Category Archives: Investment

After a multi-year effort backed by Money Metals, the Sound Money Defense League, and other in-state allies, the Kentucky legislature approved a bill that included ending the sales tax on purchases of precious metals in 2024.

However, Gov. Beshear used an unconstitutional line-item veto on the gold and silver sales tax exemption when he did not have the power to do so, sneering, “If you own gold, you can afford to pay sales tax.”

Despite the sales tax exemption on the metals being codified in state statutes and an opinion from the state Attorney General declaring the veto invalid, the governor directed his department of revenue to continue collecting the tax, threatening businesses and investors who did not comply with legal action.

In response, freshman legislator Rep. T.J. Roberts has introduced House Bill 2, a measure that would give aggrieved taxpayers a legal remedy to sue state officials for improper taxation on the purchase of gold and silver in the Bluegrass State.

The bill says, “any aggrieved taxpayer who has had taxes collected from them in any purchase that are exempt under KRS 139.480(37), may maintain an action for a refund on behalf of themselves and others similarly situated, without need to resort to any administrative process, against any person collecting or holding such tax funds, including the Secretary of the Finance and Administration Cabinet and the Commissioner of the Department of Revenue.”

This bill is supported and sponsored by the majority of GOP-leadership and was even assigned a single-digit House Bill number, a designation usually assigned to priority bills with strong support.

Rep. Roberts told the Sound Money Defense League, “Gov. Beshear has engaged in illegal action in order to block legislation he does not like. This is a blatant abuse of separation of powers.”

“Citizens of Kentucky, or of any state in the United States, for that matter, shouldn’t be taxed for trying to use, buy, or transact in honest, sound money,” the liberty firebrand from District 66 continued.

Aggrieved taxpayers who prevail will be entitled to reimbursement of their attorney’s fees and legal costs. Continue reading →

Raoul Pal discussed his bullish outlook on Bitcoin, the S&P 500, and gold, while emphasizing the profound impact of AI. … Continue reading →

Gold has been consolidating since the U.S. presidential election, but it may soon be poised to resume its upward climb. … Continue reading →

Gold prices were rising in early trade as traders await key U.S. inflation data for more clues abut the path of monetary policy.Futures were up 0.2% to $2,684 a troy ounce, boosted by a softer dollar and concerns over the impact of potential U.S. trade tariffs on inflation after President-elect Donald Trump takes office.Prices fell in the previous trading session amid a stronger dollar and rising Treasury yields, but the long-term outlook for gold remains positive. Continue reading →

Excerpt from this week’s: Technical Scoop: Volatile Chaos, Underrated Jobs, Wildfire SparkOn the week, gold rose 2.3%, silver was up 4.1%, platinum and palladium showed some life, both up 5.0%, while copper gained 5.7%. A good week for the precious metals. Also great were the gold stocks as the Gold Bugs Index (HUI) rose 3.1% and the TSX Gold Index (TGD) was up 2.8%. Gold has been gaining on all the currencies as well, primarily due to the strength of the US$ Index. Gold in Cdn$ rose 2.1%, in euros up 2.9%, Swiss franc up 3.2%, pound sterling up 4.1%, and Japanese yen up 2.6%.

Gold still needs to regain above $2,740/$2,750 to suggest to us that we should see new all-time highs above $2,802. We thought we had completed a potential five-wave advance to the October high at $2,802. The subsequent pattern appears to have taken on the shape of an ABC flat correction. But only new highs above $2,802 can confirm the pattern. Next targets then could be $3,050, once they are through $2,802. We are always reminded that gold does have some positive seasonals during this time, usually topping out during the Prospectors and Developers Association of Canada (PDAC) annual get-together on March 2–5.

But gold rising against a strong jobs report, rising bond yields, and a rising US$ Index we have to view as positive for higher prices.

Source: www.stockcharts.com

Like gold, silver had a good week. With a gain of 4.1% this past week, silver outpaced gold. Silver is now up 7.1% in 2025 vs. gold up 2.8%. That is a positive development as we need to see silver leading if we are to go higher. But the reality is silver is a lot further from telling us we should see new highs than gold is. We believe we have to break above $34 to suggest new highs above the October high of $35.07. We also have downtrend line resistance just above at $32.00. The 50-day MA stopped our advance this past week. Other encouraging signs were the higher low we saw on December 31 that was above the one seen on December 14. Despite the good week and start to 2025, silver still lags. Gold is within calling distance of further new all-time highs. Silver, on the other hand, still seems a long way from $50 and the highs of 1980 and 2011. On an inflation-adjusted basis, we’d have to reach $67 to equal 2011 and $175 to equal the 1980 high. A lot of work to be done. Support is down to $29.50 with interim support at $30. We could be forming an ascending triangle, so a breakout over $35.50 could project us up to $44.00. Interim stop would be at $39/$40.

