Utah's tax code says U.S. Mint issued gold and silver coins are currency, rather than assets taxable by the state. Dorothy Kosich April 1, 2011 www.mineweb.com RENO, NV Utah Gov. Gary Herbert last week quietly signed a law which has made Utah the first U.S. state to recognize federally issued gold and silver coins as legal tender. However, the governor chose not to make any public statement about the Utah Legal Tender Act. Utah's state tax code now considers U.S. Mint gold and silver coins as currency, which means no capital gains or other state taxes will be levied when the coins are exchanged. However, the gold and silver coins are still only worth their face value despite record gold and silver prices. A person only identified as close to Herbert told CNN, "If somebody is stupid enough that they want to buy a Snickers bar at 7-Eleven with a gold coin worth thousands of dollars, they will be able to do that." Larry Hilton, an attorney and insurance salesman who authored the Utah Sound Money Act, said eliminating taxes on the exchange of the gold and silver coins places them in the same playing field as paper currency. However, federal taxes still apply. The law also does not apply to foreign minted gold coins. He told the Salt Lake Tribune last December that the Utah Sound Money Act is "not intended to be compulsory in any way. The state is offering to taxpayers, "If you want to pay your taxes in gold and silver, we'll accept them." James West, publisher of the Midas Letter, Wednesday called Utah Sound Money Act "a shot at the Federal Reserve. And Utah isn't alone. A few other states are considering similar bills." "Conservatives fret that the central bank has permanently damaged the value of the dollar by pumping trillions into the economy, drawing down the greenback's buying power," he observed. "And Utah - where the Tea Party has a powerful presence - is leading the charge against Fed Chairman Ben Bernanke." The Utah Sound Money Act was also promoted by Washington-based American Principles in Action, which is backing the Gold Standard 2012 program. [Meanwhile, Congressman Ron Paul (R-Tx) has introduced H.R. 1098, The Free Competition in Currency Act of 2011, which would give legal tender gold and silver coins the same tax standing at the federal level that they now have in Utah. Unfortunately, Congressman Paul has not yet found cosponsors for the bill. Until he does, the bill will be given little consideration on Capitol Hill. Still, this bill shows that Ron Paul is eons ahead of his colleagues in Congress.] Add Comment Will Paper Money Become Worthless And Be Replaced By Silver Coins? May 19th, 2010 Posted in Silver News | Comments Off Many recent predictions paint a picture οf doom аחԁ gloom fοr tһе American dollar. Asia аѕ аח emerging economic powerhouse wіƖƖ negatively influence tһе value οf tһе American dollar. Iח general paper money wіƖƖ become аƖmοѕt worthless аחԁ a חеw economic system wіƖƖ bе рυt іח рƖасе. Owning physical wealth such аѕ silver аחԁ οr silver mining shares іѕ аח opportunity tο hold onto уουr wealth. Iח аח inflationary environment уου want tο οwח actual assets, חοt paper money. Aחԁ wһаt exactly іѕ аח asset. Aח asset іѕ wһаt уου саח trade аѕ a measure οf worth fοr products уου want. Precious metals һаνе bееח assets ѕіחсе biblical times. Putting уουr money іח tһе bank ԁοеѕ חοt give уου a fаіr return οח уουr dollar. Tһе first problem іѕ tһаt уουr return οח loaning уουr money tο tһе bank іѕ really pathetic. Unless уου һаνе a money market account wіtһ a return higher tһаח three percent, tһе value οf уουr money wіƖƖ constantly erode. Secondly, wһаt mοѕt people ԁο חοt realize іѕ tһаt tһе bank mаkеѕ six tο eight dollars fοr еνеrу one dollar іח уουr account. Imagine tһаt! Through tһе system οf fractional reserve аחԁ centralized banking уου finance tһе lifestyles οf banking executives. Tο protect уουr wealth tһе first thing уου ѕһουƖԁ ԁο іѕ stay away fοr incurring аחу debt tһаt ԁοеѕ חοt return a profit tο уου. Or аt Ɩеаѕt maintains a return tһаt equals tһе rate οf inflation. One way tο ԁο tһіѕ іѕ through tһе рυrсһаѕе οf silver assets іח tһе form οf coins οr bullion. Silver coins аrе recognized regionally аחԁ internationally. Wealth іѕ represented bу חοt work, bυt bу control οf tһе press. Crеаtіחɡ money through tһе power οf tһе printing press leads tο socialism. Inheritance аחԁ work аrе tһе primary ways individuals асqυіrе wealth. Governments асqυіrе wealth through taxation. Governments