Stefan Gleason: "Is the US Returning to a Gold Standard?"
Stefan Gleason: Is the US Returning to a Gold Standard?
Palisades Gold Radio: 7-7-2023
Tom welcomes Stefan Gleason, president of Money Metals Exchange back to the show. They discuss the legalities and intricacies of purchasing and owning precious metals, as well as the taxation issues surrounding them.
Stephen explains the importance of sound money and how it can be achieved through buying and storing gold and silver. He also highlights the legislative victories of the Sound Money Defense League, such as sales tax exemptions for precious metals in several states.
Stephen then goes on to explain the difficulty of getting sales tax exemptions passed due to anticipated loss of revenue. He also explains that five states do not have income tax on gold and silver, and that Arkansas and Arizona recently passed laws exempting precious metals from income tax.
Stephen then moves on to discuss Congressman Mooney's bill which requires an audit of the Federal Reserve's gold holdings and prohibits the Fed from doing research or development of a Central Bank Digital Currency.
Finally, he discusses the idea of spending gold and silver and making it legal tender, as well as the difficulties in making it a viable option.
Stephen acknowledges that people are mainly doing it out of ideological reasons, but suggests that it may gain more traction when it becomes the only payment method someone will accept. Time Stamp References:
0:00 - Introduction
0:50 - State Tax Reform
5:30 - Sales Tax Exemptions
12:23 - Partisan Politics
15:06 - Threshold States
22:43 - Sales & Use Taxes
25:16 - Taxation Reasons
29:45 - Dollar Re-Peg?
35:33 - Treasury Gold Audits
37:59 - Secrecy & Gold Holdings
39:40 - FedNow Purpose
44:47 - Digital Gold
49:47 - Concluding Thoughts
Talking Points From This Episode
- The legislative successes of the Sound Money Defense League, which has successfully passed sales tax exemptions on precious metals in several states this year.
- Stephen highlights the progress made this year in Kentucky, Maine, Vermont, Wisconsin, and New Jersey.
- Congressman Mooney's bill requiring an audit of the Federal Reserve's gold holdings could help constrain government spending and curb inflation, and his bill prohibiting the Fed from doing research or development of a CBDC.