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KY gold and silver tax bill gets governor sued

ByVictoria

In a complaint filed in Boone Circuit Court on March 27, the same day the legislation was delivered to the secretary of state’s office, an online bullion exchange and three Northern Kentucky residents said they and others are owed refunds on taxes improperly collected for their precious metals in the past eight months, naming Gov. Andy Beshear and several state offices as defendants.

The state representative, a frequent foil to Beshear who told colleagues in the House he sponsored the bill to ensure Kentuckians do not “pay taxes that were never lawful in the first place.”

HB 2 ensures the sale, use, storage or other consumption of “bullion currency” — gold, silver, platinum and other precious metals — cannot be taxed, overriding a line-item veto by Beshear that was included in a separate bill passed in 2024.

HB 2, which was filed in January and approved on party-line votes in the House and Senate, allows anyone who paid taxes on gold and silver after that Aug. 1 deadline to seek a refund in court.

Source – Courier Journal

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    Gold steady, Platinum at its highest

    ByVictoria
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    Gold prices were little changed on Wednesday as investors waited for the Federal Reserve’s policy decision and comments from Chair Jerome Powell, while platinum surged to a more than four-year peak.

    Spot gold was steady at $3,387.89 an ounce by 1145 a.m. EDT (1545 GMT).

    “The prevailing trend of seeking alternative stores of value beyond the U.S. dollar remains strong, driven by a growing desire for assets that are independent of external control,” said Ryan McIntyre, Managing Partner at Sprott Inc.

    Spot silver fell 1% to $36.87 per ounce

    Platinum added 3.5% to $1,306.68, highest since February 2021.

    Source – Reuters

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    Fed’s Hawkish Stance Pressures Gold Prices

    ByVictoria
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    Gold prices dipped on Monday as thin holiday trading kept momentum in check. After last week’s sharp decline, gold is attempting to recover but faces resistance between $2607.25 and $2607.35. A breakout above $2629.13 is possible, but traders will need stronger volumes to drive further gains—something unlikely until after the New Year.

    Treasury yields edged slightly higher to start the week, with the 10-year yield rising to 4.536% and the 2-year yield ticking up to 4.325%. Yields jumped last week following the Fed’s policy update but eased on Friday after softer-than-expected inflation data. The dollar held steady as markets processed the Fed’s outlook for 2025.

    Source – James Hyerczyk / FXEMPIRE

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    Gold, Silver, Platinum Forecasts

    ByVictoria
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    Gold

    Gold made an attempt to settle below the support at $2870 – $2880 but lost momentum and climbed back above the $2900 level.

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    Barrick Mining maybe under provisional administration

    ByVictoria
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    A Malian court has adjourned to Thursday a hearing on whether to put Barrick Mining’s Loulo-Gounkoto gold complex under provisional administration, the court’s registry office and one of the lawyers involved told Reuters on Monday.

    Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership.

    Barrick has said it can only resume operations when the Malian government removes restrictions on gold exports.

    The government has renegotiated agreements with other multinational miners under the new mining law. Four Barrick employees have been detained since November 2024 and an arrest warrant was issued for Chief Executive Mark Bristow in December 2024.

    Source – Reuters

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    Will gold reserves replace dollar?

    ByVictoria
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    The Reserve Bank of India (RBI) is not increasing the reserves of gold to replace any international currency, Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha.

    “Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage,” FM Nirmala Sitharman said.

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    “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump posted on Truth Social after assuming power as the President of the US.

    Source – Mint

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    Copper production up 11%, Antofagasta PLC

    ByVictoria
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    Chilean miner Antofagasta said on Wednesday its copper production rose 11% to 314,900 metric tons in the first half of 2025, on higher production from its two concentrators.

    The London-listed company left guidance for full-year copper output unchanged between 660,000 and 700,000 tons.

    Source – Reuters