Source: www.stockcharts.com

We suppose we should be encouraged by the rise in gold stocks so far in 2025. So far, they’ve been the big winners with the Gold Bugs Index (HUI) up 6.5%, including the 3.1% gained this past week, and the TSX Gold Index (TGD) up 6.7%, including the 2.8% gain this past week. That’s encouraging, but don’t get too excited just yet, as there is resistance above, first at 375 for the TGD and then at 400 and 415. Above 400, new highs could be seen. The all-time high set in 2011 remains at 455. Because of inflation, we’d have to get to 610 to equal that lofty level. We did break a small downtrend from the October high so that is encouraging. But we note we stopped this past week at the 100-day MA. The recent low at 332 should hold on any pullback with interim support at 340/345. The pattern is encouraging as we see gold stock prices (TGD and HUI) going higher.

Read the FULL report here: Technical Scoop: Volatile Chaos, Underrated Jobs, Wildfire Spark

Disclaimer

David Chapman is not a registered advisory service and is not an exempt market dealer (EMD) nor a licensed financial advisor. He does not and cannot give individualised market advice. David Chapman has worked in the financial industry for over 40 years including large financial corporations, banks, and investment dealers.  The information in this newsletter is intended only for informational and educational purposes. It should not be construed as an offer, a solicitation of an offer or sale of any security.  Every effort is made to provide accurate and complete information. However, we cannot guarantee that there will be no errors. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of this commentary and expressly disclaim liability for errors and omissions in the contents of this commentary.  David Chapman will always use his best efforts to ensure the accuracy and timeliness of all information. The reader assumes all risk when trading in securities and David Chapman advises consulting a licensed professional financial advisor or portfolio manager such as Enriched Investing Incorporated before proceeding with any trade or idea presented in this newsletter. David Chapman may own shares in companies mentioned in this newsletter. Before making an investment, prospective investors should review each security’s offering documents which summarize the objectives, fees, expenses and associated risks.  David Chapman shares his ideas and opinions for informational and educational purposes only and expects the reader to perform due diligence before considering a position in any security. That includes consulting with your own licensed professional financial advisor such as Enriched Investing Incorporated.   Performance is not guaranteed, values change frequently, and past performance may not be repeated.  Continue reading →

Visual Capitalist, a publisher known for its amazing economics-focused infographics, recently released an eye-catching infographic titled “Could Copper Be the Next … Continue reading →

Gold softened early Monday as investors continue to digest Friday’s jobs report and the boosted dollar while awaiting this week’s … Continue reading →

BANGKOK (AP) — European shares opened higher on Friday and Asian stocks retreated after U.S. markets were closed to observe … Continue reading →

Gold aiming for best week in seven while hitting a four-week peak on Friday, boosting on safe-haven demand driven by … Continue reading →

It’s only the 9th of January, but looking at the headlines, it feels like we’re already deep into the year. From devastating environmental crises to a President-elect already reshaping US foreign relations, and a bond market sell-off, the world is off to a tumultuous start.

Today, the United Nations Department of Economic and Social Affairs (UN DESA) will release the 2025 edition of its World Economic Situation and Prospects report. As has become a recurring theme, the authors highlight a significant gap between the story the numbers tell and the underlying realities. This year’s report focuses on critical minerals, a crucial topic as the world undergoes a major energy transition. Regular readers and investors will recognise the pivotal role of silver in green energy technologies, and we’re keen to see how this precious metal features in this year’s findings.

Also today, the World Gold Council released its December market commentary. While gold surrendered some of its gains at the end of the month, 2024 was an extraordinary year for the yellow metal. Gold closed the year 25.5% higher, with the LBMA Gold Price PM setting 40 new all-time highs over the course of the year.

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On another note, we’re excited to share our latest interview with precious metals market stalwart David Morgan, also known as the Silver Guru. Recorded just before Christmas, David shares his outlook for gold and silver in the year ahead. We discussed why silver is currently lagging behind gold, the key factors influencing its price, and his thoughts on the broader economic picture, including real inflation, the Fed’s recent rate cuts, and Bitcoin’s evolving role in the financial landscape alongside precious metals.

David is the CEO of GoldCore.

Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding.

David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020.

Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications.

“Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments.”

When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice. Continue reading →