ECON Gold and Silver news

KMR58

KMR58

Veteran Member
Johnny Twoguns said:
A silver contract has 5000 oz. This is a claim that BOA has 160,000 Contracts to short. That is a claim that BOA is risking having to come up with almost a years worth of phycial silver, or risk loosing a ton of money in a super viotile market. I have my doubts. However, who knows? All these Western entities are owned or controlled by the same powers, and those are throwing corporations away like candy wrappers while trying to enforce their agenda (nee Bud Light etc).

On the other hand, plenty of people claim Phil G is a massive fraud. I never listened to him other than maybe 15 minutes when he first showed up; it was enough to convince me not to waste my time with his grift.

Just like DOCTOR charlie ward, X22, SGanon, etc, shows up out of nowhere, makes millions off desperate believers and when they start to lose their audience of hopium addicts, a new one pops up like a mushroom.
Click to expand...
Thanks.
 
Great Northwet

Great Northwet

Veteran Member
I'm really privileged to be part of and contributing to this thread. There are many things that AU reaching new highs might mean and most not so good. The good news is that most-hopefully all of us-on this board are pretty well set up for whatever may come our way.

There are too many posts to quote but I recommend waiting until after the Sunday evening open to make any moves. Monday is better.

Still a lot to read up on over the weekend, but the metals are really moving. IMHO: Gold over $2400 is the breakout which occurred briefly today. Silver is still in retracement and needs to hit $30 for a breakout. Once the G/S/R drops below 80, Silver is no longer "on sale". So back up the truck while it still is.
 
Hfcomms

Hfcomms

EN66iq
Always keep in mind that the ounce of silver and gold never changes but the amount of dollars it takes to buy them does. It isn’t the metals going up so much but the value of the dollar going down. As the dollar now is swirling the bowl on its way into the sewer the prices in dollars will rise to an unimaginable amount and eventually when the dollar is confetti nobody will sell to you for any amount of dollars.

It won’t be time for celebration however as commensurate with this move inflation will destroy what is left of the economy. Kunstler made a comment in his Friday musing yesterday that a Starbuck coffee may end up costing a C note in funny money but only a silver dime in real money. Everyone is going to suffer incredibly going forward it is just if you have metal on hand you might be able to mitigate the effects a bit assuming that there are still stores open that have something to buy on the shelves.
 
Hfcomms

Hfcomms

EN66iq

GOLD AND SILVER ENTERING EXPONENTIAL PHASE​

mam_2415-1-400x450-1.jpg

By Egon von Greyerz
Founder and Chairman
April 7, 2024

The desire of gold is not for gold. It is for the means of freedom and benefit.

Ralph Waldo Emerson

Gold is now in a hurry and silver even more so.

The price moves in the coming months and year are likely to be spectacular. The combination of technical and fundamental factors can easily drive gold well above $3,000 and silver to new highs above $50.

Forecasting gold is a mug’s game, as I have often stated.

But that is in the short term.

In the medium to long term, forecasting the Gold price is a cinch.

How can I be so certain?

Well, since the history of gold and money began, gold has always increased in value measured against fiat money.

Voltaire gave us the formula in 1729 when he said:

PAPER MONEY EVENTUALLY RETURNS TO ITS INTRINSIC VALUE – ZERO​

So why has no investor or layman ever heeded the simple fact that –

ALL CURRENCIES HAVE WITHOUT FAIL GONE TO ZERO.​

What most people, including experienced investors, don’t understand is that gold doesn’t increase in value.

Gold just maintains stable purchasing power. A Roman toga 2000 years ago cost 1 ounce of gold and a tailored suit today also costs 1 ounce of gold.

So it is really totally wrong to talk about gold going up when it is the unit we measure gold in that goes down. Just as all fiat money has done.

Just take gold measured in US dollars. As the illustration below shows, the value of the dollar since 1971 has crashed, measured in real terms which is gold.

image-4.png

As the picture shows, 1 ounce of gold cost $35 in 1971. Today 53 years later 1 ounce of gold costs $2,300. So has gold increased in value 66x since 1971?

