13 States Now Considering Gold and Silver as Money:When the governor of Utah signed a bill that made gold bullion and silver bullion legal tender in the state last March, he had no idea of the groundswell he was going to start.
The Utah Sound Money Act outright flies in the face of the fiat money system, which is the printed money used today; backed by nothing but the promises of politicians…
… It is not practical for people to carry around heavy gold bullion or silver bullion coins, so the Utah Gold & Silver Depository was created. People can deposit their gold bullion and silver bullion coins there and receive a debit card to make transactions with—just like depositing money at a bank. The prices of gold bullion and silver bullion are based on the closing prices of both precious metals in U.S. dollars in London on each business day, creating the exchange rate used on the debit card.
Missouri and South Carolina in 2012 are the closest to enacting very similar legislation and creating a gold bullion and silver bullion depository, just like Utah. (Source: CNN Money, February 3, 2012.)…
… Other states considering legislation to make gold bullion and silver bullion legal tender are Montana, Colorado, Idaho, Indiana, New Hampshire, Georgia, Washington, Minnesota, Tennessee, and Virginia…
Call me paranoid if you will , but the idea of a depository ( bank? )just makes it easier to be confiscated when the shtf . Keep in mind , t.p.t.b. want it ALL. ALL gold , ALL silver , everything of value .
For some reason this doesn’t pass the smell test !!!!!
Right On. I get offers in the mail nearly every day from some g.p.j.b.that want to sell me gold or silver coins. The coins would be counterfit. I’ve bought things from these j.b. before and learned my lesson.
I wonder how long before tungsten filled coins start popping up there. Counterfeit is always a problem, even with silver and gold coins.
If you doubt a coin, bite into it. Tungsten is nearly the same density as gold, but harder. I strongly suspect that tungsten-filled coins will also fail the “ring” test – they will sound different when dropped onto a hard surface. Making such counterfeits is non-trivial. But go ahead with your FUD campaign, that’s the only thing left going for the rapidly dying faith-based “Pictures of Dead Americans” paradigm.
When gold and silver are again accepted as money, there will be a paradigm shift – it will be understood that the faith-based paper is the more unstable medium.
Many Americans will again hold actual gold and silver, and this will stabilize the system. Worry not about the rich grabbing all the gold, unless the rich are permitted to use the government as a proxy to take it by force — which they are already doing, via the Federal Reserve and other government programs.
“People can deposit their gold bullion and silver bullion coins there and receive a debit card to make transactions with—just like depositing money at a bank.”
Now see, the minute you 1. deposit your gold and silver to the bank and 2. continue to use debit cards or some form of electronic banking, especially when they can easily attach interest or some fee to it, you are clearly not solving the banking problem and only playing into the hands of the elite like japoa says. Give the gold and silver and they will digitally control you. What’s the difference here? Absolutely nothing and the only thing that will benefit would be for the banks benefit to confiscate and keep your gold and silver locked up in the interest of “security” as we all know they will do, while they issue numbers out of thin are in a computer. Who the hell would go along with such a stupid bank scheme? This is about as big of a financial ponzi scheme as the Fed Reserve itself. Again, as Gerald Celente says, “if you don’t have the money on you, IT IS NOT YOURS!!!” Just another Problem – Reaction – Solution technique. Problem: “Wahhh!!! My gold and silver are too heavy to carry around”. Reaction – “I cry to the banks and government.” Solution – The banks say, “We’ll take your gold and silver and hold if for you and issue digital numbers to represent the amount of gold and silver you have and then we’ll charge you extra fees and interests and you will probably never see your precious metals ever again. Have a nice day!” I mean are we really going to fall for the banana in the tailpipe again? It’s getting old and the banks seem to be getting desperate.
What are the j. b. going to do when they get it all? They can’t eat it.
No thanks! I won’t deposit money or Gold/Silver in any Bank..Wake up people you are part of the problem if you deal with any Bank…I haven’t dealt with any Banks/Bank for the last 6 years And I FEEL GREAT & FREE.
But now the prob. is not only pure straight up gold and silver – ya know , that tungsten and all that crap – but now we all got to make sure that the scales are accurate. LOL
The wealthiest have the most gold and silver saved up. Dole out confiscated Monsanto land to unemployed who will clean it up.
IDK, a half oz of gold is worth almost 900 fiat dollars. Thats only 1/2 oz.
A few oz of silver is about 100 fiat dollars.
I guess carrying around iCrap stuff is lighter.
There you go!
You wrote “The prices of gold bullion and silver bullion are based on the closing prices of both precious metals in U.S. dollars in London on each business day, creating the exchange rate used on the debit card.”
Which means gold and silver “prices” are just as fractional / fiat as U.S. dollars.
Idiots. If gold and silver are tied to the exchange rate, then gold and silver are NOT ‘investment in sound money’ at all. It’s still FIAT money, and will still be subject to FRACTIONAL RESERVE BANKING.
Gold bugs are idiots.
Sorry LL you don”t quite get it. Yes Gold and silver pricing is set on the Futures exchange and yes it is also manipulated, however it has its own intrinsic value out side the Fiat paper markets. It has no third party counter risk such as paper instruments, it cannot be manmade. You call gold bugs idiots, well most ‘idiots’ including myself have over 60-80% growth in bullion over the last four-to five years as the money printing continues.. In the last 10 yrs gold and silver have risen over 20% per year against the value of western currencies. Not to have at least some is a psychological flaw, as you are setting your self up for more devaluation of cash. Fractional reserve banking is the ratio of leverage for every $ deposited with a bank, it has nothing to do with the hard value of gold
lifeofliberty: “Which means gold and silver “prices” are just as fractional / fiat as U.S. dollars.
