Tag: taxes

The Sound Money Showdown in U.S. States

The Sound Money Showdown in U.S. States

Policies relating to sound money have been the subject of substantial debate at the state level this year, with bills, hearings, and/or votes taking place in nearly a dozen legislatures. As most state legislatures have now wrapped up their work for the year, let’s review the victories (both offensive and defensive)—and lone defeat—for sound money during the 2019 session. The Sound Money Defense League’s primary goal is to remove every kind of taxation imposed on constitutional money. Given its practical importance, the hottest issue in the states has been taxation—i.e. whether citizens should face a levy when buying or selling gold and silver. House Bill 2684, introduced by West Virginia […]

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Bullion Banks’ Manipulation Schemes Put Taxpayers at Risk

Bullion Banks’ Manipulation Schemes Put Taxpayers at Risk

Gold and silver bugs are well aware that JPMorgan Chase dominates precious metals futures trading. Russ and Pam Martens of the financial blog Wall Street on Parade just identified how much control they have. There are more than 5,300 FDIC insured banks in the U.S. Just two of them, JPMorgan and Citibank, hold 75.7% of all precious metals derivative contracts (primarily futures) in possession of the nation’s banks. Other major Wall Street banks, including Goldman Sachs and Bank of America, are barely even in the game. The market dominance implied by the outsized positions of these two banks is troubling enough. Metals investors have been pleading with regulators to step […]

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New Warnings on Risky “Self Storage” Gold & Silver IRAs

New Warnings on Risky “Self Storage” Gold & Silver IRAs

Bullion investors buy gold and silver as a matter of self-reliance. Physical metals aren’t dependent upon the promises of financial institutions, governments, or other third parties. This lack of counterparty risk makes precious metals quite different from most conventional assets. There is no possibility of a default or mismanagement which renders them worthless. That is a lot more than can be said of securities such as stocks and bonds. Recently a few firms promoting “self-storage” precious metals IRAs have been trying to exploit the self-reliance streak running through bullion investors in a manner that could cause significant harm. These firms offer a scheme to circumvent IRS rules which require IRA […]

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Considering Switching Your IRA – Make Sure You Do It Properly Or It Could Be An Expensive Decision

Considering Switching Your IRA – Make Sure You Do It Properly Or It Could Be An Expensive Decision

The fact that you are reading this post shows that you are a focused individual who cares about their retirement. This may seem like a strange comment to make, but the vast majority of workers simply pay in money to their retirement accounts and let their chosen company manage the investment. In our opinion, this is a bad idea, even if your chosen company is doing an excellent job at the end of the day that money is still your retirement pot, and nobody else will care as much about it as you do. With the recent volatility in the stock market, many people have been contemplating switching at least […]

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UPDATE: Arizona Ends Income Taxation on Gold & Silver Coins

**For immediate release** Arizona Ends Income Taxation on Gold & Silver Coins Arizona Governor Doug Ducey Greenlights House Bill 2014, Removing Income Tax from Certain Precious Metals at the State Level   Phoenix, Arizona (May 23rd, 2017) – Sound money advocates rejoiced today as House Bill 2014 became the law in Arizona. HB 2014, which passed in the Arizona state Senate on May 10th by a margin of 16-13, removes all income taxation of precious metals coins at the state level. Under House Bill 2014, introduced by Representative Mark Finchem (R-Tucson), Arizona taxpayers will simply back out all “gains” and “losses” on any precious metals that are in legal tender […]

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Idaho House of Representatives Votes Overwhelmingly to Remove Income Taxation from Precious Metals

Boise, Idaho (March 14, 2017) – By an overwhelming 56-13 margin, the Idaho House of Representatives today voted to end all Idaho taxation on precious metals, e.g. gold and silver coins and bars. Bill sponsor Representative Mike Moyle (R) and the entire Republican caucus voted for the measure.  If the Republican-controlled Idaho Senate follows suit and Governor Butch Otter (R) signs the bill, Idaho citizens will better be able to use gold and silver as a form of savings which protects against ongoing devaluation of America’s currency. Backed by the Sound Money Defense League, Idaho Freedom Foundation, Money Metals Exchange, and grassroots activists, HB 206 expands Idaho’s existing sales tax […]

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There Is Only One Right Way to Do a Precious Metals IRA

| September 13, 2016 | Category: Investing
There Is Only One Right Way to Do a Precious Metals IRA

A small handful of outfits in our industry recently sprang up and started heavily promoting a so-called “self-storage” or “LLC” IRA. The pitch is for you to establish an LLC company to store the metals on behalf of your IRA in your home (or nearby). At first glance, it sounds like an attractive option. Investors buy metals to increase privacy and control. Some do not want to rely on third-party vaults and would prefer having personal access to their metals 24 hours a day, 7 days a week. We totally agree with this sentiment when it comes to precious metals that you personally and directly own. But anyone considering this […]

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