Editor’s Note: This article gives us another of many reasons why now is the time for Americans to move their wealth and/or retirement to physical precious metals. Our life’s savings are at risk. The powers-that-be know this. It’s why they’re quietly making the shifts necessary to get THEIR money into precious metals while leaving hard-working Americans in the dark. We strongly encourage readers to learn more about physical metals and self-directed IRAs. Here’s the article by Jp Cortez…
As inflation continues to terrorize the budgets of Americans and states alike, two Tennessee bills empowering the State Treasurer to invest state funds in physical gold and silver are moving quickly through the legislature.
House Bill 1479, introduced by Rep. Bud Hulsey, passed out of the House of Representatives on Monday with a 98-0 vote.
Senate Bill 519, the identical senate-side companion bill introduced by Sen. Frank Niceley, passed out of the Senate State and Local Government Committee today by a unanimous vote of 8-0.
The legislation defines “bullion” and “specie,” as well as explicitly stating that “subject to appropriation, the state treasurer may purchase and sell gold or precious metal bullion or specie that will be directly owned by the state, and in the custody of the state treasurer.”
Additionally, the twin bills would allow the state treasurer to “make and enter into contracts, trust instruments, agreements, and other instruments with a person to effectuate this section, including, but not limited to, financial institutions, accountants, auditors, attorneys, consultants, and other contractors.”
Lastly, the measure calls for “physical gold and precious metal purchased under these acts to be custodied by the state treasurer in a state depository, and maintained in a vault within the state depository’s banking facilities in accordance with accepted industry standards for secure storage, and within the geographical boundaries of Tennessee.”
States that help set up the infrastructure to protect state funds with the monetary metals will help further to bring gold and silver into use as an alternative to the inflationary paper-money system, as well as buttressing state funds, many of which are invested in risky paper assets.
SB 519 has been placed on the senate floor calendar for a vote on final passage in the coming days.
Sen. Niceley and Rep. Hulsey are steadfast champions of sound money, earning each of them the 2022 Sound Money Legislator of the Year award last year for their tireless work on eliminating Tennessee’s state sales tax on gold and silver.
After ending the state sales tax on gold and silver, Tennessee shot up the 2023 Sound Money Index rankings to earn a 9th place finish. Tennessee also recently ended its state income tax on sale all capital assets, including gold and silver.
Several other states are considering their own sound money bills this month, including Alaska, Idaho, Maine, Missouri, Mississippi, South Carolina, Vermont, Iowa, Kentucky, Oregon, and more.
About the Author
Jp Cortez is a graduate of Auburn University and a resident of Charlotte, North Carolina. He is the Policy Director of the Sound Money Defense League, an organization working to bring back gold and silver as America’s constitutional money. Follow him on Twitter @JpCortez27
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Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
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“No state shall make anything but gold and silver coin a payment of debt” The several states of the union do not exist.