Popular Articles
Today Week Month Year

Tennessee passes bill authorizing state treasurer to buy, sell and stockpile gold and silver
By Arsenio Toledo // Apr 02, 2023

Tennessee Gov. Bill Lee has signed into law a bill that creates a state reserve that can purchase, sell and stockpile precious metals like gold and silver.

Gold experts note that the state law gives Tennessee the ability to "achieve more financial independence with gold and silver reserves" and could prevent the state from feeling the negative effects of "the Federal Reserve's monopoly on money." (Related: Central banks continue to stockpile gold as recession looms.)

The bill, introduced in the Tennessee General Assembly by Republican senators and representatives, does not actually create a state reserve as a new, independent financial institution. Instead, it authorizes the state treasurer to "purchase and sell gold or precious metal bullion or specie that will be directly owned by the state." A separate bill that would create a state-owned gold bullion depository is still making its way through the legislature and isn't expected to make progress until the 2024 session.

The bills – House Bill 1479 and Senate Bill 529 – define precious metal bullion as "metals that are formed into uniform shapes and quantities such as ingots, bars or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer and delivery of bulk or wholesale transactions in precious metals."

The two bills define specie as "a precious metal stamped into coins or uniform shape, size, design, content and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer or delivery of precious metals in retail or wholesale transactions."

We are building the infrastructure of human freedom and empowering people to be informed, healthy and aware. Explore our decentralized, peer-to-peer, uncensorable Brighteon.io free speech platform here. Learn about our free, downloadable generative AI tools at Brighteon.AI. Every purchase at HealthRangerStore.com helps fund our efforts to build and share more tools for empowering humanity with knowledge and abundance.

The two bills received widespread bipartisan support. Every single Democrat and Republican in the state House of Representatives and Senate voted in favor of both bills.

Tennessee can secure its financial independence with more gold, silver purchases

Michael Maharrey, writing for Schiff Gold, noted how Tennessee holding its own gold and silver reserves will allow the state "to shield its assets and hedge against rapidly depreciating Federal Reserve notes."

Maharrey further pointed out how Tennessee could maintain some financial independence should the American dollar collapse, an event that is turning into "a very real possibility as the world moves away from the greenback as its reserve currency," he wrote.

This is also one of the factors that has influenced central banks around the world to purchase more and more precious metals. Last year was considered a record-breaking year for central bank gold buying, according to the World Gold Council, as the world's central banks purchased 1,136 tonnes (1,252 tons) of gold.

This is the highest level of net purchases on record dating back to 1950, and the 13th straight year of net central bank gold purchases.

While Tennessee is not a central bank, and it will have a hard time competing with the resources entire nations have, the passage of HB 1479 and SB 529 will still set a foundation for proper financial independence for Tennessee in the event of a financial crash.

Learn more about the governments and central banks stockpiling precious metals like gold and silver at Metals.news.

Watch this episode of the "Health Ranger Report" as Mike Adams, the Health Ranger, discusses how to trade gold and silver as ETFs through brokerage accounts.

This video is from the Health Ranger Report channel on Brighteon.com.

More related stories:

Precious metals can help make your portfolio invincible amid financial collapse, says David Morgan.

WGC report: Central banks extend gold buying streak in preparation for currency uncertainty.

Andy Schectman calls JPMorgan the most nefarious group of traders for hoarding silver on a massive scale.

Demand for gold surges to highest rate in over a decade as world's central banks continue buying spree.

Global DE-DOLLARIZATION is on the way as world's central banks buy gold at fastest pace in 55 years.

Sources include:





Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Embed article link:
Reprinting this article:
Non-commercial use is permitted with credit to NewsTarget.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.

NewsTarget.com © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. NewsTarget.com is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. NewsTarget.com assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.