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New Jersey to Consider Ending Taxes on Precious Metals

Legislators from New Jersey are trying to restore sound money in the Garden State. Originally introduced in 2021 but carrying over to 2022, these house…



(Trenton, NJ, USA – January 14, 2022) –  Legislators from New Jersey are trying to restore sound money in the Garden State. 

Originally introduced in 2021 by Asm. Dancer (12-R) and Sen. Doherty (23-R) but carrying over to 2022, these house and senate bills would end the practice of taxing the purchase of the monetary metals. Under current law, New Jersey citizens are discouraged from insuring their savings against the devaluation of the dollar because they are penalized with taxation for doing so. Passage of this measure would remove disincentives to holding gold and silver for this purpose. These bills are important for a few reasons:

New Jersey does not tax the purchase of any other investment. New Jersey does not tax the purchase of stocks, bonds, ETFs, currencies, and other financial instruments. Gold and silver are held as forms of savings and investment. Taxing precious metals is unfair to certain savers and investors. 

Studies have shown that taxing precious metals is an inefficient form of revenue collection. The results of one study involving Michigan show that any sales tax proceeds a state collects on precious metals are likely surpassed by the state revenue lost from conventions, businesses, and economic activity that are driven out of the state.

The harm is exacerbated when you consider that all of New Jersey’s neighboring states (Delaware, New York, Pennsylvania) have already stopped taxing gold and silver. Even nearby Maryland, Connecticut, Massachusetts, and Rhode Island, have enacted their own sales tax exemptions for precious metals.

In total, 42 states have reduced or eliminated sales tax on the monetary metals.

Taxing gold and silver harms in-state businesses. It’s a competitive marketplace, so buyers will take their business to any neighboring state (all of which have eliminated or reduced sales tax on precious metals), thereby undermining New Jersey jobs. Levying sales tax on precious metals harms in-state businesses who will lose business to out-of-state precious metals dealers. Investors can easily avoid paying $130 in sales taxes, for example, on a $1,950 purchase of a one-ounce gold bar.

Levying sales taxes on precious metals is inappropriate. Sales taxes are typically levied on final consumer goods. Computers, shirts, and shoes carry sales taxes because the consumer is “consuming” the good. Precious metals are inherently held for resale, not “consumption,” making the application of sales taxes on precious metals inappropriate.

Taxing precious metals is harmful to citizens attempting to protect their assets. Purchasers of precious metals aren’t fat-cat investors. Most who buy precious metals do so in small increments as a way of saving money. Precious metals investors are purchasing precious metals as a way to preserve their wealth against the damages of inflation. Inflation harms the poorest among us, including pensioners, New Jerseyians on fixed incomes, wage earners, savers, and more.

The Sound Money Defense League and Money Metals Exchange strongly supports and is actively working with lawmakers in Virginia to ensure passage of this important measure. Kentucky, Mississippi, Hawaii, and Alabama are just a few of the other states fighting their own sound money battles in 2022.


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Precious Metals

Mandalay Drills 47.7 g/t Gold Over 11.7m at Bjorkdal Property, Sweden

Mandalay Resources Corp. [MND-TSX; MNDJF-OTCQB; R7X-FSE] provided an update on the eastern extension drilling programs…

Mandalay Resources Corp. [MND-TSX; MNDJF-OTCQB; R7X-FSE] provided an update on the eastern extension drilling programs at its 100%-owned Bjorkdal operation in Sweden.

Central Zone Extension infill highlights include 47.7 g/t gold over 11.7 metres (Estimated True Width “ETW” 5.85 m) in drill hole MU21-052, including 1,056.0 g/t over 0.40 metres. Drill hole MU21-047 returned 47.5 g/t gold over 6.4 metres (ETW 4.11 m), including 716.0 g/t over 0.31 metres and 507.0 g/t gold over 0.45 metres (ETW 0.23 m) in hole MU21-051.

Central Zone Extension testing returned 45.5 g/t gold over 2.3 metres (ETW 1.15 m) in hole MU21-028. Hole MU21-029 returned 83.1 g/t gold over 0.4 metres (ETW 0.39 m). Hole MU21-030 returned 8.4 g/t gold over 5.7 metres (ETW 5.35 m) and hole MU21-031 returned 5.1 g/t gold over 8.0 metres (ETW 6.13 m).

At the Central Zone Lake Zone Link, hole MU21-028 returned 13.2 g/t gold over 1.0 metre (ETW 0.94 m). Hole MU21-029 returned 19.3 g/t gold over 0.4 metres (ETW 0.35 m).

Dominic Duffy, President and CEO, commented: “Following the success of the Main and Lake zone extension programs, Mandalay diverted focus to this high potential area. These recent drilling programs have supported the initial finding with some of the best grades seen at Bjorkdal. Predominantly, the intercepts are interpreted to be direct extensions of the Main and Central zone veining, however, the grades recovered from the Central Extension drilling show a distinct upgrading down plunge.

