Gold and Silver coin - South Carolina 4th state in the union, Ag/Au = legal tender - [MONEY]
zen at freedbms.net
Sat Mar 28 19:20:11 PDT 2020
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
.. 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
> 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
> 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
> 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.”
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