аƖѕο produce wealth bу printing аחԁ regulating paper money. Owning precious metals such аѕ silver coins аחԁ bullion reduces tһе dependence οf fiat monies mandated bу governments. Wһаt саח bе mandated іח аѕ аח item οf value саח аƖѕο bе mandated out аѕ аח item οf value. Paper money wіƖƖ eventually become worthless. Aחԁ іt ѕtаrtеԁ wіtһ tһе elimination οf silver οח demand notes wһісһ һаνе bееח replaced wіtһ government promises called dollar bills. Protect yourself, become aware οf tһе financial market, аחԁ maintain уουr sovereign rights. Sіחсе tһе inception οf tһе tһе Federal Reserve banking system іח 1913 tһе value οf tһе US dollar һаѕ declined аחԁ tһе national debt һаѕ risen. At tһе еחԁ οf World War One tһе national debt wаѕ nearly $27 billion dollars, аt tһе еחԁ οf tһе tһе Vietnam War tһе national debt wаѕ $533 billion dollars. Today tһе national debt іѕ over $ 9 trillion dollars аחԁ rising. Tһіѕ debt accrues tο еνеrу man, woman, аחԁ child іח tһе US. Sο һοw ԁοеѕ tһе central banking system аחԁ Federal Reserve manage tһіѕ situation?. Simple. Together tһеу perpetuate tһе same cycle οf overprinting paper money wһісһ becomes more аחԁ more depressed іח value. Tһе οחƖу way tο rid yourself οf tһе problem οf paper money іѕ tο асqυіrе real wealth. Bυу аѕ much silver аחԁ gold аѕ уου саח afford. Silver аחԁ gold аrе universally recognized аѕ wealth. Tһе intrinsic value οf silver аחԁ gold іѕ established bу tһе free market рƖасе. Nοt bу government mandate. Tһе economic forces tһаt affect tһе American dollar аrе evolving. Now іѕ tһе time tο prepare fοr significant changes іח ουr monetary system. Fοr additional information οח һοw tο protect уουr economic interests click οח tһе link below. Thank уου fοr reading mу articles. I аƖѕο һаνе οtһеr articles tһаt уου mау want tο read. Live long аחԁ prosper. Ronald Roberts іѕ a former Army Officer аחԁ MPA graduate. Hіѕ many interests include public administration аחԁ academia. Hіѕ favorite quote: Never ԁеѕріѕе a humble beginning. Hіѕ blog іѕ http://www.americaneaglesilverdollar.info. Fοr a direct аррrοасһ tο protect аחԁ grow уουr wealth visit http://www.besilverrich.com. Related posts:
The 12 Step Silver Program 05/13/2010
The 12-Step Silver Program Sean Hyman (May 13, 2010) (Why Silver Is a Screaming Buy Right Now) Investment guys in the industry like to say “silver is the poor man’s gold.” Just one problem with that: I hail from rural Arkansas, and I grew up with a lot of poor folks. So far, I’ve never met a “poor man” who can afford to invest in anything, much less silver. But the sentiment is clear. If you can’t afford to shell out $1,250 248 for an ounce of gold (a new record as of yesterday by the way), then throw down a $20 bill for a hunk of silver instead and you’ll get change back for your trouble. Now frankly, I love both. I’m a big fan of gold because most of the big institutional investors are buying gold right now. But I’m still a big believer in owning some actual silver. Today, I want to give you my top 12 reasons why you should be an owner of some silver in general. Let’s start by checking out the chart of silver below. Silver Just Awakened from its 4-Month Slumber! The Chart Says it’s Time to Own Silver Now! Silver has been consolidating the gains from its last run up for about four months now. It was an impressive run from below $13 an ounce to over $19 an ounce (a 46% rise in value). Many thought the run was over…except me. Oh sure, I figured it was due for a pullback (which happened). But the metal has held above its 50 and 200 day inclining moving averages for a couple of months now. In fact, silver has been in its uptrend since October of 2008. This means that silver prospered in the credit crisis and silver is still beating out the competition even though the so-called experts “claim” that the credit crisis is over. (However, you and I know better don’t we?) So as you can see from the chart above, silver is breaking out and headed higher just like gold is doing. We’ll see $20+ in silver prices in the weeks to months ahead. I have no doubt. However, I do want you to also realize that silver is not gold’s strange redheaded stepchild. It’s a great investment in and of itself. Let me give you some of the reasons why I believe this to be true. 12 Reasons Why You Should Buy Silver NOW! 1. Silver is an investment in something real…unlike a paper currency or stock certificate. 2. Silver is easy to store (especially silver coins). 