Market News: This State Moved to De-Tax Silver

silver bars
Written by Mike Hammer

US States continue to confront the dilemma of precious metals in modern economies.  Which is: Are they money, or not?  The latest in the growing list of states pondering this is West Virginia. Bill SB 502 removes sales tax from precious metals transactions, on the theory that precious metals have a legitimate role as money.

This legislation doesn’t go as far as some proposals, such as Texas which stipulates a role as a central asset for precious metals, but it will help West Virginians trade their silver at lower costs.  What do you think – should states recognize gold and silver as currency, and if so in what forms?

Tell us your thoughts in the Comments below.

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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