Precious metals dealer, sound money group rank all states’ gold and silver policies
|Wyoming, Texas, and South Dakota are the three most pro-sound money states in America, according to the 2021 Sound Money Index. Meanwhile, Vermont is ranked absolutely last.
Released today for 2021, the Sound Money Index uses 12 criteria to determine which states maintain the most pro- and anti-sound money policies in the nation.
The Sound Money Index evaluates each state’s sales and income tax policies involving precious metals, whether a state recognizes the monetary role of gold and silver under the U.S. Constitution, whether a state holds pension, reserves, or bonds in gold or silver, whether a state has imposed precious metal dealer/investor harassment laws, and other criteria.
Money Metals Exchange, a national precious metals dealer recently named “Best Overall” dealer in the United States, and the Sound Money Defense League, a national, non-partisan sound money advocacy group joined together to produce the authoritative ranking.
Alaska, New Hampshire, Utah, and Washington round out the fourth to seventh place range on the Sound Money Index.
During 2021, Arkansas and Ohio each ended their sales taxes on purchases of precious metals in their states, joining the 40 other states that have already ended this unfair practice. Arkansas and Ohio rose from 49th and 45th place to 33rd and 20th place, respectively.
The Buckeye State made a comeback in the past two years when Ohio pension trustees decided to allocate five percent of retirement funds to physical gold – and then the legislature reversed its prior decision to tax the sale of sound money. Ohio had fallen near the bottom of the Sound Money Index, but has now worked its way back into the top 20. In fact,
Ohio now stands as the only state in the U.S. currently known to allocate a percentage of state-held pension funds to physical gold. Pension trustees’ failure to own gold as financial insurance may violate their fiduciary duties as well as the “prudent man rule.”
According to the 2021 Sound Money Index, the very worst environments for sound money can be found in Vermont, New Jersey, Maine, and Kentucky. However, New Jersey, Maine, and Kentucky are expected to consider bills that would improve their rankings in their upcoming 2022 legislative sessions.
“Inflation is becoming the top economic problem facing America. As politicians and central bankers continue to create trillions in unbacked currency, sound money has never been more important. Citizens in states that foster pro-sound money environments can better protect their savings,” said Jp Cortez, Policy Director of the Sound Money Defense League.
“Federal policy and the Federal Reserve System are the root causes of inflation, instability, and currency devaluation,” said Stefan Gleason, President of Money Metals Exchange.
“However, many states are taking steps to protect their citizens from the damaging effects of America’s fiat money system,” Gleason noted.
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