No of course not, it is the dollar which has declined in value and purchasing power by 98.5% since 1971.

So what will gold be worth in the next 5 years? That is of course the wrong question.

Instead we must ask how much will the dollar and all currencies decline in real terms in the next few years?

Gold and silver have not increased in line with money supply or inflation and are severely undervalued.

Just look at gold adjusted for US CPI (Consumer Price Index) in the graph below.

image-5-790x1024.png

So if we inflation adjust the gold price, the 1980 high at $850 would today be $3,590.

But if we adjust the gold price for REAL inflation based on Shadow Government Statistics calculation, the gold price equivalent of the $850 high would today be $29,200.

In the 1980s the inflation calculation was adjusted, by the US government, to artificially improve/reduce official inflation figures.

And if we adjust the silver price for US CPI, the 1980 silver high of $50 would today be $166.

Adjusted for REAL inflation, the $50 high silver in 1980 would today be $1,350.





GOLD – LONG SIDEWAYS MOVES FOLLOWED BY EXPLOSIONS ​

Gold makes powerful moves and then goes sideways for long periods. After the gold explosion from $35 in 1971 to $850 in 1980, gold spent 20 years correcting until 2000.

That was the time that we decided that gold was now ready for the next run at the same time as risk in stock markets, debt and derivatives was starting to look dangerous.

So in 2002 we made major investments into physical gold at $300 for investors and for ourselves. At the time I recommended up to 50% of financial assets into gold based on wealth preservation principles and also the fact that gold at the time was unloved and oversold and thus represented excellent value.

image-6-1024x611.png

WE HAVE LIFTOFF!​

As gold went through $2,100 in early March, I declared “GOLD – WE HAVE LIFTOFF!”

Since then gold has moved up another $200 but that is the mere beginning of a secular move.







After the move from $300 in 2002 to $1920 in 2011 gold had a long correction again between 2013 and 2016. The break of the first Maginot Line (see chart) was predictable (article Feb 2019). Then in March 2023 it was clear that the second Maginot Line would break and we were seeing the beginning of the demise of the financial system as four US banks and Credit Suisse collapsed within a mater of days.

I discussed this in my March 2023 article “THIS IS IT! THE FINANCIAL SYSTEM IS TERMINALLY BROKEN”

image-7.png

HOLDING GOLD REQUIRES PATIENCE​

The message I want to convey with the two graphs above is that gold investing requires patience and obviously timing of the entry points. But in the long term investors will be extravagantly rewarded and at the same time hold the best insurance against a rotten system that money can buy.

Gold has consolidated under $2,000 since August 2020. The recent breakout is extremely important and not the end of a move.

No, this is the beginning of a move that will reach heights that today are unfathomable.

I am in no way intending to be sensational, but just trying to explain that fundamental and technical factors are now pointing to a secular bull market in gold and silver.

Also, normal measures of overbuying will not be valid. Gold and silver will in the coming months be overbought for long periods of time.

But don’t forget that there will also be vicious corrections, especially in silver which is not for widows and orphans.

I want to emphasise again that our intention to invest heavily in gold and much less heavily in silver (much more volatile), was primarily for long term wealth preservation reasons. That reason is more valid than ever today.

THE EVERYTHING COLLAPSE WILL COME​

Since we have been expecting the “Everything Bubble” to turn into the “Everything Collapse” (see my article April 2023), all the bubble assets like stocks, bonds and property are likely to decline substantially in real terms which means measured in gold.

I willingly admit that I have been premature in predicting the Everything Bubble to collapse in nominal terms. But in real terms almost all major asset classes have underperformed compared to gold since 2000 including stocks.

It is only the illusion of growth and prosperity based on worthless money creation that keeps this circus travelling on. But the circus acts will soon run out of tricks as the world discovers that this is only a mirage which has totally deluded us.

If we take stocks as an example, gold has outperformed the Dow and S&P since 2000.