Idiots. If gold and silver are tied to the exchange rate, then gold and silver are NOT ‘investment in sound money’ at all. It’s still FIAT money, and will still be subject to FRACTIONAL RESERVE BANKING.”
You know how to print gold and silver? You always enjoy showing your ignorance in public?
Sure, the paper money (fiat) value of gold and silver fluctuate…because of the incessant and irresponsible printing of the paper money. Geez, get a clue, would ya?
A silver quarter minted in 1964, would have bought you 1-2 gallons of gas in 1964. Today, it’s silver value is @ US $7.00…in other words, would buy you @ 1-2 gallons of gas. What would a paper dollar printed in 1964 buy you today, genius? 1/4 gallon.
And no, carrying around a 1/10th oz coin of gold, the size of a US dime, and a couple of silver dimes, now worth a total of @ US $210, is hardly “too heavy.” Seven silver US quarters would fill most gas tanks in US….who doesn’t have that amount change lying on center armrest?
And if you prefer paper….silver and gold certificates, looking just like “Reserve Notes” can easily be BROUGHT BACK, and redeemable in metal.
“lifeof liberty” said, “Gold bugs are idiots.” Let me get this straight Mr. Gold Bug, your pocket full of fiat crap somehow is better then precious metals? Hah! The only thing better then gold and silver is “Grub, Guns and God,” and not necessarily in that order… By the way, I’ll buy your gold and silver with the paper pulp you refer to as money. The Fiat Money scam is up so the bankers came up with the “depository scheme.” Nice try bankers, but no banana!
Don’t be a fool, which I think you are since you still believe in a mystical Sky God as both real and necessary.
First off, I didn’t say that fiat “crap” is “better”. Those are your words, not mine. I know exactly what to do with fiat money.
I do have several hundred ounces of silver bouillon that I’ve had for many years now.
So put up or shut up — price is today’s spot price ($34.49). Send me $6829.02 (198 x $34.49) and I’ll accept your fiat money and buy something actually worth owning while unloading my useless silver. My email is at yahoo — so let’s see if you keep your word.
I have no need at all for the silver and never will. Nobody around here will buy it or accept it — so here’s your chance.
All you idiots utterly fail to see that you have to GET RID of your gold or silver before it becomes USEFUL. Then when you factor in how few places actually allow this, and what inflation has done to the fiat currency you’ve exchanged for — you will realize that owning this useless metal is a complete waste of time and effort.
Bartering is the only honest way to go. That way people know exactly what they got. And it is not some damned diamond, gold, or silver or what ever. I agree absolutly with what you said about your silver.
Mate- you have no understanding. Gold and silver can be cashed at will for the currency of the day or it can be used to buy a house , car , …. it can also be used as asset collateral. This has been going on for thousands of years – study Weimar Germany – the ones that got through had real assets such as Gold.Good luck.
Lost this link, so my delay in responding.
You CANNOT buy food, house, or a car with gold or silver — this is a myth. You cannot even use gold or silver as an “asset” for a loan or whatever.
Many have tried — and failed. It is not accepted by the vast, vast majority of businesses. Coin dealers and pawn shops is about it. Everybody else will simply laugh in your face.
Go try it yourself. You will quickly find out the truth.
I’ve tried paying doctors — who refused payment in silver.
Those that think they’re going to “trade” their gold and silver for necessary commodities (food, electricity, fuel, medicine, treatment) are clueless to reality.
You have to get rid of your gold or silver, converting to cash before you can “use” your so-called “asset”. Anybody that still does not believe it should go try “spending” their “precious metals” as direct payment for the things you need.
I traded my gold for lead and brass and powder. At least I’ll get a bang out of it.
lifeofliberty,
I’ll buy all of the silver you have. I’m in Colorado are you near by? Email me directly.
jim
jim_and_di@netzero.net
You guys are missing the point. This is a first step, not the logical conclusion, or the logical extreme. This is putting in place the infrastructure, within the jurisdiction of a state, so that a transition to using honest money can be made when the dollar collapses.
More still needs to be done, but this is an evolutionary process, not a single event.
And BTW, if’n you don’t want to deposit your metals, no sweat. You are free to retain them if you like. At least that is still true; which reminds me, What time is it?
It should be fairly obvious that to resist the federal destruction of American money is going to require state organizations with operational legal jurisdictions and constitutional authority.
So instead of sitting around complaining, get on board, help push this through in more states, and then help to tighten-up things in favor of individual citizens.
Exactly – gold and silver retain their spending power. Fiat currency does not. 150 years ago you could buy a good horse with an ounce of gold – you still can – spending power is preserved even if the dollars’ spending power has gone down 97% since 1914 and the creation of the Fed
100 years ago you could buy a colt 45 with an ounce of gold – you still can – you anti gold people see my point?
Well, Canada already has ‘plastic’ money (50 and 100$ bills)……..why not the US using gold and silver — sigh*
Our new Canadian plastic money is really light and thin, so we can carry more of it in our wallet. This will be a blessing when Weimar Republic like inflation sets in. So Instead of a wheel barrow to carry change for purchases too small for a debit card, like a loaf of (unlabled) GMO bread, we will be able to put it in a small pull type suit case, and not worry about the wind.
In Canada we always look at the bright side, Eh?
Just a word on inflation. If you hold gold and silver then you are hedged against it . As the LL person made the comment of inflation- well if you cash it in for deflated fiat money then you just receive more money than if you held the original cash
Using bullion is unconstitutional, but so are federal reserve notes. Article 1 Section 10 states “No state shall…make anything but gold and silver coin a tender in payment of debts;…”. Pretty straight forward.