Tuesday, May 24, 2011

Utah Becomes First State to Legalize Gold and Silver as Legal Tender

Utah has become the first state to officially legalize Gold and Silver as Legal Tender. The goal of the Utah legislator is to see the dollar (which has taken destructive economic damage) regain its former importance, and rise once again to an acceptable value in the face of gold. Their strategy to repair the dollar is to bring gold and silver to its level, by introducing the precious metals as actual currency.

“The idea was spawned by Republican state Rep. Brad Galvez, who sponsored the bill largely to serve as a protest against Federal Reserve monetary policy. Galvez says Americans are losing faith in the dollar. If you're mad about government debt, ditch the cash. Spend your gold and silver,” he says.

His idea isn't to return to the gold standard, when the dollar was backed by gold instead of government goodwill. Instead, he just wanted to create options for consumers.

"We're too far down the road to go back to the gold standard," Galvez said. "This will move us toward an alternative currency."
The state of Utah has the potential to cause a gold and silver currency trend with the pass of its new tender law. What will the future hold for gold as currency? Will we see this adaptation spread throughout the country? Utah hopes so.

Source: http://www.zerohedge.com/article/china-prepares-launch-gold-etfs-utah-becomes-first-state-make-gold-and-silver-legal-tender

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