Low Production ASE, Congressman Wants To Know Why

@Bret -

I was absolutely being dramatic. I very much enjoy hyperbole in the appropriate context. You may wish to re-read my original message (above), in which I formulated a reasoned response to Mooney's proposed Act. Later, I purposesfully exaggerated my argument in response to your comments, which, I felt, were also dramatic. Hyperbole emphasizes absurdity, though I do firmly believe, as I stated earlier, that Mooney's proposed Act would have unintended consequences.

Regarding the national debt, my point was - and is - that exempting PMs from cap gains taxes does not "effect 'financial accountability of the federal reserve'".

We should, as you said, absolutely do something "now that makes sense..." My point was - and is - that Mooney's proposed Act does not make sense. Tha'ts the problem! Not that we shouldn't change the tax laws, but that our new tax laws should make sense!

Yes, it's a long-standing movement, supported by the Boston Tea Party, and it precedes Mooney by some years. See the very similar proposed Act from R. Paul:

https://www.coinnews.net/coin-legis...009-hr-4248/

The article notes that the proposed Act had 0 co-sponsors, so that re-inforces the idea that this is a vocal minority. The public has had years to consider the proposals, but there is no widespread interest.

To continue, PMs are not, in or of themselves, currency. They are assets. We buy and hold them with every hope that they gain value. And we all hope that that value meets or exceeds the rate of inflation. Why should we not tax gains on them when the gains are realized?

You say that these objects do not "actively generate wealth." You are drawing an artificial distinction. Assets do not have to actively generate wealth to be taxed. With few exceptions (a primary home, for example), cap gains on assets are taxed regardless of how they are generated.

You argue that bullion and PMs in general are "temporary stores of value". Again, that's an artificial distinction that can be made of any taxable asset.

As for the free market - well it does not exist and never has. The free market is an ideal created over the last few centuries to describe a so-called perfect economy. We live in a highly-regulated and taxed society, and we tax assets accordingly.

(Crypto is not currency, but I won't even begin my rant against crypto [too far off-topic and Mods will object!)

Finally, like you, I am absolutely skeptical of the government, but I'll let my vax/anti-vax comments rest as they, too, drag this thread too far off-topic. Mea culpa! I do wonder why you seemingly assume I support Biden. That's a strong example of nonlinear logic, but I digress. Again, my apologies for mentioning vaccines in the first place.

jeffbuckes,

It's very simple. You stated PMs are not a hedge. This is false. The article you cited said PMs in certain periods of time are not a hedge. Historical charts prove beyond a doubt PMs have had gains above the inflation rate in certain single years and multiples of years. If you had said PMs often or sometimes are not a hedge, that would be correct. But you made an all encompassing statement that it does not happen. Therefore your statement is not true.

You questioned YouTube as being a source of information. YouTube channels have both good and bogus information. Some of the journals you read may have YouTube channels. It's not about the platform, it's about content. The American Medical Association, American Psychology Association, Wall Street Journal, National Science Foundation, NASA, American Numismatic Association, PCGS, NGC, etc. have YouTube channels.

Local, state, federal governments have laws/regulations that are in flux. They can be added to, amended, repealed. If a city council decides to tax Wheaties but not any other cereal, that is the law until it's changed, fair or not fair. Many groups and projects lobby to get special tax breaks or subsidies. That's how our governments function, or dysfunction. If those who collect PMs could get their local, state, federal government to exempt PMs from sales tax or capital gains, I for one would be glad and I think other CCF members would be glad too.

I'm done.

Back to the topic, I hope the Treasury Secretary and Mint Director respond to Mooney's letter. Many collectors would like to know why ASE production levels are so low this year.

I prefer to be part of something greater than something weaker.

The best hedge against inflation is to spend every dollar you get as soon as you can. What to buy, what to buy...

@Bump111 -

"What to buy?" is absolutely the right question.....!!!

@Bret -

Edited rights/powers per your comments - agreed that terminology matters.

Yes lots of taxes, sadly many governments spend more than what tax revenue generates. US Federal government is currently paying about 400 billion dollars a year just on interest for the national debt. The Fed keeps printing money. I'm afraid things are going to get worse since Congress can't control spending. My view of history is in crisis economic times there's political unrest, citizens can loose some freedom as governments try to control the economy and the streets. IMO it's not a bad idea to stack some silver/gold, food, water, have home defense, etc.