The Phaserl


Silver, Gold, and (Legally Not Paying) Taxes

by Jeff Nielson, Bullion Bulls Canada:

Regular readers are familiar with my position on precious metals and (capital gains) taxation. Those individuals who swap their (soon-to-be-worthless) paper currencies for legal tender gold and silver coins for the purpose of spending their gold and silver currency should not/will not be exposed to any (supposed) capital gains when they spend their gold and silver.

This is based on both the principles of our taxation system, as well as simple common sense. To begin with; if we swap one paper currency for another paper currency in order to spend the new currency (perhaps for business or travel) there is never any “capital gain” (or capital loss) assessed should the value of the new currency appreciate (or depreciate).

The reason for this is simple. When we swap currencies for the purpose of spending the new currency, our reason for acquiring that new currency is not to sell it for the profit (the basis of all capital gains taxation). Thus a currency-trader is always subject to capital gains when those currencies fluctuate in value, because the currency-trader’s purpose in acquiring that new currency was to sell it for a profit (which does fall squarely within the principle of capital gains taxation).

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9 comments to Silver, Gold, and (Legally Not Paying) Taxes

  • CalSailX

    Enjoyed the piece, what my gold is worth has never changed. The world around it has… what is your measure? Do you measure the product you desire in gold… or in toilet paper?

    If I cut a deal in gold… well no third party risk at all. Attempt to cut a deal with me in FRN, it will not happen. Now if for chance it’s cases of whiskey… well you might have my attention. I’m not a FED slave nor should you be!

  • jeff

    Learn the truth about income tax (that you likely don’t owe any).

    • Brian

      Losthorizons will lead to suffering, a good read but incomplete. Beware!

      • jeff

        What do you do, scrub the internet for references to Cracking the Code?

        Here’s an example from the tax code:

        Sec. 3401. Definitions

        TITLE 26, Subtitle C, CHAPTER 24, Sec. 3401.

        (a) Wages
        For purposes of this chapter, the term “wages” means all remuneration (other than fees paid to a public official) for services performed by an employee for his employer, including the cash value of all remuneration (including benefits) paid in any medium other than cash; except that such term shall not include remuneration paid –

        (c) Employee
        For purposes of this chapter, the term “employee” includes an officer, employee, or elected official of the United States, a State, or any political subdivision thereof, or the District of Columbia, or any agency or instrumentality of any one or more of the foregoing. The term “employee” also includes an officer of a corporation.

        So, if an employee is a government official or officer of a corporation – how can your average joe have wages? That’s just one example of the chicanery that goes on to fool you into paying taxes.

        • Brian

          Jeff, I get the definition game. The elephant in the room is then why did Pete and countless others get pinched and sent to jail? In his trial the judge said that they had not proven the taxable nature of his income. However when an assessment is made the courts treat it as valid on the presumption that the IRS knows what it is doing. Essentially you are guilty until you prove a negative. The part that Pete left out is this: What is the nature of his income? Was it “money” issued directly by congress or by a bank (federal reserve counts as a bank)? I suggest you study this case carefully:
          Then cross reference with these two statutes. 12USC95a(2) and 12USC411

          The rabbit hole extends past the definition game.

    • J

      The late Aaron Russo produced a good documentary on the income tax… lokk it it up and have a view.

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