Utah legalizes use of gold, silver as currency

[Razmear]

Searched and didn't see this posted yet:

http://www.rawstory.com/rs/2011/05/23/utah-gold-standard-silver-currency/

Only in Utah, it seems you have to trade your gold for a piece of plastic to spend it:


The Utah Gold and Silver Depository will open June 1, and consumers will be able to store their gold coins there in exchange for a debit card that draws on their funds there. Merchants won't be required to accept gold coins, so the depository is the only way to guarantee the currency can be used.


Almost sounds like a backdoor method of confiscation, I know I wouldn't trade my gold for a debit card.

[FrankRep]

Searched and didn't see this posted yet:

http://www.rawstory.com/rs/2011/05/23/utah-gold-standard-silver-currency/

Only in Utah, it seems you have to trade your gold for a piece of plastic to spend it:


Almost sounds like a backdoor method of confiscation, I know I wouldn't trade my gold for a debit card.

It's a private business.


Utah Legalizes Gold and Silver Currency (http://www.thenewamerican.com/usnews/constitution/7581-utah-legalizes-gold-and-silver-currency)



Utah resident Craig Franco stands to benefit from the new legislation, as he owns the Utah Gold and Silver Depository. His business, which will open on June 1, stores the gold and silver coins in a vault and issues a debit-like credit card for the coin owners to use on an everyday basis to make purchases. The debit card is backed by the holdings. Franco’s business is reportedly the first of its kind in the country.

Franco indicates hope that his business will encourage similar endeavors to be pursued, and that Utah residents will come to trust the depository: “Because we’re dealing with something so forward thinking, I expect a wait-and-see attitude. Once the depository is executed and transactions can occur, then I think people will move into the marketplace.”

[IDefendThePlatform]

This sounds like a big step in the right direction to me. I could easily see depositories like this taking off everywhere if Ron's competing currencies act becomes law.

And it wouldn't have to limited to gold and silver, although they'd prob be the most popular.

A nice, gradual phasing out of the dollar would be good, eh?

[trey4sports]

I hope private companies begin accepting gold and silver for goods.

[RileyE104]

I can't wait for video of Utah liberty-lovers using some silver to buy stuff in stores... I'm sure someone out there is going to want to do that just for the heck of saying they were able to. :)

Hopefully stores there come up with some kind of good policy for accepting gold/silver instead of treating the person trying to use them rudely...

[TonySutton]

It is not that hard. I have been to many different countries and the stores in the tourist areas will often accept many different currencies for payment. Their conversion is always in their favor since they will need to convert the foreign currencies themselves but the point is that it is common in some places to take various forms of payment and it actually increases their sales. I guarantee stores would accept chickens for payment if they want to sell their products/services.

[My First Name Is Paul]

Republican presidential candidate and former Minnesota Governor Tim Pawlenty made remarks in late March that implied he'd like to see a return to the gold standard.

Are there any other presidential candidates that have argued for giving people options in currency?

[RileyE104]

Are there any other presidential candidates that have argued for giving people options in currency?

Probably only Gary Johnson and whatever people are seeking the Libertarian Party nomination...

[Razmear]

It's a private business.


Utah Legalizes Gold and Silver Currency (http://www.thenewamerican.com/usnews/constitution/7581-utah-legalizes-gold-and-silver-currency)


[INDENT]Utah resident Craig Franco stands to benefit from the new legislation, as he owns the Utah Gold and Silver Depository. His business, which will open on June 1, stores the gold and silver coins in a vault and issues a debit-like credit card for the coin owners to use on an everyday basis to make purchases. The debit card is backed by the holdings. Franco’s business is reportedly the first of its kind in the country.


So how is this different than e-gold and what is to prevent the feds from seizing the assets like they did with NorFed?

[V3n]

So how is this different than e-gold and what is to prevent the feds from seizing the assets like they did with NorFed?

Exactly what I was thinking. You store the gold here until the Feds decide it's illegal and you never see it again.

Update on NorFed (http://www.wbtv.com/story/14279992/man-convicted-of-illegally-minting-us-coins?redirected=true) for those interested.

[KingRobbStark]

I agree with everybody's concerns. The fed might decide to steal the gold and "compensate" with paper money.

[MegD4Freedom]

I'm not 100% opposed to the idea. He's just a business owner trying to grasp on to the trend before it's a huge hit, so he can benefit from being there at the beginning. A lot of people don't want to hold all their gold and silver at home it's risky. I'm guessing this situation will offer maximum security of the metals. We covered the story on my blog too: http://silverunderground.com/?p=2359

[dude58677]

So how is this different than e-gold and what is to prevent the feds from seizing the assets like they did with NorFed?

This is State authorized so the State of Utah would find a way to protect it.