Arizonans who fear the inflation and collapse of the US dollar will be able to protect themselves against this potential threat. The Senate Finance Committee took first steps to set up gold and silver coins as legal tender. The use of private coins will be voluntary. Arizonans need to have a lifeboat for their stat so they can construct Plan B by this possibility. Senator Worsley, the author of the proposal said if people want the right to use silver and gold coins as legal tender, „I’m OK with that.“
ViaMat – the storage company (they store among others precious metals) is allegedly going to dump the US citizens, according to the webpage Sovereign Man. The ViaMat is currently working within the US but more and more regulation case that the company is going to stop to provide services for US citizens. The statement of the company is as follows: “We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the US to private customers with potential US-tax liability.”
Gold held by the FED in the Manhattan vault is a good quality. It is the outcome of the first ever conducted audit of the US official gold reserves. The audit of gold purity was the consequence of the Ron Paul´s questions about the gold held by the FED. The audit consists of 367 accidental samples of gold and is planned to be processed on annual basis. Just to remind you it was more important for Ron Paul to audit accountancy of the Fed or in other words what exactly the Fed is doing with gold on the market.
Some analysts presuppose that new Chines gold ETF could have impact on the price of gold. Chinese investors have not any access to any gold ETF contrary to citizens of Hong Kong or Japan. To set up a new Chines ETF could drive the price higher and could make some confusions on the global market. As we informed you last week some billionaires moved away of gold and decreased their gold holdings in the biggest gold ETF SPDR Gold Trust. According to some analysts this could cause vicious circle of selling as more selling caused price drop which could cause another selling pressure.
Western powers wants to offer to Iran to ease sanctions barring gold and other precious metals trade with Iran to close the Fordow plant built inside a mountain where they allegedly enrich uranium. The offer will be presented on conference in Almaty, Kazakhstan, on February 26.
India has officially banned the import of gold jewelry from Thailand. Indian authorities suspected that Indian importers are misusing the duty free pact with Thailand to import bullion from the South East Asian nation. Indian government tries to decrees gold imports into the country due to the unpleasant situation in its balance of payment. On the contrary Indian people use gold as hedge against the inflation in the country.