Here is what I wrote 2 weeks ago:

The world’s best kept investment secret is GOLD.​

  • Gold has gone up 7.5X this century
  • Gold Compound annual return since 2000 is 9.2%
  • Dow Jones Compound annual return since 2000 is 7.7% incl. reinvested dividends
  • So why are only 0.6% of global financial assets in gold?
  • The simple answer is that most investors don’t understand gold because governments suppress the virtues of gold.
See my article on this subject

Stocks are now in position where we could have a major decline/collapse at any time.





WOLVES IN SHEEP’S CLOTHING ​

image-8.png

So back to the circus. The leaders of the Western World, whether we take the US, UK, Canada, Germany, France etc are mere clowns trying to fool their people with fake costumes (wolf in sheep’s clothing) and fake acts whether it is:

Money printing, debts, vaccines, climate, war, migration, more lies, propaganda, moral and ethical decadence to mention but a few of the problems that are leading us to the collapse of the Western World.

Real clowns would probably do a better job than current leaders. They would at least entertain us instead of bringing the misery that a majority of people are currently experiencing.

Yes, I am aware that there is a small elite that is benefiting dramatically from the shameful mismanagement of the world economy whilst the majority suffers badly from inept leadership around the world.

So how will this end? In my view, as I have outlined in many articles, it can only end one way which is a total collapse of the financial system as well as of the political system.

Will we first have hyperinflation and then a deflationary implosion or will it go straight to the implosion. Will there be a global war. Well, the US and most Western leaders are doing their utmost to start a World War against the will of the people. There is absolutely no attempt to find a peaceful solution.

Instead it is more weapons and more money to escalate the war as well as pushing as many countries as possible into NATO. Both Biden and Stoltenberg (NATO leader) also want Ukraine – a warring nation – to join NATO.

And with today’s sophisticated and dangerous weapons, no one can win a war.

Obviously, China, Russia, North Korea and Iran would win a war with boots on the ground at a cost of 100s of millions of lives. But modern wars are won in the air. And with around 15,000 nuclear warheads, the world can be destroyed many times over in a few minutes.

The world has never had a global economic and political crisis of this magnitude with so many destructive weapons, both financial (debt, derivatives) and military.

So to forecast the outcome is clearly impossible. One can only hope that people power will prevail and that incompetent leaders will be pushed out.

Otherwise there is little us ordinary people can do.

Wealth preservation in the form of physical gold, owned directly and in a safe jurisdiction (countries like the US, Canada or EU are not safe politically) is clearly the best insurance investors can buy.

Also we must assist family and friends in the difficult times ahead and make that circle the kernel of our lives (if it isn’t already).

And remember that most of the wonderful things in life are free like nature, music, books etc.

vongreyerz.gold

GOLD AND SILVER ENTERING EXPONENTIAL PHASE

Egon von Greyerz Latest Article: Gold prices in the coming months and year are likely to be spectacular.
vongreyerz.gold vongreyerz.gold
 
J

Johnny Twoguns

Senior Member
IF Iran is currently attacking Israel and it's not more BS and FF stuff expect PM's to explode next week. Assuming we are all still here and markets are open. If this IS a large scale attack then it will be a regional war if not a regional obliteration. I do not think Iran would do a large scale attack on Israel without the assurances of major powers to back it (Russia, and maybe China, Turkey, Egypt).

Gonna be a hot end O' the month if this attack IS from Iran. I don't trust anything our BS press says, or any of them in the M.E., bar none.
 
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Hfcomms

Hfcomms

EN66iq
I was thinking that the PM action on Friday was sniffing out the Mullah’s getting frisky. The next 24 hours will be interesting to see weather they are tickling with a feather duster or something more substantial.
 
West

West

Senior
People are waking up to the fiat facts. This will bring all kinds of retardness.

Maybe we can bomb Iran into dust with fiat paid for bombs. Maybe not. IDK

But I've got some MREs to get us by for a month or two++...we'll see....

:D
 
J

Johnny Twoguns

Senior Member
Kinesis Money
Andrew McGuire, Dave Kranzler
Some highlights

Cryptos were brought in to draw money away from gold/silver. Large retail selling (pay bills or get into cryptos). Andy says refiners are screaming for silver, so there is a divergence; thinks the cartel will have to fold soon due to derivatives. Mentions Tesla out to buy a silver mine. Thinks things are now explosive (this is all prior to Iran's attack).

