Richard Daughty
The Daily Reckoning
June 7, 2010

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Governments, looking around for easy sources of revenue, may decide to tax the private ownership of gold.

To show you how things get around, I get this from Ed Steer’s Gold & Silver Daily, which linked to an essay by Adrian Ash, at bullionvault.com, posted over at safehaven.com, and bearing the title “Gold Gets All Political.”

The thrust is that, as Mr. Steer says, “Adrian floats the disturbing possibility that governments, looking around for easy sources of revenue, may decide to tax the private ownership of gold.”

Well, I am happy to be the “go-to guy” when it comes to questions like this, and I am happy that I can put Adrian’s fears to rest.

He can rest assured that the government will tax the private ownership of gold, and everything else, too, highly reminiscent of the phrase in the Declaration of Independence that reads that the government “has erected a multitude of new offices, and send hither swarms of officers to harass our people, and eat out their substance” which, at this point in time since 1789, is 1 out of 5 workers who are paid from the collection of taxes, and a large system of governments which spends more than half of all income, and spends up to two-thirds of all income if the cost of compliance with government regulations is included!

Everything will be taxed, as things are already bad, as easily seen in an essay by Mike “Mish” Shedlock, of Global Economic Analysis, who writes that the government got less tax revenue remitted, spending went up despite it, thus the budget deficit is rising, the national debt is rising, and all in a pretty dramatic way, too, as he writes, “The excess of spending over revenue rose to $82.7 billion last month compared with a $20.9 billion gap in April 2009. It was the second April deficit since 1983.”

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