Rep. Mooney seeks to audit gold intervention, ban federal tax on precious metal coins

by: Chris Powell

Surreptitious intervention in the gold market by the U.S. government is the target of legislation introduced in the House of Representatives by Rep. Alex X. Mooney, R-West Virginia.

In a letter to House colleagues seeking support for his Gold Reserve Transparency Act, H.R. 2559, 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 at Congress’ internet site here.

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.

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 at Congress’ internet site here.

Americans who seek transparency in the gold market and favor allowing the public to protect itself with the monetary metals against currency devaluation can alert their members of Congress to Mooney’s legislation.

The text of his letters to colleagues about the bills is appended.

Letter in support of the Gold Reserve Transparency Act

Letter in support of the Monetary Metals Tax Removal Act