Good news for investors in Louisiana. They will no longer have to pay sales tax when they buy gold, silver, and platinum.
Last week, Louisiana Gov. John Bel Edwards signed a bill into law that exempts the sale and purchase of gold and silver and other precious metals from state sales and use taxes. The new law will encourage their use and takes the first step toward breaking the Federal Reserve’s monopoly on money.
Illinois’ credit rating is on its way to “junk” status.
According to an AP report, S&P Global Ratings recently warned it will likely lower Illinois’ creditworthiness to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year.
There is healing power in gold. Not only does the yellow metal serve as an investment as well as money, it is increasingly being used in technological applications, particularly in the healthcare field.
A recent advance reported by Science Daily could significantly improve medical implants. Researchers from the University of Basel have modified short-chain silicones in a way that allows them to build strong bonds to gold atoms. This process could be used to develop artificial muscles.
What did Brits do before the recent elections in the UK?
They bought gold.
According to the Financial Times, gold sales soared 87% as uncertainty kicked in on election day earlier this month. As prospects of a hung Parliament loomed, “panic-stricken” investors converted their sterling into gold.
The Texas bullion depository took a major step closer to reality last week when officials formally announced the private vendor that will run the facility. The creation of a state bullion depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately undermine the Federal Reserve and its monopoly on money.
The Fed is hawkish about jacking up interest rates, but even the mainstream is catching on to the disconnect between Fed rhetoric and actual data.
The recent Federal Reserve rate increase and talk of more boosts in the future has sparked a rally for the dollar. This has caused the price of gold to sag. But TJM Institutional Services managing director Jim Iuorio recently said on CNBC’s Futures Now that he’s still bullish on gold because he thinks the Fed’s hawkish tone doesn’t line up with actual economic data.
The Federal Reserve nudged up interest rates another .25 points last week. Of course, nobody was surprise by the central bank’s move. It was widely expected. Nevertheless, the Fed’s latest policy move has everybody bullish on increasing rates into the future
Of course, nothing has fundamentally changed. As Paul Singer said earlier this month, the financial system is no more sound than it was in 2008. All of this talk about rate hikes will vanish like a vapor if actual economic data continues to point toward a slowdown.
But since everybody is talking rate hikes right now, this is probably a good time to consider just how rising interest rates will effect your wallet.
Late last month, the gold trading industry in India announced plans to set up 100 hallmarking centers, and establish a precious metal assay and training institute in an effort to ensure the purity of gold sold in the country.
According to the Economic Times of India, “Indian Association of Hallmarking Centres has submitted a proposal to the Bureau of Indian Standards to issue a certificate along with each jewelry sold, capturing its photo, purity, weight and the names of the center that put the hallmark and the jeweler who sold it.”
Gold hallmarks show the purity of a piece of gold jewelry. They generally include the mark of the assaying office that certified the purity, as well as the fineness or caratage of the gold.
Going back to the earliest civilizations, people have longed for gold. Humankind has always been drawn to the yellow metal’s beauty, rarity, and unique qualities. In many, gold inspires a kind of wonder.
An art exhibition that recently opened in Macau attempts to capture the beauty and spiritual aura that makes gold so desirable.
Analysts at the World Gold Council say they believe a new tax plan set to go into effect in India will ultimately boost demand for gold in the world’s second-largest market for the yellow metal.
On July 1, India’s current labyrinth of taxes will be replaced by a nationwide Goods & Services Tax (GST). The World Gold Council called it the “biggest fiscal reform since India’s liberalization in the early 1990s.”
While gold consumers will face a slightly higher tax rate, and the industry will go through a period of adjustment, we see the net impact on the gold industry as being positive. The gold supply chain should become more transparent and efficient, and the tax reform can boost economic growth, which we see as supporting gold demand.”