“The increasing grades within the extensions of the Bjorkdal deposit at depth to the east mark a significant development in the multifaceted efforts to lift ore grades produced from the mine and will be a major focus of our production in the years to come. The Main, Lake and Central zones are all open to the north-east and those drilling results are showing higher grades the deeper and further to the east we drill. This is very exciting, and this drilling will continue to be one the primary exploration focuses over the course of 2022.

“As a result of these excellent results, a mining concession application has already been submitted to the relevant authorities in order to extend the mining license holdings to cover this eastward extension of veining.”

Since the success of the Lake and Main Zone extension projects, Mandalay has drilled a further 17 holes and 7,253 metres into the eastern extension of the Bjorkdal veining in three programs. These are the Central Zone Extension, Central Zone Conversion and Central to Lake Zone Link drilling programs. Currently, these results have been connected to the continuation of 21 existing veins and 16 new veins have been discovered. Significant grade also sits outside of currently modelled veining and it is expected that additional drilling will improve confidence in structural connections leading to further vein definition. So far, and to varying degrees, the veining has been extended up to 350 metres from current workings.


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Precious Metals

Kenorland Options Hunter Project to Centerra Gold Inc.

Kenorland Minerals Ltd. (TSXV:KLD) (OTCQX:NWRCF) (FSE:3WQ0) (“Kenorland” or “the Company”) is pleased to announce it…

Kenorland Minerals Ltd. (TSXV:KLD) (OTCQX:NWRCF) (FSE:3WQ0) (“Kenorland” or “the Company”) is pleased to announce it has entered into a property option agreement (the “Option Agreement”) with a wholly owned subsidiary of Centerra Gold Inc. (“Centerra”) (TSX: CG and NYSE: CGAU) pursuant to which Kenorland has agreed to grant to Centerra the option to acquire up to a 70% interest in the Hunter property (the “Project”), located within the southern Abitibi Greenstone Belt, in Quebec.

Zach Flood, CEO of Kenorland Minerals states, “We’re looking forward to working with Centerra on the Hunter Project and to kick-off another large-scale systematic greenfields exploration initiative in the Abitibi Greenstone Belt.  We believe this prospective region is generally under-explored due to the extensive glacial cover masking the bedrock geology and we look forward to advancing the project towards discovery with our newest partner.”

Option Agreement

Pursuant to the Option Agreement, Centerra can earn an initial 51% interest in the Project by incurring an aggregate of $5,000,000 in mineral exploration expenditures on or before the fourth anniversary of the Option Agreement (the “First Option“).

Centerra can earn an additional 19% interest in the Project, for an aggregate 70% interest held (the “Second Option“), by completing a technical report in respect of the Project that establishes a mineral resource of at least one million ounces of AuEq prepared in accordance with the requirements of National Instrument 43-101 of the Canadian Securities Administrators on or before the fourth anniversary of the exercise of the First Option, provided that Centerra must provide notice of its intent to exercise the Second Option within 90 days of the exercise of the First Option.

Following the earning of a 70% interest, Centerra and Kenorland will form a joint venture in respect of the Project.  In the event a joint venture participant’s interest is diluted to below 10%, it will exchange its joint venture interest for a net smelter returns royalty of 2% on currently unencumbered claims and 1.5% on claims currently encumbered by an existing royalty.

About the Hunter Project

In 2019, the Company acquired the Hunter Project through map staking after completing a comprehensive compilation and review of historical exploration data covering the project area. The property covers 18,177 hectares of mineral tenure over a felsic volcanic complex within the southern Abitibi Greenstone Belt. These felsic-dominant volcanic complexes are highly prospective for syn-volcanic, Au-VMS type systems such as the world-class Horne and LaRonde deposits. The property is dominantly covered by glacial till and lake sediments, resulting in sparse bedrock exposure with very little systematic exploration due to the challenges of exploring through thick glacial sedimentary cover. In early 2020 the company completed 5 sonic drill-for-till holes to confirm the presence of elevated gold anomalism in the glacial till cover identified from historical data compilation. In August 2021, the Company completed a property-wide airborne Versatile Time Domain Electromagnetic (VTEM) geophysical survey aimed to identify potential volcanogenic massive sulphide (VMS) targets for follow-up exploration. A total of 1,104 line-kilometers were flown at a spacing of 200m.

