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Letter Re: Lakota Warehouse Bank?

 JWR Replies:
They are to be commended for their pluck, but their fees are high. More importantly, their arbitrary Cu/Ag/Au ratios (2/50/5,000) will certainly come back to bite them. (Fixed ratios are a bad idea! The silver-to-gold ratio is constantly changing. I expect to see a 10-to-1 ratio by the middle of this Century. Anyone that locks themselves into a fixed bimetallic ratio is sowing the seeds of their own downfall. The Liberty Dollar folks made the same mistake. (But they were shut down by the Feds long before the fixed exchange bimetallic ratio caught up with them. In their case, it was their use of the word "Dollar" and the Dollar sign ($) that cost them.)

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