A common misconception among gold buyers is that gold dealers make money when the price of gold increases, and subsequently lose money when the price of gold decreases. Generally speaking, nothing could be further from the truth. Gold dealers are highly risk averse given the volatility of the metals market, and so they are very unlikely to speculate on future spot price. (Review: Spot price is the over-the-counter commodities exchange price for a 400 oz good delivery gold bar. It is the price quoted on new stations as the gold price.)

Gold brokers are unaffected by the spot price at all, because the spot price they charge to the customer is roughly identical to the spot price they buy from the wholesaler. In this way, they essentially pass along hedging responsibility to the wholesaler, while making money on the premium.


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Currently, 43 states have eliminated sales taxes on gold and silver bullion. Repealing sales taxes on precious metal bullion takes a step toward treating gold and silver as money instead of commodities. Taxes on precious metal bullion erect barriers to using gold and silver as money by raising transaction costs. As Sound Money Defense League policy director Jp Cortez testified during a committee hearing on a similar bill in Wyoming in 2018, charging taxes on money itself is beyond the pale.

H.B. 682 was passed with overwhelming support, making Louisiana the second state to eliminate sales tax for gold and silver currency and bullion. Introduced by Rep. Paul Hollis, H.B. 682 was signed into law by Governor Bobby Jindal.

CUSTODY OF GOLD AND SILVER BY STATE TREASURER (Section 30.266)The act requires the State Treasurer to keep in the custody of the state treasury an amount of gold and silver greater than or equal to 1% of all state funds.TAXATION OF MEDIUMS OF EXCHANGE (Sections 137.100 and 143.121)The act exempts virtual currencies, as defined in the act, from taxation for state, county, or local purposes. This provision is identical to a provision in SB 692 (2023) and HB 764 (2023).Current law exempts all purchases of bullion and investment coins from all state and local sales taxes. This act additionally exempts from state income tax the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer's federal adjusted gross income.LEGAL TENDER (Sections 408.010 and 408.012)The act declares that the state of Missouri shall accept gold and silver as legal tender, at spot price plus market premium, for payment of any debt, tax, fee, or obligation owed. Costs incurred in the course of verification of the weight and purity of any gold or silver during any such transaction shall be borne by the receiving entity. No person or entity shall be required to use gold or silver issued by the federal government in the payment of any debt. Nothing in this act shall prohibit the use of federal reserve notes in the payment of any debt. The act also prohibits the state of Missouri from requiring payment in the form of any digital currency, as defined in the act. DIGITAL MINING (Section 408.900)This act creates new provisions relating to digital mining. Specifically, the act permits any person to run a node or a series of nodes in this state for the purpose of home digital asset mining at the person's private residence. A person or entity may have a digital asset mining business in any area in this state that is zoned for industrial use. Furthermore, any person engaged in home digital asset mining or digital asset mining business shall not be considered a money transmitter.A political subdivision shall not:Limit the sound decibels generated from home digital asset mining other than limits set for sound pollution generally;Impose any requirements on a digital asset mining business that is not also a requirement for data centers in such political subdivision; orRezone the area in which a digital asset mining business is located without complying with applicable state and local zoning laws or rezone any area with the intent or effect of discriminating against any digital asset mining business.A digital asset mining business is entitled to appeal any change in zoning pursuant to any applicable state or local zoning laws.The public service commission shall not establish a rate schedule for digital asset mining that creates discriminatory rates for digital asset mining businesses.This provision is substantially similar to SB 536 (2023) and provisions in HCS/SB 47 (2023).This act contains a severability clause.This act is substantially similar to HB 1375 (2023) and similar to HB 718 (2023).SCOTT SVAGERA

The other day, we discussed the direction in which buttonhole stitch is worked, and I demonstrated that the direction you move with your buttonhole stitching can change the look of the buttonhole stitch. Well, the same principle is true with bullion knots. The direction in which you wrap the knot makes a difference in the way the bullion knot looks.

Thank you. I have never even thought about what way to twist the thread on a bullion just did it whatever way but looking at your examples I can clearly see what a difference it makes. I am learning so much from your site.

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When you choose to sell, you will not be taxed on the amount that the gold or precious metals were worth when they were first appraised. However, at the time that you choose to sell the gold or precious metals, they may end up being worth more than when you originally inherited them. In this case, you will be liable to pay taxes on the additional amount of money you may make from selling them. This is known as capital gains.

According to the IRS, gold and precious metals are considered collectibles and can be taxed at a maximum of 28% when they are sold. Therefore, you will pay capital gains taxes up to 28% on any additional money you make on the sale of gold or precious metals. You will be responsible for reporting this to the IRS when you pay your taxes at the end of the year, as the taxes will not immediately be taken out upon selling them. However, if you do not make any additional money on the sale of your inherited gold or precious metals, you will not be required to pay any additional estate taxes.

