Wednesday, June 12, 2013

Why We Adopted the "Gold Standard"

On June 1, 2013, Metacloak Announced adoption of The Gold Standard (Press Release)... a program that allowed customers to trade a 1 ounce gold coin for our JK Wrangler Duroflex Lift Kit ($1999 Value).

Following is our basic answer to three themes most questions seem to fall under... you can learn more by calling us at 916-631-8071.


Why We're Doing It.

Metalcloak continuous release of new products has spurred intense discussion across the net. Whether the feedback was positive or negative, the discussion was beneficial to all, and, we feel, inspired better and greater product development both from us and others in the industry.

As a company of humble Patriots, we are hoping our public release of the Gold Standard program will spur similar intense discussion on the subject of Gold and Liberty (transversely the Dollar & Tyranny) in this Great Country of ours. As our press release stated, "Off-road enthusiasts are true Patriots and they recognize the relationship between Gold & Liberty. This is just one more step in our mission to build for their future."

Hopefully this discussion will help us to educate many more on this relationship and why we, as a citizenry, must remain vigilant.

"It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
- Henry Ford


Aren't You Afraid of the Government?

We recognize there is some risk in this program that it would likely draw the attention of various Tax Agencies (Board of Equalization and Franchise Tax Board in our home state of California) and, yes, the IRS.

Since our house is in order, we are willing to accept the risk of government scrutiny in order to promote the discussion amongst fellow Patriots of the relationship between gold and individual liberty.

"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice."  "If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash."
--George Washington

The fact that there is any chance Metalcloak would be scrutinized for using the original form of Constitutional currency is, in and of itself, the best reason for proceeding with this program.


Why Not California?

Because we are based in California, there is no clear-cut answer on how to develop a proper sales tax policy under this program.  The confusion was based around how to value the product for the purposes of sales tax.  Which of the following was correct?
  • Tax the retail value of the product
  • Tax the discounted product value relative to the spot price of gold on the day of the sale
  • Tax the discounted product value relative to the spot price of gold on the day sales taxes are due.
  • Tax the discounted product price relative to the spot price of gold at the time coin is resold.
While this question can probably be resolved some day in the future, for now, we chose to focus on all those states and customers that can immediately benefit from this program. To our friends in California, we'll do our best.

"Whoever controls the money in any country is master of all its legislation and commerce." --President James Garfield

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