Utah Considers Return to Gold, Silver Coins
Published March 03, 2011
| FoxNews.com
AP2008
The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. (AP)
It's been nearly 80 years since the U.S. stopped using gold coins as legal currency, and nearly 40 since the world abandoned the gold standard, but the precious metal could be making a comeback in the United States -- beginning in Utah.
The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.
The legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.
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A few observations:
ReplyDelete1. Why just the US gold coin? Krugerrands, Pandas, and Maple Leafs are also .999 fine 1 oz. gold coins. Gold is gold. Even Yankee gold is 'good as gold'! Don't pay the premium they still want for a US Liberty gold dollar.
2. If you had a $1400 Utah tax bill, would you give them an oz. of gold (appreciating daily against the dollar) when you could write them a check (in daily depreciating dollars)? I sure wouldn't give them REAL money!
3. On the gold standard, we don't even NEED (or want) the government issuing money, gold or paper! All you need is to have confidence in the purity of that coin or that the paper you hold is backed up FULLY in it.
4. Governments and their toady economists hate the gold standard because it naturally limits the money supply. They love to ballyhoo the uncertainty they say is inherent in the gold standard. Which brings me to ...
5. Look around. What has value and what does not. Is gold really going up daily in "value"? No, mostly it just takes more of the the world's fiat currencies to buy it!!!
- Dutchy
I am resistant to buying government struck gold or silver coinage. I don't know the legalities of what the government may permit or deny as it applies to U.S. coins, but I do believe it is presently illegal to melt down U.S. coins for the value of their metal.
ReplyDeleteIf the government should decide to restrict the ownership of gold again, I would think they might have a legal leg to stand on with U.S. minted coins. As those coins have little extra value except to collectors, it seems to me to be safer to buy gold coins or bullion not connected to U.S. currency.