Скачать или смотреть States Consider Removing Income and Sales Taxes from the Monetary Metals

Coming up on today’s program we’ll have a special report on some important new developments in sound money legislation at the state level. Be sure to stick around to find out which states are in the process of advancing the cause of restoring gold and silver as money. First, though, let’s take a brief look at this week’s market action in the precious metals.

Gold and especially silver succumbed to heavy selling in the futures markets this week. Gold is getting hit for a 2.8% weekly loss as of this Friday morning recording to bring spot prices down to $1,202 an ounce. Silver is suffering a 6.1% smack down this week and currently trades at $16.96. Meanwhile, platinum prices got pummeled by 5.8% as the automotive metal now sits at $943 per ounce. Palladium is holding up somewhat better than the other white metals and is down 3.3% since last Friday’s close to trade at $751.

Downward pressure in crude oil futures certainly weighed on other commodities and created some headwinds for the precious metals. Also to blame for this week’s correction has been the ongoing rhetoric from the financial analysts in advance of next week’s Fed meeting. Most are calling for a rate increase, which would be the first since President Donald Trump has taken office.

Precious metals markets can certainly be volatile from week to week, but over time they are a more reliable store of value than Federal Reserve Notes. Gold and silver remain the world’s most enduring and most widely recognized form of money. And, as spelled out in the U.S. Constitution, gold and silver coins are legal tender. Individual states thus can formally recognize gold and silver coins as legal tender alternatives to Federal Reserve Note dollars.

Both Utah and Oklahoma have passed legal tender laws in recent years recognizing gold and silver as money. The metals can be used freely as a means of payment and are free from all state taxes. More than 20 states have already removed sales taxes from precious metals transactions, with Alabama, Tennessee, and Maine now considering their own proposals to do so as well.

Other states, including Arizona and Idaho, are moving forward on legislation to exempt gold and silver bullion from capital gains taxes. Since Money Metals Exchange is located in Idaho, we would be particularly excited to see it become a haven for sound money.

Last Thursday a bill to eliminate capital gains taxes on precious metals passed the Idaho House Committee on Revenue and Taxation. Money Metals President Stefan Gleason testified before the Committee. Here is some of what he had to say: