You are here

Coin Update News uncovers U.S. Mint's secret gold pricing policy

Section: Daily Dispatches

8:50p ET Tuesday, June 1, 2010

Dear Friend of GATA and Gold:

Michael Zielinski, editor of Coin Update News, last week noticed that the U.S. Mint seemed not to have followed its policy for adjusting the prices of its numismatic coins. Calling the mint about it, Zielinski uncovered a secret codicil in the policy that prevented what ordinarily would have been a reduction in prices.

Writing about it today, Zielinski concludes with polite understatement: "When the new pricing policy was introduced, the U.S. Mint Deputy Director stated, 'Transparency, agility, and customer service are the catalysts for our new pricing method.' Having an unrevealed internal policy which can override the published policy doesn't seem consistent with the claim of transparency."

If you think the Mint has some shortcomings with transparency on gold, GATA could tell you, over a beer or two, about the secrecy tightly woven around gold by the Federal Reserve and Treasury Department, but we might not finish by closing time. At least Coin Update News didn't have to sue the mint to get an answer.

The Coin Update News disclosure about the mint's secret pricing policy is headlined "U.S. Mint Responds on Numismatic Gold Coin Pricing Policy" and you can find it here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource

Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.

For Prophecy's complete press release about its production plans, please visit:

Join GATA here:

World Resource Investment Conference
Sunday and Monday, June 6 and 7, 2010
Vancouver Convention Centre
Vancouver, British Columbia, Canada

* * *

Support GATA by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:


Coming Friday-Sunday, June 11-13, at the Dallas-Fort Worth Airport Marriot:
The Anglo Far-East Bullion Co.'s Gold and Silver Conference

The conference will explore the dangers and opportunities in today's bullion markets and the need for investors to diversify bullion holdings outside of bullion banking and commodities markets. Speakers will include David Morgan of, Gold Anti-Trust Action Committee Chairman Bill Murphy, and Duncan Cameron and Philip Judge of Anglo Far-East Bullion Co. The earliest conference attendees on Saturday will be able to schedule one-on-one interviews for personal consultation with Anglo-Far East's experts on Sunday.

To learn more about and register for the Anglo Far-East Bullion conference, please visit: