Goldtent TA Paradise

New Jersey Senate Committee Passes Bill that Takes Step Toward Treating Gold and Silver as Money

1. Chartsmaster says:

   December 28, 2023 - 6:19 am at 6:19 am

   The good and the bad of it. I live in NJ and would never believe this might have a chance of passing an all Dem. legislature. If it does it has to get past Dem. Gov. Phil Murphy. He has been moderating his stance on many issues to improve his future Presidential hopes(whether it be 2024 or in the future.)so still possible. In reading the details of the bill it is fine for gold because it said metallic coins not less than $1000 in value. That leaves silver still subject to sales tax. Unless they remove or greatly lower the dollar amount this bill might help bullion dealers and large scale purchases of bullio but does nothing for the avg. Joe and Jane. Why would you stress metallic coins(as oppossed to bullion) but make it at a minimum value of the coin being $1000? If I read the bill correctly, it wasn’t for a total dollar amount of $1000 which would be OK if someone was buying two or more tubes of say American Silver Eagles. Needs to be modified if it is going to be of any value to stackers.

2. pedro_deleon says:

   December 28, 2023 - 8:49 am at 8:49 am

   When I bought silver coins in Mexico ca 2010, when spot was under $10, banco Azteca levied a 40% fee on it. (Or I would have bought far more.)

   When I try to research how gold and silver coinage purchases are handled around the globe, its hard to get a fix on details like this. Sales tax is a modest concern, albeit symbolic if its removed. The IRS collectible tax at 28% is the biggie in the US. In Europe, don’t they add the VAT? (so up front).

   Ultimately, the only answer is a monetary system where coinage is stamped in grams, and prices for goods and services are measured in grams and increments thereof, whether for copper silver or gold.