Figure 1. Hunter Project Location

Qualified Person

Mr.  Jan Wozniewski, B. Sc., P. Geo., OGQ (#2239) is the “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals

Kenorland Minerals Ltd. (TSX.V KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland’s focus is early to advanced stage exploration in North America.  The Company currently holds three projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo, the Chicobi Project is optioned to Sumitomo, and the Chebistuan Project is optioned to Newmont Corporation. In Ontario, the Company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corporation.  The Company also owns 100% of the advanced stage Tanacross porphyry Cu-Au-Mo project as well as an option to earn up to 70% from Newmont Corporation on the Healy Project, both located in Alaska, USA.


Further information can be found on the Company’s website

Kenorland Minerals Ltd.

Zach Flood

President and CEO

Tel: +1 604 363 1779

[email protected]

Kenorland Minerals Ltd.

Francis MacDonald

Executive Vice President

Tel: +1 778 322 8705

[email protected]


Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects’, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Author: Resource World

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Peter Schiff: Has Fed Talk Pricked The Mother Of All Bubbles?

Peter Schiff: Has Fed Talk Pricked The Mother Of All Bubbles?


It appears talk of looser monetary policy has pricked the…

Peter Schiff: Has Fed Talk Pricked The Mother Of All Bubbles?


It appears talk of looser monetary policy has pricked the bubble. Peter Schiff talked about it in a recent podcast.

We’ve seen a significant rotation out of the overpriced, high-risk momentum stocks that enjoyed the benefit of the bubble. They are now collapsing – not because the Fed has actually tightened monetary policy, but just because it talked about it.

That’s all it took to prick the mother of all bubbles. But as the air is coming out, that air is flowing into the ‘value’ sector of the global markets, which have been overlooked for the entirety of the move up as people were using those stocks as a source of funds, selling value dividend-paying stocks to free up the capital in order to invest in the momentum stocks.”

Peloton’s announcement that it will stop production of its bikes was one of the catalysts for last week’s sell-off.

I think that caused people to worry. Hey, look what’s happening to Peloton. This could happen to other stocks. Demand is not what we thought, and this could apply to a lot of companies, not just Peloton. So, I think other stocks were sold in sympathy.”

Peloton rallied a bit on Friday when the company’s president did some damage control. But that didn’t help the rest of the market. The Dow was down 450 points and the NASDAQ plunged 385 points (2.7%). Friday’s carnage was sparked by Netflix’s 4th quarter report revealing weakening subscriber additions. Netflix stock lost about 20%.

Looking at some of the yearly numbers, the Dow is down 5.7% on the year and 7.3% from its peak. The S&P500 is down 7.7% on the year and 8.7% from the high. The NASDAQ is down 11.6 year-to-date and 14% from its peak. That means the NASDAQ is in correction territory. The Russell 2000 is doing even worse. It’s down 11.5% so far this year and 19.2% from its previous high.

Peter said the dip in the Russell 2000 isn’t because of declining tech stocks. It’s more a reflection of the real US economy.

This really tells the story of what’s going on, and we are almost in bear market territory.”

Then we have the Ark Innovation Fund. It reflects these momentum tech stocks. It was down 5.7% on Friday alone. It plunged 10.9% on the week. Year-to-date, Ark is down 24.4%. And from the high — it’s down 55.2%.

Some of the “stay-at-home” stocks are also getting clobbered. Zoom video is down 65% from its top. DocuSign is down 63%. Teladoc is down 77%.

Peter noted that this isn’t a global selloff. This isn’t like 2008 when everything tanked along with the US stock market and the dollar went through the roof. In fact, the dollar was down slightly on Friday, and it’s also down a bit on the year. Investors certainly aren’t taking refuge in the dollar at this point.

What’s more significant is it’s not up.”

Gold and silver both finished with gains on the week.

There is some tremendous underlying strength in that sector that I think is going to manifest itself in a much bigger way in the weeks and months ahead.”

And Peter said it’s not too late to get in on this rotation.

This creates a dilemma for the Fed. It is about to embark on a monetary tightening campaign even as the economy and the markets are rolling over. That’s why the Fed has telegraphed this incremental tightening even though a more aggressive approach is warranted with 7% inflation. It doesn’t want to spook the markets. But they’ve already caused a selloff in the market simply by talking about raising rates. The same dynamic happened in 2018, but the Fed was actually able to raise rates a few times before the market broke.

But at this point, the bubble is now so big that the market breaks even before you raise rates. The market breaks just on the talk that in the future, the Fed may raise rates, which means they may never get around to doing it. Because, what’s going to happen in March, when everybody expects the Fed to raise rates if we’re in a bear market in stocks? If the economy is rolling over? Will the Fed raise rates? I doubt it. And in fact, what the Fed will say is they will claim that the weakness in the economy, the reverse wealth effect from falling stocks, the increase in unemployment, that will take care of the inflation problem.”

Well, they’re wrong.

Tyler Durden
Mon, 01/24/2022 – 11:42

Author: Tyler Durden

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