U.S. states have also discovered the advantages of precious metals over paper money.
Tennessee, like other states before it, had eliminated the state sales tax on gold and silver. Now the state is going one step further. Gold and silver are to be used as an alternative to inflationary paper money, thus safeguarding state funds. After all, many funds are still invested in risky assets. In the Sound Money Index 2023, by the way, Tennessee climbed significantly after the abolition of the sales tax, namely to ninth place. This index ranks which states offer the most favorable environment for sound money nationwide. It examines tax laws, tax rates, ease of use, and buying and selling gold and silver. Tennessee not only eliminated the tax on gold and silver, but also on the sale of all investments. Other states are considering following Tennessee's lead.
So now the Tennessee Treasurer may invest state funds in physical gold and silver. This will then be in his custody in a state depository. Gold and silver are superior to paper money because of their value-preserving function. Especially the gold price is currently on a high, could briefly rise above 2,000 U.S. dollars per ounce. Gold ETFs were currently able to record inflows for themselves. The reason was certainly the decline in interest rate expectations and bond yields. If expectations of interest rate cuts remain high, the price of the precious metal should continue to gain strength. Private investors can also hedge with physical gold and silver or with an investment in equity securities. For example, Maple Gold Mines or Tudor Gold.
Maple Gold Mines - https://www.commodity-tv.com/play/maple-gold-mines-published-excellent-drill-results-and-is-targeting-a-resource-of-5-million-oz-gold/ - is working with Agnico Eagle in Quebec on the prospective Douay and Joutel gold projects. Excellent drill results have been received from the projects, which are located in the Abitibi greenstone belt.
Tudor Gold - https://www.commodity-tv.com/play/mining-newsflash-with-tudor-gold-vizsla-silver-and-trillium-gold-mines/ - has one of the largest gold discoveries in the last 30 years at the Treaty Creek Project in British Columbia. An updated and very positive mineral resource estimate has just pleased the company.
Current corporate information and press releases from Maple Gold Mines (- https://www.resource-capital.ch/en/companies/maple-gold-mines-ltd/ -).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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