Rep. Mooney Seeks to Audit Gold Intervention, Ban Federal Tax on Precious Metals
Surreptitious intervention in the gold market by the U.S. government is the target of legislation introduced in the U.S. House of Representatives by Rep. Alex X. Mooney (R-WV).
Congressman Mooney just circulated a letter to his House colleagues seeking formal cosponsors and support for his Gold Reserve Transparency Act, H.R. 2559. The bill calls for a full audit, inventory, and assay of America's gold reserves for the first time in almost 70 years.
But this audit goes deeper... attempting to get to the root of whether, and to what extent, America's gold has been compromised.
Mooney writes: "Because there are concerns the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America's gold, H.R. 2559 also requires a full accounting of any and all sales, purchases, disbursements, or receipts; a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions in existence or entered into in the past 15 years; and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves."
Information about the bill is posted here on the Money Metals website.
Rep. Mooney also has introduced legislation to protect Americans against the Federal Reserve's steady devaluation of the dollar – legislation to forbid federal taxation on the sale of gold, silver, platinum, and palladium coins.
Rep. Alex Mooney (R-WV)
In a letter to colleagues seeking support for his Monetary Metals Tax Removal Act, H.R. 1089, Mooney writes: "The Internal Revenue Service does not let taxpayers deduct the staggering capital losses they suffer when holding Federal Reserve Notes over time, so it is unfair to assess a capital gains tax when citizens hold gold and silver to protect them from the Fed's policy of currency devaluation."
Information about the bill is posted here.
Americans who seek transparency in the gold market and favor allowing the public to protect itself with monetary metals against currency devaluation can alert their members of Congress to Mooney's legislation.
The text of Mooney's letters to House colleagues about the bills can be read below.
About the Author
Chris Powell is a journalist in Connecticut, where he worked for the Journal Inquirer, a daily newspaper in Manchester, for 56 years, 44 of them as managing editor. He continues to write political columns for that paper and many others in the state. He frequently appears on talk radio programs on four Connecticut stations.
Powell is also secretary/treasurer of the Gold Anti-Trust Action Committee Inc. (GATA), which he co-founded in 1999 to expose and oppose the rigging of the gold market by Western central banks and their investment bank agents. He edits the GATA Dispatch, that organization's daily electronic newsletter, and speaks on behalf of the organization at financial conferences in the United States and abroad.
He is a member of the Board of Directors of the Connecticut Council on Freedom of Information and was its state legislative chairman from 2004-2010.
