Gold has been testing new highs against the euro. Elsewhere, gold has been testing daily highs against the dollar on the back of the release of the U.S. producer price index report.
Sound money advocates celebrate as New Jersey’s Senate Bill 721 is signed into law, removing sales taxes on gold, silver, and other precious metals over $1,000 starting January 1, 2025.
CPI data tells how much the Bureau of Labor Statistics basket of goods increased. It doesn’t tell us anything about the root cause of price inflation – monetary inflation.
The bottom line is we need to pay for everything as we go and stop deficit spending, and there are only two avenues for doing that—raising tax revenues and lowering expenses.
Soon the Chinese, the Malaysians, the Iranians, and the Indians, among others, won’t want US dollars. They don’t want to accept them now, because it’s an asset of their adversary.
