Not only did Governor Abbott of Texas announce they’re going to build a new depository, he made sure in his press release, he said a gold and silver depository. That’s important because silver is mentioned there, not just as an industrial metal, but it’s in the same vein as a monetary metal. Texas has always been a little bit different, but I think different in a good way, because they believe in rights. Not only do they want their gold, they want their gold back on their own ground and they also stated that they’re going to put some kind of bill where it cannot be confiscated from the federal government.
I sat down with Mike Gleason from Money Metals Exchange for a candid interview on the promising developments with states reasserting their rights to make gold and silver legal tender. Here is a brief exchange I had with Mike on this issue:
Steve St. Angelo: This is interesting because Utah passed gold and silver as legal tender, I believe it was in 2013 or beginning of … 2012, 2013. Arizona did that last year (actually it was this year). They also passed a bill that makes gold and silver legal tender. So if you wanted to pay your taxes to Utah or to Arizona, you could do it in gold and silver and if you could find people to trade with goods and services and they would take gold and silver, you are legal to do that in those states. We’re seeing the states now take control in getting back to a more sound money. I think what Texas is doing, you may see this increase in other states.
Mike Gleason: Switching gears a little bit. India has certainly been making news for the amount of silver it’s been importing of late. The Indians have certainly been known for their affinity for gold for centuries, but their appetite for silver seems to have really expanded. Talk about that. Why do you think that’s happening?
Steve St Angelo: India is on track to import 9,000 metric tons. They’ve already imported 3,000 in the first 4 months of the year. This is actually up from 7,000 last year. Now the United States has been one of the largest importers of silver in the world and the reason why is we have a lot of industrial applications. We imported about 5,000. In certain years it’s 6,000, especially during 2011. It was 6,000 because there was a lot of investment demand. India tends to be more of a roller coaster ride. When they import a lot of silver bullion, they imported a record 108 million ounces of silver bar in 2008 during the crisis. They had a very high imports back then. In 2012, when silver actually plummeted, imports fell as well. They see silver as a steal at this price. Some say, because the gold taxes are high. They were purchasing a lot of silver bullion back in 2008 when there wasn’t any gold taxes.
You can check out the full interview at the Money Metals Exchange.
THE SILVER CHART REPORT Rolls Out Tomorrow
Lastly, I wanted to mention the release of THE SILVER CHART REPORT tomorrow (Tuesday). The report has 48 silver charts from some of my work over the past six years (all updated), including many new ones never seen before.
The report includes a silver price chart that I believe very few, if any in the precious metal community have ever seen before. Even though my readers have seen a few of my silver price charts in previous articles, this one is brand new. One look at this chart, and the investor will clearly see why silver traded a certain way over the past 100+ years.
THE SILVER CHART REPORT is made up of five sections that cover the silver market and industry like no other single publication on the internet.
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