3. Silver is cheap enough to be used as real currency. If the dollar completely failed, gold would not be a practical replacement for paper money. But silver would. Its smaller denomination could be more easily used for necessities like food. 4. Silver (as well as gold) is recognized as wealth worldwide. 5. Silver can be exchanged for cash in almost any county in the U.S. at a local coin shop. 6. Silver can be exchanged for the local equivalent of cash in many European banks. 7. Silver is disappearing. The majority of it is used for industrial purposes such as photography, electronics and in health care. Keep in mind that most of this is unrecoverable too. 8. Silver mines can’t seem to keep up with the demand of industry, not to mention the investment demand. 9. A stock can become worthless (and we saw examples of that in the credit crisis). However, silver is not likely to ever be worthless and thrives in calamity and uncertain times. 10. Silver can be obtained in small amounts very easily. It’s easier to get silver at $19 an ounce rather than gold at $1,248 an ounce. This should cause everyone to consider owning at least some silver if for nothing else for emergency’s sake. 11. Silver can be passed on from generation to generation without any paperwork. 12. Silver is simple to invest in. You don’t have to pour over balance sheets of thousands of stocks and trust CEOs or CFOs. It’s what I call a “scandal-free” asset, unlike some stocks. How many assets out there have this much going for it…and that’s just the ones I thought of off of the top of my head. I hope I’ve encouraged you to pick up some silver, even if it’s a small portion of your portfolio (percentage wise). It can be easily obtained and easily converted. That’s the type of investment you need if the “you-know-what” really hits the fan. Happy Trading! Sean Hyman EDITOR’S NOTE: Today is your LAST chance to invest in gold, silver and platinum 100% risk free. Click here for details. Beginner’s Guide to Silver Investing – 7 Tips to Help You Make More Money with Silver Right Away 04/24/2010
Beginner’s Guide to Silver Investing – 7 Tips to Help You Make More Money with Silver Right Away By Recently, I met the owner of a well-known precious metals web site and I popped this question to him: “What do you think about investing in silver?” His reply was both profound and accurate. “David,” he said, “The smart money is moving into gold, but the SMARTEST money is moving into silver!” Investing in silver is a great way to make money, especially if you are looking to secure your future or your retirement. But of course, just like any type of investing, there are no guarantees. You need to know what you are doing and what the silver market is all about before you can get too involved. This is the only way to make sure that you give yourself every possible advantage to benefit from silver investing. That’s the ONE and ONLY reason that I am here today. I want to share with you some tips that will give you direction when you start investing in silver so you can make the most money possible. 7 Getting Started in Silver Investing Tips That Will Make You More Money 1. Take a close look at the market before you decide that silver investing is right for you. Investing is silver is different than investing in stocks and bonds. 2. Educate yourself. If you are not sure how investing in silver works, touch base with a professional who can help you with the buying and selling process. 3. Complete effective online research. Be careful of the information you find. There’s so much information online about silver investing, but a lot of it is misinformation. You want to learn from experts who are in the trenches tracking the silver market and making investments every day. For example, the information that you will find on http://www.silver-investor.com is based on my experiences and knowledge from following the silver market daily for more than thirty years. 4. Get familiar with the many different ways that you can invest in silver. You can invest in silver mining companies, silver ETFs, silver futures, silver bullion and silver coins. The sure-fire way to invest in silver without the worry is to invest in bullion or coins. This is the place to start– real metal for your future. You don’t have to pay for a mining company’s energy costs. And you don’t have to buy 1000 to 5000 ounces in a futures contract that carries too much risk for a beginning silver investor. 