Bills filed in Florida and Oklahoma for the 2024 legislative session would create state precious metals bullion depositories. State-run bullion depositories would not only create a place to store precious metals; they could also encourage the use of sound money in those states and set the stage to undermine the Federal Reserve’s monopoly on money.
Bills filed in the Oklahoma and Missouri legislatures for the 2024 legislative session would eliminate state capital gains taxes on the sale of gold and silver. The legislation would also take other steps to treat gold and silver as money instead of as commodities.
Labor Day is coming up. That means we will hear a lot about the plight of American workers. And we will undoubtedly hear calls for new policies to help make their lives better. But we don’t really need more government policies to help workers.
We need better money.
Enactment of this legislation will relieve some of the tax burden on investors, and take a step toward treating precious metal bullion as money instead of a commodity.
The US dollar is on shaky ground. There is a growing trend toward de-dollarization. Meanwhile, the Federal Reserve is tinkering with the idea of a digital dollar that could give the government unprecedented control over your spending.
Given the trajectory of the dollar, it might be a good idea to find some alternatives. In other words, we need currency competition.
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Many people are concerned about a possible move toward central bank digital currency and we’re starting to see organized pushback on the idea. But as Friday Gold Wrap host Mike Maharrey explains, a lot of people are so caught up in taking on CBDC that they’re missing the more fundamental problem with government-issued fiat currency. Paper money isn’t the solution. It is the parent of the problem.
Most attention in the precious metals markets has focused on inflation and the Federal Reserve’s response. The perception that the Fed will continue to tighten monetary policy to fight inflation has created headwinds for gold and silver. But as Friday Gold Wrap host Mike Maharrey explains, there is a silver lining in all this – the fundamentals for silver. In this episode, Mike highlights silver’s supply and demand dynamics. He also covers some good news for gold and silver coming out of Arkansas.
Arkansas Gov. Sarah Huckabee Sanders has signed a bill into law making gold and silver legal tender in the state. The new law also effectively repeals the state capital gains tax on gold and silver. Enactment of this legislation will relieve some of the tax burden on investors, and take a step toward treating precious metal bullion as money instead of a commodity.