Dave says cartel will either double down on effort, or scrambles to cover the shorts.
Chinese buyers are the ones buying physical and driving up the gold price.
Comex is NOT Basil 3 compliant. LBMA is, and must deliver the physical; says cartel is loosing control due to Basil 3. FED and PPT are loosing control (remember when the PPT was just a wackjob conspiracy theory? :lol: :lol: :lol: :lol: :lol: ).

Andy: Silver is NOT NSFR Basil 3. It is a paper market so the contracts just go around in a never ending circle - UNTIL India started backing up the truck and loading up on physical. It only takes 4% down on margin to control a contract, so the cartel/fed/ppt putting up very little real cash: but now being forced to refinance the entire thing using up liquidity like they've never seen before. Says they can't control it, they just have to keep finding supply from somewhere.

Cartel could drive down the price but it is harder now than ever.

If the bull continues silver will vastly out perform gold.

Dave: Commercial real estate is highly toxic right now, putting a lot of pressure due to excessive leverage; multi families properties will drop due to a massive amount of multi family units coming on the market this year (sure is where I live, apts popping up everywhere). Thinks Fed will have to monetize the collapsing commercial market. Thinks it is a black swan hidden in plain sight. Thinks the big 5-7 banks in NYC are heavily exposed to it.

Andrew says the least risk 'asset' is physical gold and that is where central banks and smart money is moving into gold.
Last week or so premiums to borrow from SLV and GLV have spiked. Not sure what is going on but he thinks someone is panicked. Hedges? Big Banks on behalf of the FED are trying to short and cap the market, but they are not risking a single oz of their own physical gold.

Andrew says with every other Central Bank buying physical, at some point the FED has to throw in the towel, Fed can't compete with every other CB. This is the part he gets into crypto as a way the FED is using crypto to keep the dollar 'value' pumped up as they are running out of steam to keep playing the gold game.

Dave thinks the US would rather start a world war than have the FED gold fraud be exposed.

Andrew: BRIICS 10 meet next week. They control the majority energy sector; and commodities; it makes no sense for them to use US dollars with trade so unbalanced. They have tested their BRIICS centric trade systems (bypassing US Swift completely) beta tested and green lighted. He thinks the SDR basket is on the way out with the BRIICS since the trade imbalances are so out of whack; BRIICS will turn to their gold backed trading system.

It makes a lot of sense for BRIICS to wage financial war against US backed dollar hegemony; not saying he wants it but it is just reality. Will see $3000 gold soon.

Dave didn't know BRIICS was that far ahead in the game. If BRIICS does that it is a game changer. Price inflation will hit the US like never before (all those rejected dollars being spent in the only place they MUST STILL BE ACCEPTED, the USA.

Andy: What will the price of oil be in dollars if it is priced in gold? They mention the Strategic Oil reserve being drained. Perfect time to start a war. We are not ready to rock and roll with a war.
 
W

WOS

Veteran Member
Every little bit helps:

After Illegal Veto, Kentucky Becomes 45th State To End Sales Taxes On Gold & Silver | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

After Illegal Veto, Kentucky Becomes 45th State To End Sales Taxes On Gold & Silver​

BY TYLER DURDEN
MONDAY, APR 15, 2024 - 07:25 AM
Via Money Metals,
In a high-stakes showdown with Gov. Andy Beshear over a gold and silver sales tax exemption, the Kentucky legislature today deemed his attempted line-item veto as an illegal act -- and directed the Secretary of State to enroll the exemption into law.

This action makes the Bluegrass State the 45th state in the nation to enact this sound money policy – and the second this year.

Originally introduced by Rep. Steven Doan as a standalone bill, the sales tax exemption on purchases of gold, silver, platinum, and palladium coins, bars, and rounds enjoyed strong grassroots support -- thanks, in large part, to the hard work of the Sound Money Defense League, Money Metals Exchange, and in-state activists.

