Tuesday, December 14, 2010

More Hype on the Tracking of "Blood" Minerals (Including Gold)

As I have reported before, the Dodd-Frank Act includes a provision that requires companies buying gold and other minerals to submit an annual report outlining what they are doing to ensure their minerals are "conflict-free."

Most of the focus on this provision, to date, has been on the ramifications for high tech companies such as Apple and Intel, and the minerals they use. But the provision goes beyond the minerals used in high tech equipment, such as cobalt, copper and tantalum. Gold is also on the list.

The Dodd-Frank Bill appears to "nudge" the gold industry towards a certification process.

WaPo has come out with a new propaganda piece on this tracking. Curiously, the body of the article disccusses everything but gold, but WaPo manages to put gold in the first paragrapgh of the story:

As you arm yourself with electronic gifts over the next few weeks, you probably won't think about the minerals your new cellphone, laptop or digital camera runs on. But no matter which company made the gadget, it's likely to be powered using tin, tantalum, tungsten or gold, all of which are mined in Eastern Congo, where profits contribute to financing the country's bloody war.
WaPo also tells us that the SEC is getting in on the act:
In addition, the Securities and Exchange Commission has announced that it will come out with proposed rules on conflict minerals on Wednesday and final guidelines in April 2011.
Gold tracking is coming. All the pieces are being laid in place.

It will be similar to the Kimberly Process which now tracks new diamonds.

1 comment:

  1. Let's do a twofer
    1. Conflict Minerals: Ain't Oil a Mineral? I'd love to see Big Oil certifying that theirs comes from conflict free zones.

    2. On the topics of Oil and Money, why not make the unit of exchange 100,000 BTU's of energy?
    About 1/2 gallon of gas or heating oil a little more than a gallon of propane, 12 lbs of coal etc.

    Lots of advantages to this.