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In the United States, sales of a gold ETF are treated as sales of the underlying commodity and thus are taxed at the 28% capital gains rate for collectibles, rather than the rates applied to equity securities.[5]
Three senators propose eliminating capital gains taxes on gold, silver coins
The Salt Lake Tribune
Salt Lake City, Utah
Tuesday, June 28, 2011
WASHINGTON -- Utah Sen. Mike Lee joined with fellow Republicans on Tuesday to introduce legislation that would jettison federal capital gains taxes for gold or silver coins.
Lee's measure would treat gold or silver coins the same as regular U.S. currency in transactions, a change that he hopes will encourage a change in the nation's monetary system. - Full Text
New York Sun: A first step to sound money
11:43p ET Tuesday, June 28, 2011
Dear Friend of GATA and Gold (and Silver):
The New York Sun tonight quickly endorsed the legislation introduced this week by Utah Sen. Michael Lee, South Carolina Sen. James DeMint, and Kentucky Sen. Rand Paul to eliminate capital gains taxes on gold and silver coins -- the Sound Money Protection Act. The Sun's editorial is headlined "A First Step to Sound Money" and you can find it here: - More
I guess I will live in my ignorant world.
Selling gold teeth to make ends meet in Greece
Thu Jun 30, 2011
ATHENS, June 30 (Reuters) - A smartly dressed woman waits as a young man behind a glass screen weighs her gold earrings, bracelets and rings and counts out 1,600 euros.
"I'll see you again soon," she says, slipping the bills into her purse. Behind her, a grey-haired man shuffles towards the counter. "Do you buy gold teeth?" he asks.
In the Greek capital, gold is marking a divide between the "haves" and a growing number of "have nots". - Continues
Have you protected yourself ?
Will you be a Have..or..a Have Not ?
Originally posted by OBE1
Selling gold teeth to make ends meet in Greece
Thu Jun 30, 2011
ATHENS, June 30 (Reuters) - A smartly dressed woman waits as a young man behind a glass screen weighs her gold earrings, bracelets and rings and counts out 1,600 euros.
"I'll see you again soon," she says, slipping the bills into her purse. Behind her, a grey-haired man shuffles towards the counter. "Do you buy gold teeth?" he asks.
In the Greek capital, gold is marking a divide between the "haves" and a growing number of "have nots". - Continues
Similar to Greece, when the true US fiscal condition is eventually exposed to be anchored in a sea of Fed double-booking, FASB accounting gimmicks, and criminal regulatory capture...our politicians will move swiftly to protect the bankers and financial elite....at the expense of the little people who elected them.
Have you protected yourself ?
Will you be a Have..or..a Have Not ?
GL
In my opinion, and i'm from Ireland where it doesn't apply to me, the law change is not about protection for the average joe on the street, but it's once again about the FR. The Federal Reserve are doing this because they want the price of Gold and Silver to go down so that the U.S. dollar will get stronger.
still confused? it works like this
January 31, 1934
The day after the passage of the Act, President Roosevelt fixed the weight of the Dollar at 15.715 grains of Gold "nine-tenths fine". The Dollar was thereby devalued from $20.67 to one troy ounce of Gold to $35.00 to one troy ounce of Gold - or by 69.3 percent. The Treasury, which had become the possessors of all the nation's Gold on the previous day, saw the value of their Gold holdings increase by $US 2.81 Billion. The Treasury now "owned" the Gold, and no one else inside the U.S. was allowed to own any Gold except by the express permission of the Treasury.
The new ratio of $US 35 was adopted at Bretton Woods in July 1944. The U.S. Dollar was made the world's Reserve Currency and the IMF and World Bank established in 1947. The now international ratio of 35 U.S. Dollars to one troy ounce of Gold lasted until August 15, 1971.
The day after the passage of the Act, President Roosevelt fixed the weight of the Dollar at 15.715 grains of Gold "nine-tenths fine". The Dollar was thereby devalued from $20.67 to one troy ounce of Gold to $35.00 to one troy ounce of Gold - or by 69.3 percent.
The Treasury, which had become the possessors of all the nation's Gold on the previous day, saw the value of their Gold holdings increase by $US 2.81 Billion. The Treasury now "owned" the Gold, and no one else inside the U.S. was allowed to own any Gold except by the express permission of the Treasury.
ok but does this law ban me from owning gold??? too soon to tell, but the good news is gold is up to almost 1600$ an OZ!!!! Just to clear things up, this law only effects them that have "gold paper" not gold bars, so sell you paper and get the bars. goldsilver.com... from the link
Recently the US Congress enacted the Dodd-Frank Act, which is a new regulation aimed at increasing the protection of consumers in investing and financial related matters. One of the impacts of this regulation is that it prohibits US residents from trading over the counter precious metals, starting on July 15, 2011.
so we that have the real gold , bars, coins, nuggets,and flake(dust) are safe
Will ownership of gold and silver be prohibited on July 15, 2011?
No, not for those who own physical gold and silver.
It will impact those who own paper gold and silver.
The Dodd-Frank Act was enacted to help bring financial stability and to improve accountability and transparency to the financial system. In summary, the Dodd-Frank act is another packet of financial regulations.