Ultimately, Kentucky House and Senate leaders added the popular sound money provision into House Bill 8, an overarching revenue bill that also involved other tax matters, and sent the bill to the governor.

However, Beshear, a progressive Democrat, attempted to line-item veto the sales tax exemption on Tuesday. In his veto message, he even went out of his way to smear small-time Kentucky savers (who are desperately trying to protect themselves from Bidenflation) as rich people.

Under the Kentucky constitution, however, governors only have a line item veto power with respect to appropriations (or spending) bills -- and HB 8 was not such a bill.

Moreover, a formal opinion of the state's Attorney General further affirms that a line-item veto power does not exist for revenue bills, giving further weight to the legislature's action to deem Beshear's veto attempt illegal.

Once it takes effect on August 1, the sales tax exemption covers bullion as well as “coins or currency made of gold, silver, platinum, palladium, or other metal or paper money that is, or has been, used as legal tender and is sold based on its value as a collectible item rather than its value as a medium of exchange.”

Bill sponsor Rep. Doan explained, “Sound money is the bedrock of economic stability, ensuring the preservation of wealth and purchasing power over time. For Kentuckians and businesses in the state, sound money fosters confidence in transactions, encourages savings, and facilitates long-term investment, ultimately driving sustainable economic growth.
"As enshrined in the Constitution, sound money protects against the corrosive effects of inflation, safeguarding the financial well-being of individuals, families, and enterprises alike,” he continued.

“Kentucky lawmakers finally listened to the overwhelming grassroots pressure and common sense and got this done,” said Jp Cortez, executive director of the Sound Money Defense League. “Sound money is a winning political issue, the voters want it, and our nation desperately needs it.”

Including Kentucky, eight states in the last three years have enacted laws to reduce or eliminate the sales tax on purchases of precious metals (Wisconsin and Kentucky in 2024, Mississippi in 2023, Tennessee, Alabama, and Virginia in 2022, and Arkansas and Ohio in 2021).

Kentucky had been completely surrounded by states that had already ended this controversial tax.
Ending the sales tax on purchases of gold and silver is good policy for several reasons:
  • Other types of savings or investments do not carry a sales tax. Gold and silver are held as forms of savings and investment. Kentucky already does not assess a sales tax on the purchase of stocks, bonds, ETFs, real estate, currencies, and other financial instruments.
  • Levying sales taxes on precious metals makes no sense because they are held for resale. Sales taxes are typically levied on final consumer goods. Computers, shirts, and shoes carry sales taxes because the consumer is "consuming" the goods. Precious metals are inherently held for resale, not "consumption," making the imposition of sales taxes on precious metals illogical from the start.
  • Studies have shown that taxing precious metals is an inefficient form of revenue collection. The results of a Michigan study, for example, demonstrated that any sales tax proceeds a state collects on precious metals may be surpassed by the state revenue lost from conventions, businesses, and economic activity that are driven out of the state.
  • Taxing gold and silver harms in-state businesses. It’s a competitive marketplace, so buyers will take their business to neighboring states, thereby undermining jobs. By going elsewhere, investors can easily avoid paying $132 in sales taxes, for example, on a $2,200 purchase of a one-ounce gold bar.
  • Gold and silver are the only money mentioned in the U.S. Constitution. Article 1, Section 10 states that “no state shall make any Thing but Gold and Silver a tender in payment of debts.” Exchanging one form of U.S. money for another should not be a taxable event.
  • Taxing precious metals is harmful to small-time savers. Purchasers of precious metals aren't generally fat-cat investors. Most who buy precious metals do so in small increments as a way of saving money. Inflation harms everyone, but especially pensioners, wage earners, savers, and small business folks.
“We’re nowhere near done. Politicians in the remaining ‘hold-out states’ – New Jersey, Maine, Vermont, Hawaii, and New Mexico – should expect to hear from sound money activists and constituents very soon,” added Stefan Gleason, CEO of Money Metals and Chairman of the Sound Money Defense League.