5. If you are looking to invest in silver coins and silver bars then you need to know this trick — Find sellers who are actually selling as near the spot price of silver as possible (spot plus a reasonable fee). A general rule is that the more silver you are buying the less percentage of fees you should be expected to pay. When buying coins to invest in their silver content be certain you are not buying coins for their numismatic value (the value to a collector of rare coins). 6. Before you invest in silver, make sure you calculate how much you can invest between your IRA rollover funds, cash on hand and other assets that you wish to turn into silver. Be sure to keep your emergency fund mostly in cash for unforeseen expenses. You don’t want to bite off (invest) more than you can chew (afford). 7. Stay on top of the market. There are times to buy. And, there are times to sell. Yes, at some point, it may be better to sell some or perhaps even all of your silver holdings for currency, depending on the bull market and your personal investment goals. But the only way you know when to buy or sell is if you have current silver market investing information at your fingertips. Here’s a Bonus Silver Investing Tip For You… Get started now. The time to invest in silver is today! What are you waiting for? Put my tips into action and start investing in silver right away. Following the silver market for more than 30 years, Silver Investor David Morgan believes NOW is the time for baby boomers who want to retire comfortably and without fear to start investing in precious metals. Now you can discover his Ten Rules of Silver Investing for Baby Boomers, when you sign up for his free newsletter at: http://www.silver-investor.com/joinfreelist.html Bullion Silver Coins! 04/13/2010
Bullion Silver Coins! By Paul Bracchi One of the most cost effective ways of accumulating silver is through bullion silver coins. Bullion Silver coins are beautiful to look at,affordable to own, and according to many respected sources, a potentially lucrative investment in these economically uncertain times. Because of their relatively low cost these coins are available to almost everyone. Some of the major one ounce coins are the American Silver eagle, the Canadian Silver maple leaf &, the British Britannia. I highlight these three coins, as I truly believe that their designs actually look better in silver rather than gold..... One of the major criticisms leveled against bullion silver coins is that they trade at a significant premium to the same quantity of metal in ingot form. This coin premium is often considered to be a drawback- but I believe that it is simply mis-understood. The "coin premium" is made up of 3 components: The largest part of the "coin premium" is based on the fact that you can trust a coin produced by a recognized national mint. And that trust is then carried forward when you come to sell your coins. In other words you maintain this premium. This is an important point, as among Silver ingots & bars- especially the larger sizes, there are a lot of fakes out there. If you plan on buying an ingot of 400oz or above- be VERY Careful!' Another part of the coin premium is the artistic value of the bullion coin. Many of these coins are masterpieces. I don't use that phrase lightly. When you hold them in your hands you will immediately understand what I mean. The third component is scarcity. This applies to bullion gold coins more than bullion silver coins, as the production runs for silver coins tend to be larger....so, this component can for the most part, be safely ignored. So to summarize: If you are interested in investing in silver, bullion silver coins are a good place to start. Choose from a recognized supplier and enjoy something of true beauty which may also enhance your wealth! Till next time, Happy Coin Collecting Paul If you would like to learn more about silver & bullion coins, then visit my websites for free information: http://www.buybullioncoins.com/blog http://www.silver-dollar-coin-values.com Article Source: http://EzineArticles.com/?expert=Paul_Bracchi Why Are Silver Sales Soaring? 04/10/2010
