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Palisades Gold Radio interviews Money Metals Exchange's Stefan Gleason
By Tom Bodrovicx
Palisades Gold Radio
Thursday, April 16, 2021
We welcome Stefan Gleason, president of Money Metals Exchange, to the show.
The idea of sound money is something that holds its value over time, in contrast to fiat currencies. The market has chosen gold and silver over thousands of years as the money that sustains and preserves purchasing power.
We focus on improving public policy at the state level via the Sound Money Defense League. There are more options for improving laws at a state level than at the federal level, and they have had several successes. To that end, they have created a sound money index that measures differences between states regarding policies like sales taxes. Stefan outlines why sales taxes on investments like bullion is a silly idea.
... Dispatch continues below ...
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We discuss how inflation affects capital assets that are often taxed, but there is no actual gain in wealth in most cases. Taxation is one of the great injustices of our system because it slowly destroys wealth. The Internal Revenue Service considers bullion to be collectibles and taxes it higher than other investments, and states typically follow after the federal policies. They have been able to remove gold and silver from the state income tax in Arizona and Wyoming. They point out to legislatures that taxing metals drives business to other states.
Stefan explains the potential merits of the Texas Depository Systems and why it was set up outside of Wall Street interests.
States and smaller governments often have reporting and holding requirements for small dealers and pawn shops. They are required to upload photos of items along with the information about the seller. This system is very inefficient and a significant burden on the dealers.
Stefan discusses the Federal Reserve System and why pushing for sound money at that level is difficult. They are pressing for audits of America's gold holdings since these have not been audited in over 70 years. There are concerns regarding the quantity and quality of the metal, and just because the gold is in a vault doesn't mean the United States has ownership.
Lastly, Stefan gives an overview of Money Metals, their various services, and educational resources. ...
... To see the interview, please visit:
https://www.youtube.com/watch?v=EPTjmImwuOI
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