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<p>[QUOTE=&quot;Digenes, post: 508089, member: 16318&quot;]<b>Sorry about the length of this</b></p><p><br /></p><p>GDJMSP you may be correct there but under 31 USC 5116 it is written as follows.&nbsp; </p><p><font face="Verdana"><font size="2"><i>The Secretary shall pay not more than the average world price for the gold. In the absence of available supplies of such gold at the average world price, the Secretary may use gold from reserves held by the United States to mint the coins issued under section 5112(i) of this title.</i></font></font></p><p><font face="Verdana"><font size="2"><i><br /></i></font></font></p><p><font face="Verdana"><font size="2"><i>The Secretary shall issue such regulations as may be necessary to carry out this paragraph. (b)(1) The Secretary may buy silver mined from natural deposits in the United States, or in a territory or possession of the United States, that is brought to a United States mint or assay office within one year after the month in which the ore from which it is derived was mined.</i></font></font></p><p><br /></p><p><font face="Verdana"><font size="2"><i>The Secretary may use the coinage metal fund under section 5111(b) of this title to buy silver under this subsection. (2) The Secretary may sell or use Government silver to mint coins, except silver transferred to stockpiles established under the Strategic and Critical Materials Stock Piling Act (</i></font><a href="http://vlex.com/vid/19266485" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://vlex.com/vid/19266485" rel="nofollow"><b><font size="2"><span style="color: #0055b4"><i>50 U.S.C. 98</i></span></font></b></a><font size="2"><i> et seq.). The Secretary shall obtain the silver for the coins authorized under section 5112(e) of this title by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act (</i></font><a href="http://vlex.com/vid/19266485" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://vlex.com/vid/19266485" rel="nofollow"><b><font size="2"><span style="color: #0055b4"><i>50 U.S.C. 98</i></span></font></b></a><font size="2"><i> et seq.). At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources.</i></font></font></p><p><br /></p><p><font face="Verdana"><font size="2"><i>The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce</i></font></font></p><p><br /></p><p><font face="Verdana"><font size="2">So does this mean that they have to buy it from the stockpile until it is depleted and then at which time they have to buy it at average world price to replenise the stockpile? </font></font></p><p><font face="Verdana"><font size="2">As far as silver it spificicly states that silver should be purchased from US Mints.&nbsp; Now later in the code it does state that to continue the ASE program certain conditions must be met.&nbsp; One of which if I am not mistaken is the amount of silver that the mint must purchase from Nevada mines. This subsection on the ASE program is quite interesting in itself.</font></font></p><p><br /></p><p><font face="Verdana"><font size="2">Dave</font></font></p><p><br /></p><p><br /></p><p>[/QUOTE]</p><p><br /></p>

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