In a recent edition of Silver Bullion Television (SBTV), hosted by Patrick Vierra, Stefan Gleason, the President and CEO of Money Metals Exchange, shared his insights on various financial topics, including the role of gold and silver in combating inflation and the influence of government policies on the economy.
Background:
Stefan Gleason is the President and CEO of Money Metals Exchange, a national precious metals investment company and news service. Under his leadership, Money Metals Exchange has grown into a significant entity in the precious metals market, known for its role in educating investors and advocating for sound money policies.
Before founding Money Metals Exchange, Gleason was involved in various initiatives aimed at promoting financial privacy and freedom, reflecting his background in advocacy and public policy.
Gleason also played a pivotal role as Chairman in launching the Sound Money Defense League, which works on legislative efforts to promote the use of gold and silver as legal tender and to eliminate taxes on them. His work often focuses on issues related to monetary policy, financial privacy, and investment strategies within the precious metals sector.
Interview Summary
In this interview, hosted by Patrick Vierra of SBTV, Stefan Gleason, President and CEO of Money Metals Exchange, criticized government officials for deflecting blame onto corporations for inflationary pressures, asserting that poor policy decisions are the real culprits. He expressed concern that while public awareness about inflation has grown, there is still a significant lack of understanding regarding its root causes, which he attributes to government action.
Gleason also detailed initiatives at the state level where legislatures are advancing laws to integrate gold and silver into their financial reserves and eliminate taxes on these metals. Highlighting efforts in states like Utah and Kentucky, he praised these moves as protective measures against the inherent instability of fiat currency. This trend toward sound money policies at the state level, he noted, is a positive step towards mitigating the risks associated with the federal government's fiscal management.
Moreover, the interview covered the impacts of governmental policies on the mining industry, where Gleason noted the sector's challenges, including regulatory burdens and economic pressures that discourage miners from holding onto their mined assets. Additionally, he discussed the potential conflicts arising from state-level sound money initiatives and the possible federal introduction of central bank digital currencies (CBDCs).
Gleason emphasized the importance of educational and legislative efforts by organizations like the Sound Money Defense League, which advocate for the use of gold and silver as legal tender and fight against excessive taxation on these metals. Through these discussions, Gleason provided a comprehensive overview of the intersections between government policy, economic stability, and investment in precious metals, advocating for a more informed public and sounder monetary policies.
Key Questions and Answers from the Interview with Stefan Gleason
What is causing the recent awareness about inflation?
- Gleason argued that awareness about inflation has risen significantly in recent years, but he criticized government officials for deflecting blame onto corporations instead of acknowledging their own role in creating these economic conditions.
Gleason remarked, "Very few people understand or realize the source of it [inflation]... the government, the establishment, they want to blame corporations, they want to blame everyone but themselves. But they're the cause of the problem."
Can you discuss the initiatives involving gold and silver at the state level in the US?
- Gleason highlighted that several states, like Utah and Kentucky, are advancing legislation to promote gold and silver as legal tender and encourage the removal of taxes on these metals. These efforts are aimed at protecting state economies against the instability of fiat currency.
He explained the state-level initiatives by stating, "Recently, Utah signed a bill that would prompt the state treasurer to hold gold and silver in state reserves... This is to hedge against inflation and counterparty risk."
How are government policies impacting the mining industry?
- He noted that the mining industry faces numerous challenges, exacerbated by government regulations and economic pressures. Interestingly, he pointed out that many mining companies do not hold onto their mined gold and silver, quickly exchanging it for fiat currency, which may not be financially prudent.
Discussing the mining sector, Gleason said, "Mining is a very tough business... It's probably one of the most difficult businesses to be in very capital intensive, very long lead times, lots of opposition arrayed against mining whether it be governments, whether it be eco fanatics, whether it be indigenous peoples who want their cut... a lot of them or really most of them don't seem to believe in their product... they're literally mining money, they're pulling gold and silver out of the ground and then at the first opportunity they're selling it for fiat money."
What could be the impact of states adopting sound money policies against possible federal central bank digital currencies (CBDCs)?
- Gleason expressed concern about federal overreach and applauded states that are preemptively resisting federal policies like CBDCs that could undermine state sovereignty over monetary practices.
He articulated his concerns about federal policies by saying, "Some states are saying wait a minute we're just going to let you know right now we will not recognize or acknowledge any of this in our state we won't enforce it and maybe that's one way states can put pressure on the feds and say look you know this isn't going to work."
What are the educational and legislative efforts being made to promote sound money?
- Gleason emphasized ongoing efforts to educate the public and legislators about the benefits of sound money through organizations like the Sound Money Defense League. He stressed the importance of reducing transactional friction on buying and selling precious metals to remonetize them effectively.
Gleason highlighted the efforts to educate and legislate on sound money by stating, "Our public policy group is Sound Money Defense League and soundmoneydefense.org is that website... we're seeing a lot of progress at the state level and you know we're working hard on that at Money Metals."
These questions and answers delve into significant issues regarding the role of government in economic instability, state versus federal monetary authority, and the strategic importance of precious metals in today’s economic landscape.
Interview Key Highlights:
- Inflation Awareness: Gleason emphasized that awareness of inflation has increased significantly in the last few years. He criticized government and establishment figures for blaming corporations rather than acknowledging their role in causing inflation.
- State-Level Financial Innovations: Discussing initiatives in states like Utah and Kentucky, Gleason noted legislative movements towards using gold and silver as sound money. He praised states that have enacted laws to hold precious metals as reserve assets and remove taxes on them, citing these as protective measures against the instability of fiat currency.
- Impact of Government Policies on Mining: The conversation touched on the difficulties facing the mining industry, which Gleason described as one of the most challenging sectors due to various economic pressures and regulatory challenges. He mentioned that many miners quickly convert their mined precious metals into fiat currency, not fully capitalizing on the intrinsic value of their products.
- Federal vs. State Currency Dynamics: Gleason discussed the potential conflicts between state actions favoring sound money and possible federal initiatives like central bank digital currencies (CBDCs). He expressed concern over federal overreach and praised states that resist federal policies that could infringe on state sovereignty regarding monetary policy.
- Educational and Legislative Efforts: Gleason highlighted efforts by entities like the Sound Money Defense League to educate the public and legislators about the benefits of sound money. He pointed out that there is significant legislative activity aimed at reducing the financial friction involved in buying and selling precious metals.
These insights from Stefan Gleason reveal deep concerns about current economic policies and strong advocacy for precious metals as a stable financial standard. His discussion underscores the growing trend among U.S. states to adopt sound monetary principles and protect economic interests against federal fiscal practices.