It’s still possible that New Jersey could become the third state to end sales taxes on precious metals this year. Such a bill has already passed through the New Jersey Senate.

More than two dozen other states have considered pro-sound money legislation in 2024 so far, including Alaska, Indiana, Iowa, Georgia, Kansas, Missouri, Idaho, Arizona, Utah, New Hampshire, Oklahoma, Nebraska, Kansas, Vermont, West Virginia, and Wisconsin.

Kentucky was tied for 45th out of 50 in the 2024 Sound Money Index. Enactment of this measure is expected to boost the state’s ranking dramatically.

As of this writing, it's unclear whether Governor Beshear will file suit against the legislature for refusing to accept his line-item veto as valid.
 
Tristan

Tristan

Has No Life - Lives on TB
Great Northwet said:
I'm really privileged to be part of and contributing to this thread. There are many things that AU reaching new highs might mean and most not so good. The good news is that most-hopefully all of us-on this board are pretty well set up for whatever may come our way.

There are too many posts to quote but I recommend waiting until after the Sunday evening open to make any moves. Monday is better.

Still a lot to read up on over the weekend, but the metals are really moving. IMHO: Gold over $2400 is the breakout which occurred briefly today. Silver is still in retracement and needs to hit $30 for a breakout. Once the G/S/R drops below 80, Silver is no longer "on sale". So back up the truck while it still is.
Click to expand...

I remember a phrase from a while back, something like you may like holding gold that's worth 100k/Oz, but you won't like living in that World.
 
J

Johnny Twoguns

Senior Member
WOS said:
Every little bit helps:

After Illegal Veto, Kentucky Becomes 45th State To End Sales Taxes On Gold & Silver | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

After Illegal Veto, Kentucky Becomes 45th State To End Sales Taxes On Gold & Silver​

BY TYLER DURDEN
MONDAY, APR 15, 2024 - 07:25 AM
Via Money Metals,
In a high-stakes showdown with Gov. Andy Beshear over a gold and silver sales tax exemption, the Kentucky legislature today deemed his attempted line-item veto as an illegal act -- and directed the Secretary of State to enroll the exemption into law.

This action makes the Bluegrass State the 45th state in the nation to enact this sound money policy – and the second this year.

Originally introduced by Rep. Steven Doan as a standalone bill, the sales tax exemption on purchases of gold, silver, platinum, and palladium coins, bars, and rounds enjoyed strong grassroots support -- thanks, in large part, to the hard work of the Sound Money Defense League, Money Metals Exchange, and in-state activists.

Ultimately, Kentucky House and Senate leaders added the popular sound money provision into House Bill 8, an overarching revenue bill that also involved other tax matters, and sent the bill to the governor.

However, Beshear, a progressive Democrat, attempted to line-item veto the sales tax exemption on Tuesday. In his veto message, he even went out of his way to smear small-time Kentucky savers (who are desperately trying to protect themselves from Bidenflation) as rich people.

Under the Kentucky constitution, however, governors only have a line item veto power with respect to appropriations (or spending) bills -- and HB 8 was not such a bill.

Moreover, a formal opinion of the state's Attorney General further affirms that a line-item veto power does not exist for revenue bills, giving further weight to the legislature's action to deem Beshear's veto attempt illegal.

Once it takes effect on August 1, the sales tax exemption covers bullion as well as “coins or currency made of gold, silver, platinum, palladium, or other metal or paper money that is, or has been, used as legal tender and is sold based on its value as a collectible item rather than its value as a medium of exchange.”

Bill sponsor Rep. Doan explained, “Sound money is the bedrock of economic stability, ensuring the preservation of wealth and purchasing power over time. For Kentuckians and businesses in the state, sound money fosters confidence in transactions, encourages savings, and facilitates long-term investment, ultimately driving sustainable economic growth.
"As enshrined in the Constitution, sound money protects against the corrosive effects of inflation, safeguarding the financial well-being of individuals, families, and enterprises alike,” he continued.

