My name is Shawn Ozbun, and our goal is to keep you up to date with what’s going on in the world of Gold and Silver by providing you with current news and precious metals pricing.
The Silvertowne Vault Cast is brought to you by www.Silvertowne.com
Before I get into all that, lets have a look at this mornings precious metals pricing.
Gold - $1307.22 Down $8.67
Silver - $21.60 Down $0.13
Platinum - $1379.00 Down $11.50
Palladium - $715.50 Down $3.50
Texas eliminates sales tax on precious metals coins
As of October 1, the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas is now eliminated. It is the first time that a state has expanded an existing sales tax exemption for gold and silver.
Previously, Texans were paying 6.25% on all precious metals purchases under $1,000, a tax that was considered especially burdensome to small investors. Gov. Rick Perry signed H.B. 78 into law on June 14.
The legislation puts precious metals on a level playing field with other investments. Proponents of the legislation had asserted the exemption would attract coin shows, auctions and other events to Texas.
It also gives precious metals consumers an incentive to do business with Texas dealers, rather than order from out-of-state dealers over the internet.
The American Principles Project, along with the American Open Currency Standard, were major advocates for the legislation based on the principle that gold and silver are money and, therefore, should not be taxed. “Hard currencies have intrinsic value,” asserts AOCS’s website. “Even in the unlikely event that everyone else stops using the currency, the merchant is left with coins made of silver or gold. Failure is much less likely with a hard currency to begin with. Most paper currencies fail due to inflation and the crisis in confidence that accompanies it. Hard currencies today are virtually inflation-proof.”
Earlier this year, Louisiana became the second U.S. state to enact legislation to eliminate the sales tax on gold and silver coins and bullion. The sales tax, which is 4% in Louisiana, was eliminated on gold and silver purchases beginning on August 1. Louisiana Gov. Bobby Jindal signed H.B. 682, a bill identical to the Texas legislation, during the last week of June.
With Texas, Louisiana and Utah having passed hard-money related legislation this year, the American Principals Project contends, “there is an opportunity for follow-on bills to help make hard money functional. This includes regulating depository institutions that accept precious metals and enabling states to hold and transact in gold and silver currency.”
“We envision a near-term future in which citizens can get their state tax refund in American Eagle gold coins,” said the project.
The website StateLegalTender.com noted that gold and silver coins, including those minted by the U.S. government are currently taxed in 28 states. However, it should be also noted that 22 other states already did not tax gold and silver coins.
“It makes no legal or economic sense for states to tax gold and silver coins,” says the website. “Ending this taxation to enable them to circulate as currency is one of the prime goals of the state legal tender movement.” Read More....
David Morgan-Disruption or Currency Crisis Coming
2 - 3 years at most before melt down.
Morgan predicts, "I do not see hyperinflation, I see more disruption or currency crisis. You don't have to have hyperinflation to have a currency crisis." Even though Morgan doesn't see hyperinflation, he contends gold and silver prices will head much higher.
He sees the true price of gold right now "between $5,000 and $7,000 an ounce" and silver at "$100 per ounce." Morgan predicts, "I think there is going to be a day in the future that you just can't get it. The only monetary asset outside of counter-party risk is physical gold and silver." Read More...
Silvertowne has been a trusted precious metals and numismatics dealer since 1949.
One of the most common ways to invest in silver is with silver ingot. They are affordable, portable and easy to stack and store. Popular SilverTowne Trademark Silver Bars, featuring a classic prospector and his donkey, are guaranteed .999 fine silver and available in 1, 5 and 10 ounce sizes and SilverTowne is currently offering free shipping for these ingots. Contact Silvertowne today.
[Disclaimer] Shawn Ozbun is not a licensed financial adviser, there is risk associated with all investment including gold and silver. You should seek advise from a licensed financial expert before making a purchase.
