Ohio Gov. Mike DeWine recently signed a bill into law exempting gold and silver bullion and coins from sales tax. This will not only relieve some of the tax burdens on investors in the state; it will also take a step toward treating gold and silver as money instead of as commodities.
Last month, Tennessee Gov. Bill Lee signed a bill into law that creates a commission to study the feasibility of creating a gold bullion depository in the Volunteer State.
A state bullion depository would not only create a safe place to store precious metals; it would increase the state’s financial independence. It could also facilitate the everyday use of gold and silver in financial transactions in Tennessee and set the stage to undermine the Federal Reserve’s monopoly on money.
Alex Mooney (R-WV) introduced HR2284. Titled the Monetary Metals Tax Neutrality Act, the legislation would eliminate capital gains, losses and all other federal income calculations on gold, silver, platinum, and palladium bars and coins.
A bill introduced in the Kansas House would recognize gold and silver specie as legal tender and repeal all taxes levied on it. The legislation would pave the way for Kansans to use gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.
If you want to end unconstitutional, overreaching federal power – end the Fed. It’s the engine that drives the most powerful government in the history of the world.
But Congress will never abolish the central bank. It can’t even come up with the will to audit the Fed.
So what can we do?
There are actually actions that states can take.
Foreign central banks have been stocking up on gold for months. According to the World Gold Council, a dozen central banks have increased their gold reserves by at least 1 ton through the first eight months of 2019. This continues a trend we saw through 2018. In total, the world’s central banks accumulated 651.5 tons of gold last year. The World Gold Council noted that 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second-highest annual total on record.
Peter Schiff has talked about central bank gold-buying. He has noted that the US went off the gold standard in 1971, but he thinks the world is going to go back on it.
The following article was written by South Carolina state Rep. Stewart Jones. The views expressed do not necessarily reflect those of Peter Schiff or SchiffGold.
The Federal Reserve just lowered interest rates for the second time this year and announced more quantitative easing by injecting even more US dollars into the market. The days of cheap money will soon come to an end, and I fear that many people won’t realize what’s happening until the rug is pulled out from under them.
Bill Greene’s biggest claim to fame is spurning Donald Trump and voting for Ron Paul as a member of the electoral college in 2016. But Bill is more than just a “faithless elector.” He’s an assistant professor of political science at South Texas College, and an expert on “constitutional tender” and sound money.
In this edition of It’s Your Dime, host Mike Maharrey talks to Bill about his experience as a member of the electoral college and the importance of reestablishing gold and silver as legal tender in the United States.
Fundamentally, gold and silver are money. But most governments treat precious metals as a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy.