Monday, September 10, 2018

News Note: Turkey Issues Gold Backed Bonds

Dr. Judy Shelton points to this article on her Twitter page informing us that Turkey plans to issue gold backed bonds. This is something worth noting. Below is an excerpt from the article.



"The investors will be paid Turkish lira denominated 1.20 percent semi-annual (2.40 percent per annum) returns indexed to gold price."
The ministry noted that the new securities will be issued with a two-year maturity.
"On maturity, investors may request the principal payment as one kilogram of gold bar (produced by refineries) or 'Republic Gold Quarter Coins' printed by Turkish State Mint," it added."
editors note: One kilogram is about 35 ounces
Added notes: This news ties in with efforts by Keith Weiner in the US to get the state of Nevada to issue gold backed bonds which we covered here. In some additional news on gold, a Congressman from West Virginia (Alex Mooney) has introduced a bill that would eliminate all federeal income taxation of gold and silver coins and bullion.
Here is an excerpt from the article in
"The battle to end taxation of constitutional money has reached the federal level as U.S. Representative Alex Mooney (R-WV) today introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.

The Monetary Metals Tax Neutrality Act – backed by the Sound Money Defense League, Money Metals Exchange, and free-market activists – would clarify that the sale or exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation."

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