THE Papers I here present your Lordship, are in Substance the same with one which I delivered to you, in Obedience to the Commands I received by your Lordship, from their Excellencies, the Lords Justices; and with another, which I writ in Answer to some questions your Lordship was pleased to propose to me concerning our Coin. The Approbation your Lordship was pleased to give them then, has been an Encouragement to me, to revise them now, and put them in an Order. fitter to comply with their Desires, who will needs have me print something at this time, on this Subject: And could any thing of this Nature be received with Indifferency in this Age; the Allowance they have had from your Lordship, whose great and clear Judgment is, with general Consent and Applause, acknowledged to be the just Measure of Right and Wrong amongst us, might make me hope that they might pass in the World without any great Dislike.

THOUGH Mr. Lowndes and I differ in the Way, yet I assure myself, our End is the same; and that we both propose to our selves the Service of our Country. He is a man known so able in the post he is in; to which the business ofmoney peculiarly belongs: And has shewed himself so learned in the Records, and matters of the mint; and so exact in Calculations and Combinations of Numbers relating to our Coin, either already in use, or designed by him, that I think I should have troubled the Publick no more on this Subject, had not he himself engaged me in it; and brought it to that pass, that either I must be thought to renounce my own Opinion, or must publickly oppose his.

The other case wherein our Money comes to be melted down, is a losing Trade; Or, which is the same thing in other words, an over-great Consumption of Foreign Commodities. Whenever the over-ballance of Foreign Trade makes it difficult for our Merchants to get Bills of Exchange, the Exchange presently rises, and the Returns of Money raise them in proportion to the want of Money English men have in any parts beyond Seas. They who thus furnish them with Bills, not being able to satisfie their Correspondents on whom those Bills are drawn, with the product of our Commodities there, must send Silver from hence to reimburse them, and repay the Money they have drawn out of their hands. Whilst Bullion may be had for a small price more than the weight of our current Cash, these Exchangers generally choose rather to buy Bullion, than run the risque of melting down our Coin, which is Criminal by the Law. And thus the matter for the most part went, whilst mill'd and clipt Money passed promiscuously in payment: For so long a clipt Half-crown was as good here as a mill'd one, since one passed, and could be had as freely as the other. But as soon as there began to be a distinction between clipt and unclipt Money, and weighty Money could no longer be had for the light, Bullion (as was natural) rose; And it would fall again to morrow to the price it was at before, if there were none but weighty Money to pay for it. In short, whenever the whole of our Foreign Trade and Consumption exceeds our Exportation of Commodities, our Money must go to pay our Debts so contracted, whether melted, or not melted down. If the Law makes the Exportation of our Coin Penal, it will be melted down; if it leaves the Exportation of our Coin free, as in Holland, it will be carried out in specie. One way or other go it must, as we see in Spain; but whether melted down, or not melted down, it matters little: Our Coin and Treasure will be both ways equally diminished, and can be restor'd only by an over-balance of our whole Exportation, to our whole Importation of consumable Commodities. Laws made against Exportation of Money or Bullion, will be all in vain. Restraint, or Liberty in that matter, makes no Country Rich or Poor: As we see in Holland; which had plenty of Money under the free liberty of its Exportation; and Spain, in great want of Money under the severest penalties against carrying of it out. But the Coining, or not Coining our Money, on the same foot it was before, or in bigger or less pieces, and under whatsoever denominations you please, contributes nothing to, or against its melting down or Exportation, so our Money be all kept each species in its full weight of Silver, according to the Standard: For if some be heavier, and some lighter allow'd to be current, so, under the same denomination the heavier will be melted down, where the temptation of profit is considerable, which in well regulated Coin kept to the Standard, cannot be. But this melting down carries not away one Grain of our Treasure out of England. The coming and going of that depends wholly upon the Balance of our Trade; and therefore it is a wrong Conclusion which we find, p. 71. That continuing either old or new Coins on the present foot, will be nothing else but furnishing a Species to melt down at an extravagant profit, and will encourage a violent Exportation of our Silver for sake of the gain only, till we shall have little or none left. For example; Let us suppose all our light Money new Coin'd, upon the foot that this Gentleman would have it, and all our old mill'd Crowns going for 75 Pence, as he proposes, and the rest of the old mill'd Money proportionably; I desire it to be shewed how this would hinder the Exportation of one Ounce of Silver, whilst our Affairs are in the present posture. Again, on the other side, supposing all our Money were now mill'd Coin upon the present foot, and our Ballance of Trade changing, our Exportation of Commodities were a Million more than our Importation, and like to continue so yearly'. whereof one halfwas to Holland, and the other to Flanders, there being an equal Ballance between England and all other parts of the World we Trade to; I ask, what possible gain could any English Man make, by melting down and carrying out our Money to Holland and Flanders, when a Million was to come thence hither, and English Men had more there already than they knew how to use there, and could not get home without paying dear there for Bills of Exchange? If that were the case of our Trade, the Exchange would presently fall here, and rise there beyond the Par of their Money to ours, i.e. An English Merchant must give in Holland more Silver for the Bills he bought there, than he should receive upon those Bills here, if the two Sums were weigh'd one against the other; or run the risque of bringing it home in specie. And what then could any English man get by Exporting of our Money or Silver thither? 17dc91bb1f

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