“Kentucky lawmakers finally listened to the overwhelming grassroots pressure and common sense and got this done,” said Jp Cortez, executive director of the Sound Money Defense League. “Sound money is a winning political issue, the voters want it, and our nation desperately needs it.”

Including Kentucky, eight states in the last three years have enacted laws to reduce or eliminate the sales tax on purchases of precious metals (Wisconsin and Kentucky in 2024, Mississippi in 2023, Tennessee, Alabama, and Virginia in 2022, and Arkansas and Ohio in 2021).

Kentucky had been completely surrounded by states that had already ended this controversial tax.
Ending the sales tax on purchases of gold and silver is good policy for several reasons:
  • Other types of savings or investments do not carry a sales tax. Gold and silver are held as forms of savings and investment. Kentucky already does not assess a sales tax on the purchase of stocks, bonds, ETFs, real estate, currencies, and other financial instruments.
  • Levying sales taxes on precious metals makes no sense because they are held for resale. Sales taxes are typically levied on final consumer goods. Computers, shirts, and shoes carry sales taxes because the consumer is "consuming" the goods. Precious metals are inherently held for resale, not "consumption," making the imposition of sales taxes on precious metals illogical from the start.
  • Studies have shown that taxing precious metals is an inefficient form of revenue collection. The results of a Michigan study, for example, demonstrated that any sales tax proceeds a state collects on precious metals may be surpassed by the state revenue lost from conventions, businesses, and economic activity that are driven out of the state.
  • Taxing gold and silver harms in-state businesses. It’s a competitive marketplace, so buyers will take their business to neighboring states, thereby undermining jobs. By going elsewhere, investors can easily avoid paying $132 in sales taxes, for example, on a $2,200 purchase of a one-ounce gold bar.
  • Gold and silver are the only money mentioned in the U.S. Constitution. Article 1, Section 10 states that “no state shall make any Thing but Gold and Silver a tender in payment of debts.” Exchanging one form of U.S. money for another should not be a taxable event.
  • Taxing precious metals is harmful to small-time savers. Purchasers of precious metals aren't generally fat-cat investors. Most who buy precious metals do so in small increments as a way of saving money. Inflation harms everyone, but especially pensioners, wage earners, savers, and small business folks.
“We’re nowhere near done. Politicians in the remaining ‘hold-out states’ – New Jersey, Maine, Vermont, Hawaii, and New Mexico – should expect to hear from sound money activists and constituents very soon,” added Stefan Gleason, CEO of Money Metals and Chairman of the Sound Money Defense League.

It’s still possible that New Jersey could become the third state to end sales taxes on precious metals this year. Such a bill has already passed through the New Jersey Senate.

More than two dozen other states have considered pro-sound money legislation in 2024 so far, including Alaska, Indiana, Iowa, Georgia, Kansas, Missouri, Idaho, Arizona, Utah, New Hampshire, Oklahoma, Nebraska, Kansas, Vermont, West Virginia, and Wisconsin.

Kentucky was tied for 45th out of 50 in the 2024 Sound Money Index. Enactment of this measure is expected to boost the state’s ranking dramatically.

As of this writing, it's unclear whether Governor Beshear will file suit against the legislature for refusing to accept his line-item veto as valid.
Click to expand...
Sales tax is nothing. Capital Gains tax is the criminal cartel/cabal at work. PM's are MONEY.
 
J

Johnny Twoguns

Senior Member
Hfcomms said:
Much rather see daily moves like this then what we saw on Friday. If metals are like this today then they aren't expecting a massive retaliation by Israel against Iran tonight.
Click to expand...
The powers that be continue to have a very hard time tamping down the objective of TAKING physical. If the alt pundits are correct, then the rest of the world is no longer interested in playing the paper game. The shorts appear to be really eating it this time. It's going to go up, and it's going to go down. Then it appears it will continue to go up.