Jeff Clark, Senior Editor, Casey's Gold & Resource Report The U.S. Mint just reported another record, but this time it wasn't for gold. The Mint sold more Silver Eagles in March and in the first quarter of the year than ever before. A total of 9,023,500 American Silver Eagles were purchased in Q110, the highest amount since the coin debuted in 1986. While this is certainly bullish, there's something potentially more potent developing in the background. Namely, how this matches up with U.S. silver production. Like gold, the U.S. Mint only manufactures Eagles from domestic production. And U.S. mine production for silver is about 40 million ounces. In other words, we just reached the point where virtually all U.S. silver production is going toward the manufacturing of Silver Eagles. Yikes. This is especially explosive when you consider that roughly 40% of all silver is used for industrial applications, 30% for jewelry, 20% for photography and other uses, and only 5% or so for coins and medals. To be sure, mine production is not the only source of silver. In 2009, approximately 52.9 million ounces were recovered from various sources of scrap. Further, the U.S. imported a net of about 112.5 million ounces last year. (Dependence on foreign oil? How about dependence on foreign silver!) So it's not like there's a worry there won't be enough silver to produce the Eagle you want next month. Still, why so much buying? The silver price ended the quarter up 15.5% from its February 4 low - but it was basically flat for the quarter, up a measly 1.9%. We tend to see buyers clamoring for product when the price takes off, so the jump in demand wasn't due to screaming headlines about soaring prices. I have a theory. For some time, silver has been known as the "poor man's gold." Meaning, silver demand tends to increase when gold gets too "expensive." The gold price has stubbornly stayed above $1,000 for over six months now and spent much of that time above $1,100. You'd be lucky to pay less than $1,200 right now for a one-ounce coin (after premiums), an amount most workers can't pluck out of their back pocket. But Joe Sixpack just might grab a "twelve-pack" of silver. What would perhaps lend evidence to my theory is if gold sales were down in the face of these higher silver sales. The U.S. Mint reported a decline in gold bullion sales of 20.8% this past quarter vs. the same quarter in 2009. Further, other world mints have seen sharp declines in gold bullion coin sales as well: the Austrian Mint reported an 80% drop in sales for the first two months of the year and the Royal British Mint a 50% decline in gold coin production for the first quarter. What's even more dramatic is the difference in the dollar value of the sales. Gold Eagle sales in the U.S. dropped $10,263,500 from a year earlier - but Silver Eagle sales increased by $61,855,290. So, not only did silver sales make up the drop in gold sales, they exceeded them by $51,591,790. Is the rush into "poor man's gold" underway? Why the answer to that question is significant is that a shift toward silver for this reason could signal we're inching closer to the greater masses getting involved in the precious metals arena. And that - for those of us who've been invested for awhile now - would be music to the ears. Because when they start getting involved, the mania will be underway, and from that point forward, it's game on. I'm not saying the mania is starting, and I actually think we could see another sell-off before things take off for good. Gold could dip to $1,000 and maybe even $950, with silver going to the $14-$15 range. But as clues like these begin to build up, we'll know we're getting closer. (And any drop to those ranges would clearly be a major buying opportunity.) Everyone talks about gold, myself included, but a meaningful portion of one's precious metals portfolio should be devoted to silver. The market is tiny, making the price potentially explosive. Remember that in the '70s bull market gold advanced over 700%, but silver soared over 1,400%. Don't be a "poor man" by ignoring gold's shiny cousin. Grades of silver bullion coins 04/06/2010
Silver coins are graded based on their physical condition. Generally, coins can be classified into two distinct categories: circulated and un-circulated. The American Numismatics Association (ANA) recognizes 11 different grades for circulated coins, ranging from AG-3 at the bottom of the scale to AU-58 at the top. MS-70 - This is the highest value for any coin- Mint State Perfect Un-circulated. You would not find a coin like this in circulation. MS-60 - Un-circulated AU-50 - About Un-circulated EF-40 - Extremely Fine VF-20 - Very Fine Sometimes you will see a + sign front of it, meaning “greater than” like this, +VF-20 VG-8 - Very Good G-4 - Good AG-3 - About Good - This is like junk silver coins.
