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Mint To Start Selling 2011 American Eagle Silver Coins At 75% Premium To Paper, As Senators Propose Eliminating Capital Gains From Precious Metal Transactions
Posted By admin On June 30, 2011 @ 2:52 am In Money Watch,Tile | Comments Disabled
Zero Hedge 
June 30, 2011
All those who have been long awaiting the release of the 2011 American Eagle Silver coins by the US Mint can now relax. America’s official source of bullion will release the much anticipated 2011 edition tomorrow at noon, with a strict limit of 100 coins per household at the low, low price of…$59.95! Gotta love that physical-paper spread… It is almost as good as the gold-tungsten compression pair trade.
And in what is probably far more important news, GATA informs us that Utah Senator Mike Lee, has joined two other senators to introduce legislation that would eliminate capital gains from transactions involving gold and silver, “a change that he hopes will encourage a change in the nation’s monetary system.” The reason: “This bill is an important step towards a stable and sound currency whose value is protected from the Fed’s printing press.”
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.
Utah was the first state in the nation to make gold or silver coins legal tender for transactions and removed any state capital gains taxes. Twelve other states have made or are considering such a move.
Lee noted that the U.S. dollar has lost about 98 percent of its value since the Federal Reserve was created in 1913.
“This bill is an important step towards a stable and sound currency whose value is protected from the Fed’s printing press,” Lee said.
Lee co-sponsored the legislation with Sens. Jim DeMint of South Carolina and Rand Paul of Kentucky.
Good luck with that. And some words of advice to Senator Lee: stay away from rapidly moving objects and swimming pools.
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