Congressmen Weiner and Waxman Set Gold Hearing

Seeking Alpha ^ | 9/16/2010

[markomalley]

Just as the government is trying to prevent people from investing in anything other than T-Bills by raising taxes on taxable interest and dividends to confiscatory levels, it's also trying to prevent you from parking your wealth in assets, like gold, that compete with the paper dollars issued by the Federal Reserve and the Treasury. A press release from Rep. Anthony Weiner, Democrat of New York, not yet (as of this instant) posted on Mr. Weiner's Web site, announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman's Commerce Committee) will focus on "legislation that would regulate gold-selling companies, an industry who's [sic] relentless advertising is now staple of cable television."

From the press release: "Under Rep. Weiner's bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold." That's great. Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?

Gold investors (or speculators) are already punished by the federal government by having their investment, even in a gold exchange-traded-fund, taxed at the higher rates that apply to collectibles rather than long term capital gains.

[Scythian]

Well, unless like say you bought it at $237 - $260 an OZ before Y2k like I did, then, well, heck ya, it’s been a good investment ...

[An Old Man]

You seem to asume that all others think in the same way you do. They don't! Since mid 2001, gold has risen from about $300 to almost $1,300. That is not due to the value of the US dollar incerasing.

[2001convSVT]

Yes it can, but that would be a lot of pre-1965 coins the Feds would have to round up. I think that rounding up gold would be unlikely and rounding up silver even more unlikely, especially since it has a large industrial usage.

[Dr. Bogus Pachysandra]

Congressmen Weiner/Whacker Set Gold Hearing

Should be fun to watch!