A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it could also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Gold and silver are money. But most governments treat precious metals like a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy. Can you imagine getting taxed for getting change at the bank?
Fortunately, we’re beginning to see a shift. Many states are repealing taxes on gold and silver, and treating precious metals more like money. Wyoming is the latest state to reform its laws.
Gold and silver are money. But most governments treat precious metals like a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy. You don’t tax money!
Fortunately, we’re beginning to see a shift. Many states are repealing taxes on gold and silver, and treating precious metals more like money. Wyoming is the latest state to reform its laws.
These policies not only ease the burden on investors, it opens the door to use gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.
Three more states are moving toward repealing taxes on the sale of gold and silver bullion.
Last week, Alabama Gov. Kay Ivey signed a bill into law exempting the sale of gold and silver bullion from state sales and use tax. The repeal of the tax not only lowers the cost of investing in gold and silver, it will also open the door to using precious metals in everyday transactions, and it takes the first step toward breaking the Federal Reserve’s monopoly on money.
