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CYBER MONDAY SALE: Gold & silver prices are
down, and Money Metals' premiums are also reduced by as much as 50% on several
super-popular items!
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Money Metals News Alert
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December 2, 2024
– Precious metals markets enter trading for the month of December with price
volatility elevated.
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Post-election swings in
gold and silver prices have so far been mostly to the downside.
Last Monday, the gold
market saw its biggest single-day drop in four years – wiping out most of
the stellar gains from the previous week.
The monetary metal
currently sits about midway between its pre-election high and its post-election
low.
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Gold : Silver Ratio (as of
Friday's closing prices) – 86.3 to
1
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There Will Be No Federal Solution to the Crisis
That???s Coming
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As President-elect Donald Trump
assembles a cabinet that will be tasked with implementing policy change at the
federal level, individual state governments are plotting their own policy
responses.
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California Governor Gavin
Newsom is organizing a coalition of blue states to resist the ???Make America Great
Again??? agenda.
Democrat governors aim to,
for example, defend sanctuary cities against immigration enforcement efforts,
impose their own ???clean??? energy mandates, and retain funding for Diversity,
Equity, and Inclusion programs that could be targeted for elimination by the Trump
administration.
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Meanwhile, red state governors are
largely vowing to work with President Trump to help him implement his agenda.
But however hopeful Trump backers may
be for sweeping reforms, the incoming administration will face roadblocks from
Congress, the courts, and the entrenched bureaucracy in Washington, D.C.
The reality is that not all of the
nation???s problems can be solved at the federal level.
The elephant in the room – the
rapidly growing $36 trillion national debt – wasn???t even a seriously
contested issue in the 2024 campaign. Trump has effectively conceded that the debt
won???t be tackled in any meaningful way because the political will to do so does
not exist.
It is up to individual citizens to
protect themselves from the risks of a debt crisis that could cause the currency
to depreciate even more rapidly than it has been in recent years. That means
holding sound money in the form of physical precious metals will be no less
important in the Trump years that it was in the Biden years.
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States can also act to
help protect their citizens from unsound fiscal and monetary policies.
In fact, several states
passed pro-sound money legislation in 2024, thanks in large part to efforts by
Money Metals, its customers, and the Sound Money Defense League. For example, Alabama
and Nebraska
exempted bullion transactions from income taxes.
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Wisconsin
and New
Jersey eliminated sales taxes on sound money.
Money Metals??? newly released 2025
Sound Money Index reflects this latest progress. It also reveals that
several states, including Vermont, Maine, and California, remain hostile
environments for precious metals investors.
Although some state governors will
never see the light when it comes to sound money principles, that doesn???t mean
they can???t be pushed to embrace common sense reforms. In fact, bills to eliminate
taxes on precious metals have sailed through on a bipartisan basis to become law
in blue states such as New Jersey.
Taxing citizens who choose to exchange
fiat currency for bullion (or vice versa) is both unfair and counterproductive.
States that tax precious metals transactions are at a competitive disadvantage to
states that don???t.
Those states that take the lead in
removing all sales and income taxes on gold and silver, holding bullion in
official reserves, and fully recognizing gold and silver as legal tender will be
the least vulnerable to a meltdown in the U.S. fiat dollar.
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Potential Market-Moving News This Week
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Investors will be homing in on the
latest jobs numbers. The ADP employment is report due out on Wednesday, followed
by the Bureau of Labor Statistics??? nonfarm payrolls data on Friday. Any
disappointments could weigh on the U.S. dollar and increase the likelihood of more
rate cuts from the Federal Reserve.
- Monday, December 2nd –
ISM Manufacturing.
- Wednesday, December 4th
– ADP Employment Report.
- Friday, December 6th
– Consumer Sentiment.
- Friday, December 6th
– Nonfarm Payrolls.
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This week's Market Update was
authored by Money Metals President Stefan Gleason.
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This copyrighted material may not
be republished without express permission. Offer only available through email
promotion. Offer does not apply to previous orders and may not be combined with
any other offer or program. Special shipping rates or other restrictions may apply
to international orders. The information presented here is for general educational
purposes only. Money Metals Exchange and its staff do not act as personal
investment advisors. Nor do we advocate the purchase or sale of any regulated
security listed on any exchange for any specific individual. While our track
record is excellent, investment markets have inherent risks and there can be no
assurance of future profits. You are responsible for your investment decisions,
and they should be made in consultation with your own advisors. By purchasing from
Money Metals, you understand our company is not responsible for any losses caused
by your investment decisions, nor do we have any claim to any market gains you may
enjoy. Money Metals Exchange is not a regulated trading ???exchange??? as defined by
the CFTC and the SEC.
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