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| CYBER MONDAY SALE: Gold & silver prices are down, and Money Metals' premiums are also reduced by as much as 50% on several super-popular items! | | | |
| Money Metals News Alert | December 2, 2024 – Precious metals markets enter trading for the month of December with price volatility elevated.
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Post-election swings in gold and silver prices have so far been mostly to the downside.
Last Monday, the gold market saw its biggest single-day drop in four years – wiping out most of the stellar gains from the previous week.
The monetary metal currently sits about midway between its pre-election high and its post-election low.
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 | Gold : Silver Ratio (as of Friday's closing prices) – 86.3 to 1 | | |
| There Will Be No Federal Solution to the Crisis That's Coming | | | |
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As President-elect Donald Trump assembles a cabinet that will be tasked with implementing policy change at the federal level, individual state governments are plotting their own policy responses.
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California Governor Gavin Newsom is organizing a coalition of blue states to resist the "Make America Great Again" agenda.
Democrat governors aim to, for example, defend sanctuary cities against immigration enforcement efforts, impose their own "clean" energy mandates, and retain funding for Diversity, Equity, and Inclusion programs that could be targeted for elimination by the Trump administration.
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Meanwhile, red state governors are largely vowing to work with President Trump to help him implement his agenda.
But however hopeful Trump backers may be for sweeping reforms, the incoming administration will face roadblocks from Congress, the courts, and the entrenched bureaucracy in Washington, D.C.
The reality is that not all of the nation's problems can be solved at the federal level.
The elephant in the room – the rapidly growing $36 trillion national debt – wasn't even a seriously contested issue in the 2024 campaign. Trump has effectively conceded that the debt won't be tackled in any meaningful way because the political will to do so does not exist.
It is up to individual citizens to protect themselves from the risks of a debt crisis that could cause the currency to depreciate even more rapidly than it has been in recent years. That means holding sound money in the form of physical precious metals will be no less important in the Trump years that it was in the Biden years.
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States can also act to help protect their citizens from unsound fiscal and monetary policies.
In fact, several states passed pro-sound money legislation in 2024, thanks in large part to efforts by Money Metals, its customers, and the Sound Money Defense League. For example, Alabama and Nebraska exempted bullion transactions from income taxes.
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Wisconsin and New Jersey eliminated sales taxes on sound money.
Money Metals' newly released 2025 Sound Money Index reflects this latest progress. It also reveals that several states, including Vermont, Maine, and California, remain hostile environments for precious metals investors.
Although some state governors will never see the light when it comes to sound money principles, that doesn't mean they can't be pushed to embrace common sense reforms. In fact, bills to eliminate taxes on precious metals have sailed through on a bipartisan basis to become law in blue states such as New Jersey.
Taxing citizens who choose to exchange fiat currency for bullion (or vice versa) is both unfair and counterproductive. States that tax precious metals transactions are at a competitive disadvantage to states that don't.
Those states that take the lead in removing all sales and income taxes on gold and silver, holding bullion in official reserves, and fully recognizing gold and silver as legal tender will be the least vulnerable to a meltdown in the U.S. fiat dollar.
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| Potential Market-Moving News This Week | |
Investors will be homing in on the latest jobs numbers. The ADP employment is report due out on Wednesday, followed by the Bureau of Labor Statistics' nonfarm payrolls data on Friday. Any disappointments could weigh on the U.S. dollar and increase the likelihood of more rate cuts from the Federal Reserve. - Monday, December 2nd – ISM Manufacturing.
- Wednesday, December 4th – ADP Employment Report.
- Friday, December 6th – Consumer Sentiment.
- Friday, December 6th – Nonfarm Payrolls.
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| This week's Market Update was authored by Money Metals President Stefan Gleason. | | |
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| This copyrighted material may not be republished without express permission. Offer only available through email promotion. Offer does not apply to previous orders and may not be combined with any other offer or program. Special shipping rates or other restrictions may apply to international orders. The information presented here is for general educational purposes only. Money Metals Exchange and its staff do not act as personal investment advisors. Nor do we advocate the purchase or sale of any regulated security listed on any exchange for any specific individual. While our track record is excellent, investment markets have inherent risks and there can be no assurance of future profits. You are responsible for your investment decisions, and they should be made in consultation with your own advisors. By purchasing from Money Metals, you understand our company is not responsible for any losses caused by your investment decisions, nor do we have any claim to any market gains you may enjoy. Money Metals Exchange is not a regulated trading "exchange" as defined by the CFTC and the SEC. | | |
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