(This is the third of four articles about Maverick Investing in the Age of Obamanomics) Born Again Gold Bug When I did a recent radio interview, the host (who was basically friendly), said, “You’ve always liked gold.” My response? “No, no, no!” I have been bearish on gold for most of two decades before December 2003. I have only been bullish on gold twelve years out of the thirty-four years I have been publishing The Ruff Times. I was bearish or neutral for twenty-two years. I’ve only been bullish since December 2003. But I guess I can never shake the label of “gold bug” the media gave me way back in the ‘70s. When I first began publishing The Ruff Times in 1975, I begged my subscribers to buy $120 gold and $2 silver. Gold finally topped out at $850, and silver went to $50. I said, “Sell!” at $750 and $35 respectively. Then for more than twenty years, I made money for The Ruff Times subscribers mostly in stocks, bonds, real estate, and other traditional investments. At the risk of sounding immodest, (Once I thought I was getting humble. It felt awful, but I was only coming down with the flu.) I probably learned at least as much about gold and silver and their markets in that Bull Run back then as any writer alive today. Now I’m back again in familiar territory, riding the Golden Calf, since December 2003. As the golden calf grows into a massive bull over the next few years, you can make a ton of money in gold, more than twice as much in silver and even a lot more than that in carefully selected mining stocks from my Investment Menu (See www.rufft imes.com) Three Different Uses for the Precious Metals There are serious uses for gold and silver that have little to do with investment, and gold bugs oft en miss that. You need to know the difference. The metals have three basic uses:
Gold and Silver Insurance You should always own gold and silver coins as an insurance policy. Like homeowners’ or automobile insurance, its purpose is to protect you against unpredictable economic and political calamities (like now), that you always hope would never happen. It’s there to use as real money in the case of a worst-case, like an inflationary currency collapse, or terrorist hackers shutting down the power grid so no one has access to their dollars at the bank or at the ATM and they can’t open the supermarket cash registers. The same terrorist-financed hackers could break into the computers of the money-center banks where most of the world’s dollars are in hyperspace, insert a destructive virus, and the world’s dollars would disappear in a nanosecond. Remember, only about 5% of the world’s dollars are minted, printed, or coined. The rest are only on the computers of banks. If the computer data is wiped out, there could go the monetary system of the world, because the dollar is the world’s reserve currency. This could mean the instant collapse of the American economy, and maybe western civilization. Then the world would instinctively go back to gold and silver as a means of exchange and store of value until the computers are fixed and a new paper-money system is cobbled together. These things always seemed to be unthinkable in our otherwise comfortable world, but we have never lived through a period of Obamanomics nor had such an implacable enemy as Islamo-fascism. Insurance Action Steps Each family should have at least one half-bag of pre-1965, commonly circulated, ninety percent “junk silver” dimes, quarters and halves (360 ounces of silver). Junk silver can be bought from any neighborhood coin dealer or from one of the recommended bullion and coin dealers – Kitco is one of them. (Go to my website www.rufftimes.com to buy the book or subscribe to The Ruff Times.) Due to Obamanomics, gold and silver will explode in value and your insurance coins will become a fantastic investment, which they may not have been when you bought them. In the case of less drastic events, such as mere rising-price inflation, they will still be very profitable. For instance, because of the critical supply/demand situation, as the holder of any form of physical silver, you will find the industries that need them will have to bid up the price until you are willing to part with yours. $100 an ounce, anyone? Coin insurance is a buying decision for all seasons, and it only becomes an investment if bad or even mildly bad things (like slowly rising inflation) happen in the world. This is not for short-term profit, but for long-term protection. You would really need it if a monetary crisis or a war gets bad enough and lasts long enough that we have started to universally use coins as the alternative “real” currency. It might even not take that long for merchants to get the drift. During the OPEC gas crisis in the ‘70s when inflation and silver were in a runaway mode and gas prices were exploding, a few enterprising gas-station operators were advertising gas for a dime a gallon—pre-1965, ninety-percent silver dimes—because a ninety-percent silver dime was worth more than the posted price-per-gallon. Like all insurance, the coins are there to use when bad things happen which you hope won’t happen. All insurance is a bet that bad things will happen. You win your bet only if you have a car crash, or a fire, or if you die. With orthodox insurance, it doesn’t matter if you win or lose your bet, the premiums are gone forever. In the case of coin insurance, the premiums are still there forever and appreciating, no matter what. Gold And Silver As Monetary Backing: A Condensed History In theory, we should be backing our currency with gold and silver, making it fully exchangeable into the metals, like America did for almost two centuries. It’s a principled cause that dedicated gold bugs should fight for, but it has nothing to do with investing in gold. Years ago when Americans began to vote themselves benefits from the public treasury, government started to print and issue more receipts (currency) than there was gold or silver in the warehouses (which we now called “banks”). Who would know, as long as not too many holders of