Gold and Silver coin - South Carolina 4th state in the union, Ag/Au = legal tender - [MONEY]
From the "getting back to the constitution" and the "about time" departments (but Texas is not yet one of those 4 states):
South Carolina Legal Tender Act Would Treat Gold & Silver As Money https://www.zerohedge.com/economics/south-carolina-legal-tender-act-would-tr... https://libertarianinstitute.org/articles/south-carolina-legal-tender-act-wo... A bill prefiled in the South Carolina House would make gold and silver coins legal tender in the state. Passage of this bill would take a step toward creating currency competition in South Carolina and undermine the Federal Reserve’s monopoly on money. Rep. Stewart Jones filed House Bill 4678 (H.4678) on Nov. 20. Under the proposed law, “gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. No person or other entity may compel another person or other entity to tender or accept gold or silver coin unless agreed upon by the parties.” Practically speaking, this would allow South Carolina residents to use gold or silver coins to pay taxes and other debts owed to the state. In effect, it would put gold and silver on the same footing as Federal Reserve notes. The phrase, “unless agreed upon by the parties” has important legal ramifications. This wording reaffirms the court’s ability, and constitutional responsibility according to Article I, Section 10, to require specific performance when enforcing such contracts. If voluntary parties agree to be paid, or to pay, in gold and silver coin, South Carolina courts could not substitute any other thing, e.g. Federal Reserve Notes, as payment. South Carolina could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined. The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in U.S. minted gold and silver dollars. The company also recently released the “Utah Goldback.” UPMA describes it as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.” South Carolina has already repealed the sales tax on gold and silver. That removed one barrier to using gold and silver in everyday transactions. Capital gains taxes are still imposed on gold and silver for state income tax purposes. After establishing gold and silver as legal tender, South Carolina should repeal the capital gains tax to completely open the door to using it as money. As the Sound Money Defence League explains, “Practically speaking, state laws that recognize gold and silver as money restore a government view of precious metals as the favored form of money – a currency rather than a piece of property or other asset. Using this logic, it would be inappropriate for a state to levy taxes when the precious metals are used or exchanged.” Background ...
Actual price of physical gold around $2,175 today - and that's in US dollars, which is over $3,500 Aussie dollars!! (Courtesy today's US Mint 1oz gold eagle price.) And a little known index pokes its head up, the Exchange-For-Physical Gold Index. We are in transition folks. "There's No Gold" - COMEX Report Exposes Conditions Behind Physical Crunch https://www.zerohedge.com/markets/theres-no-gold-comex-report-exposes-condit... .. Just recently, the CME raised margins yet again for 100-oz gold futures contracts to $9,185/$8,350 for initial/maintenance margins, representing a massive 86% increase in margins, and for 5000-oz silver futures contracts to $9.900/$9,000 for initial/maintenance margins, representing a gigantic 73% increase in margins, in just a couple months’ time. Normally, such relentless increases in initial/maintenance margins in gold futures markets is sufficient to prevent physical gold supply problems from afflicting futures markets, but the fact that even this reliable manipulation mechanism failed recently is a sign of additional tectonic earthquakes to come in the global financial system. .. On Wed, Nov 27, 2019 at 11:43:23AM +1100, Zenaan Harkness wrote:
From the "getting back to the constitution" and the "about time" departments (but Texas is not yet one of those 4 states):
South Carolina Legal Tender Act Would Treat Gold & Silver As Money https://www.zerohedge.com/economics/south-carolina-legal-tender-act-would-tr... https://libertarianinstitute.org/articles/south-carolina-legal-tender-act-wo...
A bill prefiled in the South Carolina House would make gold and silver coins legal tender in the state. Passage of this bill would take a step toward creating currency competition in South Carolina and undermine the Federal Reserve’s monopoly on money.
Rep. Stewart Jones filed House Bill 4678 (H.4678) on Nov. 20. Under the proposed law, “gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. No person or other entity may compel another person or other entity to tender or accept gold or silver coin unless agreed upon by the parties.”
Practically speaking, this would allow South Carolina residents to use gold or silver coins to pay taxes and other debts owed to the state. In effect, it would put gold and silver on the same footing as Federal Reserve notes.
The phrase, “unless agreed upon by the parties” has important legal ramifications. This wording reaffirms the court’s ability, and constitutional responsibility according to Article I, Section 10, to require specific performance when enforcing such contracts. If voluntary parties agree to be paid, or to pay, in gold and silver coin, South Carolina courts could not substitute any other thing, e.g. Federal Reserve Notes, as payment.
South Carolina could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined.
The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in U.S. minted gold and silver dollars. The company also recently released the “Utah Goldback.” UPMA describes it as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.”
South Carolina has already repealed the sales tax on gold and silver. That removed one barrier to using gold and silver in everyday transactions. Capital gains taxes are still imposed on gold and silver for state income tax purposes. After establishing gold and silver as legal tender, South Carolina should repeal the capital gains tax to completely open the door to using it as money.
As the Sound Money Defence League explains, “Practically speaking, state laws that recognize gold and silver as money restore a government view of precious metals as the favored form of money – a currency rather than a piece of property or other asset. Using this logic, it would be inappropriate for a state to levy taxes when the precious metals are used or exchanged.”
Background ...
In a most interesting turn of events: Why Did Russia Just Halt Domestic Gold Purchases? https://www.zerohedge.com/commodities/why-did-russia-just-halt-domestic-gold... .. "Since April 1, 2020, the Bank of Russia has suspended the purchase of gold in the domestic precious metals market. .. This would have a manifold benefit by helping enable increased ownership of physical precious metals around the world, and potentially supporting the case for more de-dollarization. .. Given the huge physical premiums in precious metals (and a plunge in crude profits for the nation), it would make sense to enable producers to sell into global markets at a sizable profit What will [current Russian gold reserves of] $120 billion (at current prices) be worth when the dollar dies? Interesting times...
Perhaps they sense a widespread manipulation leading to a crash on price us afoot. On Thu, Apr 2, 2020, 12:57 AM Zenaan Harkness <zen@freedbms.net> wrote:
In a most interesting turn of events:
Why Did Russia Just Halt Domestic Gold Purchases?
https://www.zerohedge.com/commodities/why-did-russia-just-halt-domestic-gold...
.. "Since April 1, 2020, the Bank of Russia has suspended the purchase of gold in the domestic precious metals market.
.. This would have a manifold benefit by helping enable increased ownership of physical precious metals around the world, and potentially supporting the case for more de-dollarization.
.. Given the huge physical premiums in precious metals (and a plunge in crude profits for the nation), it would make sense to enable producers to sell into global markets at a sizable profit
What will [current Russian gold reserves of] $120 billion (at current prices) be worth when the dollar dies?
Interesting times...
participants (2)
-
Steven Schear -
Zenaan Harkness