Wednesday, February 17, 2010

SC Rep. Mike Pitts introduces legislation to make only gold and silver coins legal tender in South Carolina

South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning "the unconstitutional substitution of Federal Reserve Notes for silver and gold coin" in South Carolina.

In an interview, Pitts told Hotsheet that he believes that "if the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic system is going to collapse."


Anonymous said...

not a lot of movement lately with the columbian you have any updates?

Palmoni said...

to me it seems like they run it like its still a private company instead of a public one and they're not giving out enough information to regular investors

they need to hire an investment bank that communicates the story with Wall Street--but every time they need money, they just dig in the old buddie network of private individuals who are content to go in their pocket for more shares to help develop the story

the last pr from the company indicated that they wanted to do the alluvial mining in Zaragoza

the investment banks want them to concentrate on hard rock gold drilling, because that is a known entity, and they can sell those assets for really good money, and reduce the projects that the company has, and they (IBs) don't care about alluvial mining

and that's where they butt heads--MGOL doesn't want to sell any assets to others to develop right now--the 43101 will be done in a few months so then they'll have reserves that they can monetize at a much higher price--so they are in no hurry

So MGOL goes on its own way, and the I Banks fly back to NY empty handed, playing poker and not getting anything back

I just think public companies also have an obligation to maximize the wealth of the public shareholders and just because the insiders think it is worth 5X-10X the current price, that doesn't do anything for the current shareholders

so I'm waiting a bit and when they turn some of the handshake deals they have made into a paper contract, and/or finish the 43101s then I'll update

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