receipts showed up at the bank with their receipts to demand their gold or silver at the same time? And then, we eventually thought of the paper receipt (currency) as real money all by itself. For a long time we had confidence in the “gold and silver backing.” But human nature never changes. We soon got so accustomed to our government benefits, paid with receipts (dollars), that we accepted the printing of more and more receipts (money). We were ignorant of the cause of monetary inflation. The only signs were rising prices of goods, and rising gold and silver, but most people had no idea what was really causing inflation. The stage was finally set when it became obvious to foreign dollar-holders that there was not enough metal to meet all demands, so they began jostling to be the first in line to present dollars at “the gold window.” Panic!! Nixon finally faced the reality that there soon would be more receipts (dollars) presented for redemption than there was gold available. Until then, foreign governments could exchange their dollars for gold, but we were steadily running out of gold in Fort Knox, as foreign confidence in the paper dollar had sagged so badly due to monetary inflation, that we were soon threatened with losing all our gold reserves. So Nixon closed the “gold window” at the Federal Reserve to stem the tide, and the process was complete; the dollar was now completely detached from gold and silver, and greenbacks were now just a “fiat currency” (money just because a government order or “fiat” declared it). Once we accepted that the horse was out of the barn, Congress no longer worried about whether we had enough gold and silver in the bank to redeem the ever-growing supply of banknotes, and the political claims on government “entitlements” were soaring. Inflation was the inevitable consequence of money creation. Then, Uncle Sam began an anti-gold campaign to de-monetize the metal and separate it in the public mind from “money.” They even began making and marketing gold and silver coins (eagles) as “mere commodities” and collectibles. However, enough of us remembered the monetary meaning of gold and silver—that they rose at the slightest threat of inflation. And as gold was an internationally traded commodity and a lot of foreigners had not bought into the U.S. anti-gold propaganda, the price began to rise. You Can’t Go Home Again Restoring gold backing to the currency would seem to be the obvious solution. In theory, that is so, but that won’t work until we are willing to forego our soaring government benefits and accept the discipline that gold and silver backing provide. We need a sudden rush of brains to the head and character to the heart—and wallet! Don’t hold your breath! If you think that will happen, I have a big orange used bridge in San Francisco to sell you. It won’t happen until the present money system has totally collapsed and we have nothing to lose by replacing it with an honest hard-money system. Now, we collectively feel we have too much to lose. We have a huge vested interest in the status quo—our welfare, our Social Security, Medicare, Medicaid, our farm subsidies, etc. By Howard Ruff The Ruff Times ***** Howard J. Ruff, the legendary author and financial advisor, wrote How to Prosper During the Coming Bad Years in 1978. It is still the biggest-selling financial book in history, with 2.6 million copies in print. His new book, How to Prosper in the Age of Obamanomics is free when you subscribe to The Ruff Times (www.rufftimes.com), or if you buy the book at your favorite bookstore, you can deduct $10 from the subscription price. Howard is founder and editor of The Ruff Times financial newsletter. This article is from a recent issue of The Ruff Times. The newsletter deals with a broad spectrum of middle-class financial issues. (You can learn about it at www.rufftimes.com). The Ruff Times has served more than 600,000 subscribers – more than any financial-advisory newsletter in the world. Bullion Silver Dollar Values 03/27/2010
The most abated and frequently used phrase that enters in one's mind while searching on the Internet about the Bullion Silver Dollar values coins is "What goes around comes around". It fits well to the concept of Silver. The value of silver gets recovered to its original value after a certain period of time. There is no continuum trend of topping or lowering of silver prices. The ancient silver platter, despite the price hike, is liked and purchased by many. Therefore, it is quite rare that there are many silver coins for sale and are available in the market on a budgeted price. A short while ago, silver coins were chosen as "legal tender" but with the advent of cupro-nickel, these coins lost its popularity and were legally accepted only in some parts of the world. However, there has always been a chance that these coins will again regain its status for the legal tender in almost every corner of the globe. One may sell these coins and gain some handsome amount from these great coins. Silver coins are sold and purchased exclusively without any hassle. The only prerequisite required for such a deal is that these coins have to be authentic and remarkably original and pure. Silver seems to be available widely in the market but the silver miners overtly reject this belief. They are of the view that there are hardly any people who hold bullion silver dollar values coins to meet the case of financial crunch. And looking at the prevailing conditions of the availability of this metal, there is much hope of the rejuvenation of silver. Its short supply might call for a huge crowd of purchasers, consequently raising the prices of your metal. So, beware all you people, the price of silver will be soaring to the heights and is intensifying the marketers who are waiting desperately for a cry "bullion silver dollar values available for purchase". |  Dennis Beaman, Blog Author "I buy gold and silver significantly under spot price. Would you like to learn how I do it?" Click here!
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