I don't think this is driven any longer by 'market forces'. I think it is becoming a solid grab at getting the metal, and those that want it now are willing to pay much higher than US spot.
Gold, today:

1713214852295.png
 
LYKURGOS

LYKURGOS

No Surrender, No Defeat!
If anyone follows George Gammon on youtube. He recently took a road trip from Columbia (South America) to Buenos Aires by car. The concept was simple, all travel expense was paid with Gold, Silver, Bitcoin and he had some small amounts of cash. It confirmed what I always believed silver is king of daily commerce. Suprisingly the discount offered on gold was in the 40% range due to the high amount of investimet to return the "money changers" wanted. The Argentinian Pesos largest common denomination is the 1000 peso note which is equivilent to $1 US. All businesses wanted Pesos because the National rule is less than 40,000 peso allowed bank withdraw per day. They wanted $100 US but gave a discount ond $20 bills.

Gammons Road Trip

Some of the episodes were interesting but some were meh. But the information I gathered over all 17 videos was pretty helpful.
 
ssbn642blue

ssbn642blue

Veteran Member
West said:
People are waking up to the fiat facts. This will bring all kinds of retardness.

Maybe we can bomb Iran into dust with fiat paid for bombs. Maybe not. IDK

But I've got some MREs to get us by for a month or two++...we'll see....

:D
Click to expand...
Shit, we said that in 1978. Didn't happen.
 
J

Johnny Twoguns

Senior Member
Tristan said:
"It's a nice little bidness you gots here. Be a shame if anyting happened to it.
KnowwhatImean?"
Click to expand...
"Talk to my employee Guido, him and his brother Mario been unemployed till I picked dem up off da street. Right behind you'se boys. And they got ya covered wid their heaters."
 
20Gauge

20Gauge

TB Fanatic
Hfcomms said:
Always keep in mind that the ounce of silver and gold never changes but the amount of dollars it takes to buy them does. It isn’t the metals going up so much but the value of the dollar going down. As the dollar now is swirling the bowl on its way into the sewer the prices in dollars will rise to an unimaginable amount and eventually when the dollar is confetti nobody will sell to you for any amount of dollars.

It won’t be time for celebration however as commensurate with this move inflation will destroy what is left of the economy. Kunstler made a comment in his Friday musing yesterday that a Starbuck coffee may end up costing a C note in funny money but only a silver dime in real money. Everyone is going to suffer incredibly going forward it is just if you have metal on hand you might be able to mitigate the effects a bit assuming that there are still stores open that have something to buy on the shelves.
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This is the true value of having silver and gold. The ability to continue with your life. I view the death of the dollar like and other fiat currency, a temporary thing that will pass and a new "dollar" will arise replacing silver and gold once again.

There is an exception, the death of the world. By that I mean all economies exploding and no one taking any paper for any reason. So even if they have a new "dollar" whether it be digital or otherwise, unless it is gold / silver it will be ignored for several generations while society rebuilds.
 
J

Johnny Twoguns

Senior Member
Arcadia Economics, part II of his recent interview w Jim Willie. Part l was almost entirely about the US bond market defaults. This one starts off with 20 reasons JW says will push the gold/silver bull market for years to come. He has been right more often than wrong, and he does not drift into some of his more oddball theories, such as white hats and whatnot. He thinks silver will follow a Fibonacci sequence 30 50 80 130 then presumably 210. Years ago he claimed a high level source in the Euro central banking community was saying $500 silver, but didn't say when. JW still doesn't.

YT, Arcadia Economics and Jim Willie 41 minutes.

View: https://www.youtube.com/watch?v=ePEo0Y9ONWM
 
Hfcomms

Hfcomms

EN66iq
Jim needs to see a doctor and get his throat checked out. The constant clearing of his throat (which he has suffered with for years) is a real distraction.
 
J

Johnny Twoguns

Senior Member
Retraction: I posted that 'Ted Talks' posted that Tier two silver eagles are chipped and tracked.
Andy Scheckman says that is bullshit, and talked to 'Ted', who aid it was an April Fool's joke, but refused to retract or state that it was a joke. I guess 'Ted' is out in my book for bothering with anymore.
 
S

shane

Has No Life - Lives on TB
Gold/silver quick pop up 1.3% and 1.6% respectively, just now from Israel strikes on Iran.

Panic Early, Beat the Rush!
- Shane
 
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