Stefan Gleason: Taxing Away Your Savings

Tom welcomes back Stefan Gleason. Stefan is president of Money Metals Exchange and Director of the Sound Money Defense League. They rank the U.S. States based on their sound money policies. The biggest factor is sales or income taxes on gold and silver. They have recently got two new exemptions passed in Ohio and Arkansas. They have additional legislation that they hope will be passed next year. Some states like Arizona place heavy burdens on the retail dealer and the customer. They require a lot of information on sellers to solve crimes. Much of it is a waste of time as coins are only occasionally trackable. In some cases, they are required to photograph items and submit them to the government. There is only one state Texas with a state-chartered depository system. Tennessee is evaluating the idea of doing something similar to Texas. However, they still have sales taxes on bullion and will need to repeal that tax first. At the Federal IRS level, there are cases around self-directed IRAs and bullion. The government doesn't like the idea of having gold stored at home outside of an IRA. Some investors are now being audited and having to pay penalties. Biden is hiring a lot of new auditors for the IRS and that may increase the risk of audits. Stefan gives some specific recommendations regarding deductions. The U.S. Mint is supposed to keep up with public demand but this year their performance has been quite lackluster. Mints like the Sunshine Mint have been unable to keep up with the demand for blanks. All of this combined has caused premiums to rise on government coins. He expects further tightness in the markets over the next month or so. Stefan views gold and silver as money and also believes in investing in royalty companies. Firstly, everyone should hold physical gold and silver. Miners come with an excessive number of risks where royalty companies don't share that level of risk. Time Stamp References:0:00 - Intro0:41 - Sound Money Defense4:05 - Bad Policy States7:58 - Chartered Depositories14:42 - Self-Directed IRA Risks19:56 - IRS Risks & Taxes24:36 - Treasury Gold & IMF27:31 - Money Metals30:43 - Gold Demand & Premiums34:13 - Gold Investment Vehicles37:24 - Royalty Plays & Risks38:53 - Concluding Thoughts42:57 - Wrap Up Talking Points From This Episode * Promoting sound money at the state level.* State gold depository systems.* IRS Tax regulations and self-directed IRAs.* Gold demand and speculative Royalty Plays Guest Links:Twitter: https://twitter.com/MoneyMetalsWebsite: https://moneymetals.comWebsite: https://www.soundmoneydefense.org/ Articles:Tennessee: https://www.soundmoneydefense.org/gold-silver-laws-tennesseeBiden IRS: https://www.moneymetals.com/news/2021/12/07/bidens-irs-is-mining-for-gold-002421State Rankings: https://www.moneymetals.com/news/2021/11/29/new-state-rankings-dramatic-differences-gold-silver-002416Treasury: https://www.moneymetals.com/news/2021/12/02/us-treasury-refuses-to-answer-questions-about-disposition-of-its-own-gold-002418 Stefan Gleason is President of Money Metals Exchan...