Pot proponents hopeful, wary after Obama comments

(AP) Pot proponents hopeful, wary after Obama comments
By MANUEL VALDES and KRISTEN WYATT
Associated Press
SEATTLE
Backers of new laws that legalized marijuana in Washington and Colorado were cautiously optimistic after President Barack Obama said Uncle Sam wouldn't pursue pot users in those states.

Following the November votes in Washington and Colorado the Justice Department reiterated that marijuana remains illegal under federal law, but had been vague about what its specific response would be.

In a Barbara Walters interview airing Friday on ABC, President Barack Obama said: "It does not make sense from a prioritization point of view" to focus on drug use in states where it is now legal.

Marijuana activists were relieved at Obama's comments, but had questions about how regulation will work. They said even if individual users aren't charged with crimes, marijuana producers and sellers could be subject to prosecution, civil forfeiture and other legal roadblocks.

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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