT).
This innovative approach, created by Tether's subsidiaries, Moon Gold NA and Moon Gold El Salvador, aims to provide stable, gold-backed digital assets.
CEO Paolo Ardoino highlighted the novelty and potential market impact of this mechanism.
Initially available on the Ethereum blockchain, AUSDT allows XAUT holders to transact in a dollar-like currency, with over 8 million AUSDT issued, supported by more than 140 kg of gold.

Gold price up as Fed begins historic ETF purchase program

The US central bank (FED) began purchasing ETFs holding corporate bonds for the first time ever Tuesday as part of its pandemic rescue package.
Such injections into the economy have generally lifted investor demand for safe-haven assets like the precious metal as fears of inflation and currency debasement grow.
Source:mining.com

Student debt relief announcement

The Biden administration is canceling up to $20,000 in student debt for Pell Grant recipients, up to $10,000 for individual borrowers who make under $125,000 per year, and extending the pause on repayments by four months, the White House announced on Wednesday.
Sources: axios.com

G-24 calls for debt relief for developing countries

The G-24, a group of 28 member countries including China, is strongly advocating for sustainable debt relief measures for low-income nations due to their concerns over escalating, unsustainable public debt burdens.
They conveyed this message during the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund on October 10.
The G-24's core mission is to coordinate and amplify the voices of developing countries on monetary and development issues, underscoring their commitment to global economic stability and the well-being of vulnerable nations.

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