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Investors Losing Confidence in the US Mint, while Coin Minting Reports $171 Million Net Loss

Keeping up with investors demand has been a difficult task for the US Mint. The pandemic lockdowns caused a total shut down of mint operations, forced mine closures and caused other widespread disruptions throughout industrial supply chains.

Problems for the Mint only got worse as investor demand for bullion investment coins skyrocketed because of the pandemic. For a few months, the minting of Silver Eagle coins was secretly shifted to the Philadelphia Mint for the first time in history as backorders began to pile up.

Texas Committee Passes Bill To Create 100% Gold And Silver-Backed Transactional Currencies

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Legislators in Texas are leading the charge against the Federal Reserve’s monopoly on fiat money by offering an option for people to conduct business in sound money.

Physical gold and silver that would support the backing of the digital currency would be stored in a pooled account at the Texas State Bullion Depository.

North Carolina joins Texas, Florida and South Dakota in Fight Against CBDC digital dollar

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US banks are ramping up in anticipation for the introduction of the FedNow system later this year. Various government agencies actively deny that Fednow is related to CBDC implementation. However, the instant payment service could provide the underpinnings to support institutional transfers that incorporate near real-time settlement.

Earlier this year, legislators in Texas became the first to offer a solution against a federal CBDC by introducing legislation to create a state managed gold-backed digital currency.

This week, legislators in North Carolina pushed forward a law that would ban the state’s agencies and institutions from accepting any payments in central bank digital currency (CBDC).

Silver Institute Report Shows Strong Demand Across All Supply Chains

Silver coins on the background of the growth chart

Investor demand continues to drive up prices for physical silver bullion. Supply chain disruptions at the start of the pandemic led to depletions of wholesale and retail bullion inventories resulting in the prices of physical bullion become far removed from following the paper price.

The US Mint continues struggling during periods of high demand due to ongoing supply chain issues plaguing domestic planchet suppliers.

Federal Reserve and the Current Board of Governors

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The Federal Reserve system is comprised of 12 Reserve Banks that were established following the outbreak of World War I in 1914 as a way to manage the cashflow of the country and to prevent future bank runs and other banking crisis’.

The Board of Governors, which is appointed by the President of the United States, is responsible for supervision of the reserve banks and regulating certain other financial institutions and activities.