Actual price of physical gold around $2,175 today - and that's in US dollars, which is over $3,500 Aussie dollars!! (Courtesy today's US Mint 1oz gold eagle price.)
And a little known index pokes its head up, the Exchange-For-Physical Gold Index. We are in transition folks. "There's No Gold" - COMEX Report Exposes Conditions Behind Physical Crunch https://www.zerohedge.com/markets/theres-no-gold-comex-report-exposes-conditions-driving-physical-supply-problems .. Just recently, the CME raised margins yet again for 100-oz gold futures contracts to $9,185/$8,350 for initial/maintenance margins, representing a massive 86% increase in margins, and for 5000-oz silver futures contracts to $9.900/$9,000 for initial/maintenance margins, representing a gigantic 73% increase in margins, in just a couple months’ time. Normally, such relentless increases in initial/maintenance margins in gold futures markets is sufficient to prevent physical gold supply problems from afflicting futures markets, but the fact that even this reliable manipulation mechanism failed recently is a sign of additional tectonic earthquakes to come in the global financial system. .. On Wed, Nov 27, 2019 at 11:43:23AM +1100, Zenaan Harkness wrote: > >From the "getting back to the constitution" and the "about time" > departments (but Texas is not yet one of those 4 states): > > South Carolina Legal Tender Act Would Treat Gold & Silver As Money > > https://www.zerohedge.com/economics/south-carolina-legal-tender-act-would-treat-gold-silver-money > > https://libertarianinstitute.org/articles/south-carolina-legal-tender-act-would-treat-gold-and-silver-as-money/ > > A bill prefiled in the South Carolina House would make gold and > silver coins legal tender in the state. Passage of this bill > would take a step toward creating currency competition in South > Carolina and undermine the Federal Reserve’s monopoly on money. > > Rep. Stewart Jones filed House Bill 4678 (H.4678) on Nov. 20. > Under the proposed law, “gold and silver coins minted foreign or > domestic shall be legal tender in the State of South Carolina > under the laws of this State. No person or other entity may > compel another person or other entity to tender or accept gold or > silver coin unless agreed upon by the parties.” > > Practically speaking, this would allow South Carolina residents > to use gold or silver coins to pay taxes and other debts owed to > the state. In effect, it would put gold and silver on the same > footing as Federal Reserve notes. > > The phrase, “unless agreed upon by the parties” has important > legal ramifications. This wording reaffirms the court’s ability, > and constitutional responsibility according to Article I, Section > 10, to require specific performance when enforcing such > contracts. If voluntary parties agree to be paid, or to pay, in > gold and silver coin, South Carolina courts could not substitute > any other thing, e.g. Federal Reserve Notes, as payment. > > South Carolina could become the fourth state to recognize gold > and silver as legal tender. Utah led the way, reestablishing > constitutional money in 2011. Wyoming and Oklahoma have since > joined. > > The effect has been most dramatic in Utah where United Precious > Metals Association (UMPA) was established after the passage of > the Utah Specie Legal Tender Act and the elimination of all taxes > on gold and silver. UPMA offers accounts denominated in U.S. > minted gold and silver dollars. The company also recently > released the “Utah Goldback.” UPMA describes it as “the first > local, voluntary currency to be made of a spendable, beautiful, > physical gold.” > > South Carolina has already repealed the sales tax on gold and > silver. That removed one barrier to using gold and silver in > everyday transactions. Capital gains taxes are still imposed on > gold and silver for state income tax purposes. After establishing > gold and silver as legal tender, South Carolina should repeal the > capital gains tax to completely open the door to using it as > money. > > As the Sound Money Defence League explains, “Practically > speaking, state laws that recognize gold and silver as money > restore a government view of precious metals as the favored form > of money – a currency rather than a piece of property or other > asset. Using this logic, it would be inappropriate for a state to > levy taxes when the precious metals are used or exchanged.” > > Background > ... >
