Congress Set To Hold Hearings On Regulating The Sale Of Gold

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Posted on September 16, 2010

by dancingczars
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This is just to classic. In there never everending attempt to rule all facets of our lives two more soon to be unemployed progressives feel we should have the price of gold regulated by the federal government because there are too many companies buying advertising gold on traditional conservative radio and T.V. stations. These two fools are so clueless they are in the process of creating their own shovel ready jobs for their careers.



It’s not about gold, it’s the chance to harass conservative radio and tv personalities that’s the bonus. Heads up to collectors of rare gold and silver no pending legislation will apply, this was settled by the U.S. Supreme Court. That’s my story and I’m sticking to it, I’m J.C.



H/T WeaselZippers



(Seeking Alpha) — 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.”



To See George Soros Whispering to Screamer -Weiner and Witchhunt-Waxmann





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.



Not to mention the fact that Mr. Weiner’s regulatory push seems as much aimed at conservative journalists as at the gold-dealers.



The press release says, “Goldline employs several conservative pundits to act as shills for its’ [sic] precious metal business, including Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson. By drumming up public fears during financially uncertain times, conservative pundits are able to drive a false narrative. Glenn Beck for example has dedicated entire segments of his program to explaining why the U.S. money supply is destined for hyperinflation with Barack Obama as president.”



Imagine the uproar if a Republican-majority Congress started investigating and having a regulatory crackdown on big advertisers in liberal outlets such as the New York Times. The First Amendment freedom-of-the-press crowd would be marching in the streets.