Posted on 11/15/2007 12:05:00 PM PST by smoothsailing
On what basis do you form the belief that the Liberty Dollar warehouse receipts were NOT redeemable for the amount of silver specified?
They are negotiable “warehouse receipts,” as was clearly printed on the paper, and as explained in the Uniform Commercial Code Division 7. They are a document of title for the specified weight of gold or silver.
http://members.aol.com/StatutesP8/13.Cp.72.html
If negotiable warehouse receipts are now illegal, anyone engaged in any kind of trade of fungible commodity, be it wheat, corn, gasoline, whatever, is in danger of prosecution.
Interestingly enough, the 10 ounce bar from Sunshine Minting does not even have a serial number on it.
Are you the Mogambo Guru? ;)
Actually, it's worth whatever someone's willing to give you in exchange for it. The US Mint sells one ounce of silver for $30. The "spot price" is the price of a five hundred ounce ingot of silver in New York City for immediate delivery.
Indeed. I have several Silver American Eagle coins made by the US Mint. They are 1 troy ounce of silver with a face value of $1.00, Of course, I paid about 17 dollars for each one. Not sure how Norfed is any different in my opinion. Now, if Norfed are claiming they are storing metal for people with certificates, and there is in fact nothing in their vaults, then that’s a different matter - in essence, they are behaving just like a bank does. Which the gov’t wouldn’t be too happy about.
They were audited on a monthly and annual basis by an Idaho-licensed CPA firm since inception. So, unless the various CPA firms have been hoodwinked by the Liberty Dollar corporation and the Sunshine Mint since 1998 or so, there is in fact something in their vaults.
Oh, I’m sure there is. I think the problem is that the Feds are scared of real money. Up until the 60s American money was made out of silver. Since they got rid of silver, they can print it up endlessly and achieve massive inflation. I’m sure they don’t want the Libertydollar guys to have any piece of the pie.
and to add, I’m sure all of our governments are scared of Silver and Gold, especially when it goes up in value, because then they are losing their vice-like grip on us.
Personally, I think the real problem here is that the Liberty Dollar corporation was involved in a lawsuit against the Secretary of the Treasury, the Attorney General, and the Director of the US Mint over the claim that they were violating the law.
Much easier to bankrupt your opponent by a stroke of a pen on an asset forfeiture order than fight him in court.
The most recent brief filed in the lawsuit was November 7, 2007, a motion to dismiss plaintiff’s amended complaint. The government lost their first motion to dismiss on October 15, 2007.
Coincidence? I doubt it.
Yes, and immediately converting them into gold, just like the Kuwaiti do with the worthless dollars paid to them for oil.
No, this thread is primarily for the morons that have no life beyond turning every news story into something to babble about Ron Paul.
About as accurate as anything you ever post.
I trust that all others here are aware that the price of an ounce of silver has been over $14.00 for a few weeks.
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