Russia Backs Return to Gold Standard to Solve Financial Crisis

Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.

Arkady Dvorkevich, the Kremlin's chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.

Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal.

Mr Dvorkevich said it was "logical" that the new currency should include the rouble and the yuan, adding that "we could also think about more effective use of gold in this system".

The Gold Standard was the anchor of world finance in the 19th Century but began breaking down during the First World War as governments engaged in unprecedented spending. It collapsed in the 1930s when the British Empire, the US, and France all abandoned their parities.
It was revived as part of fixed dollar system until US inflation caused by the Vietnam War and "Great Society" social spending forced President Richard Nixon to close the gold window in 1971.

The world's fiat paper currencies have lacked any external anchor ever since. It is widely argued that the financial excesses and extreme debt leverage of the last quarter century would have been impossible - or less likely - under the discipline of gold.

Russia is a major gold producer with large untapped reserves of ore so it has a clear interest in promoting the idea. The Kremlin has already instructed the central bank of gradually raise the gold share of foreign reserves to 10pc.

China's government has floated a variant of this idea, suggesting a currency based on 30 commodities along the lines of the "Bancor" proposed by John Maynard Keynes in 1944.

By Ambrose Evans-Pritchard
Read more about this article at
http://www.telegraph.co.uk/finance/financetopics/g20-summit/5072484/Russia-backs-return-to-Gold-Standard-to-solve-financial-crisis.html

US Mint Suspends Production of More Gold and Silver Coins

The United States Mint has officially announced the suspension of another slate of gold and silver products. The affected products are 2009 dated American Gold and Silver Eagle coins produced for collectors. These coins are considered collectible versions of the bullion coins.
Although these are collectible coins, they represent a sizable amount of precious metals sales and represent a method of gold and silver investment for many individuals. Last year, the US Mint sold 1,157,911 ounces of silver in the form of Silver Eagle coins minted for collectors. They also sold 155,740 ounces of gold in the form of Gold Eagle and Gold Buffalo coins minted for collectors.
The following message was posted on the US Mint's website in the space where the collectible Gold Eagle coins typically appear. The proof coins has been offered uninterrupted since 1986. The uncirculated version has been offered since 2006.
Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”
The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced.
A similar message is posted in the section where collectible American Silver Eagle coins would typically appear. The proof coins have also been offered uninterrupted since 1986 and the uncirculated coins since 2006.
Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .”
The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products.
This adds to the lengthy list of 2009 dated precious metals products that have been "temporarily delayed" or suspended by the US Mint. In my previous post Actions of the US Mint Discourage Gold Ownership, I mentioned the delayed release of 2009 Gold Eagle fractional coins, 2009 Gold Buffalo coins, and all 2009 Platinum Eagle coins. The delay, which was first announced in November 2008, continues with no further explanation provided.
For those keeping track, here is a list of the US Mint's 2009 precious metals products that have been "temporarily delayed" or suspended:
2009 American Gold Eagle 1/2 oz. (bullion)
2009 American Gold Eagle 1/4 oz. (bullion)
2009 American Gold Eagle 1/10 oz. (bullion)
2009 American Platinum Eagle 1 oz. (bullion)
2009 American Platinum Eagle 1/2 oz. (bullion)
2009 American Platinum Eagle 1/4 oz. (bullion)
2009 American Platinum Eagle 1/10 oz. (bullion)
2009 American Gold Buffalo 1 oz. (bullion)
2009-W Proof American Gold Eagle 1 oz. (collector)
2009-W Proof American Gold Eagle 1/2 oz. (collector)
2009-W Proof American Gold Eagle 1/4 oz. (collector)
2009-W Proof American Gold Eagle 1/10 oz. (collector)
2009-W Proof American Gold Eagle 4 Coin Set (collector)
2009-W Uncirculated American Gold Eagle 1 oz. (collector)
2009-W Proof American Silver Eagle (collector)
2009-W Uncirculated American Silver Eagle (collector)
In addition, the following precious metals related products were discontinued by the US Mint for 2009. These discontinuations were announced in November 2008. Amidst the environment of unprecedented demand for precious metals, the US Mint determined that these products were "unpopular."
Uncirculated American Gold Eagle 1/2 oz. (collector)
Uncirculated American Gold Eagle 1/4 oz. (collector)
Uncirculated American Gold Eagle 1/10 oz. (collector)
Unriculated American Gold Eagle 4 Coin Set (collector)
Uncirculated American Gold Buffalo 1 oz. (collector)
Uncirculated American Gold Buffalo 1/2 oz. (collector)
Uncirculated American Gold Buffalo 1/4 oz. (collector)
Uncirculated American Gold Buffalo 1/10 oz. (collector)
Unriculated American Gold Buffalo 4 Coin Set (collector)
Proof American Gold Buffalo 1/2 oz. (collector)
Proof American Gold Buffalo 1/4 oz. (collector)
Proof American Gold Buffalo 1/10 oz. (collector)
Proof American Gold Buffalo 4 Coin Set (collector)
Uncircualted American Platinum Eagle 1 oz. (collector)
Uncircualted American Platinum Eagle 1/2 oz. (collector)
Uncircualted American Platinum Eagle 1/4 oz. (collector)
Uncircualted American Platinum Eagle 1/10 oz. (collector)
Uncircualted American Platinum Eagle 4 Coin Set (collector)
Proof American Platinum Eagle 1/2 oz. (collector)
Proof American Platinum Eagle 1/4 oz. (collector)
Proof American Platinum Eagle 1/10 oz. (collector)
Proof American Platinum Eagle 4 Coin Set (collector)
That makes a total of 38 precious metals products which have been delayed, suspended, or discontinued by the US Mint.

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More about this article can be found at http://goldandsilverblog.com/us-mint-suspends-production-of-more-gold-and-silver-coins/

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