Chart usGOLD   Chart usSILVER  
 
Food for thought
Amateurs built the Ark. Professionals built the Titanic
Anonymous  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1294.19-1.41
Silver 20.600.01
Platinum 1470.30-4.45
Palladium 877.000.60
WORLD MARKETS
DOWJONES 16880-40
NASDAQ 446320
NIKKEI 1570559
ASX 561535
CAC 40 4312-53
DAX 9594-60
HUI 239-3
XAU 101-1
CURRENCIES (€)
AUS $ 1.4378
CAN $ 1.4608
US $ 1.3396
GBP (£) 0.7915
Sw Fr 1.2170
YEN 137.6820
CURRENCIES ($)
AUS $ 1.0734
CAN $ 1.0904
Euro 0.7465
GBP (£) 0.5909
Sw Fr 0.9085
YEN 102.7700
RATIOS & INDEXES
Gold / Silver62.82
Gold / Oil12.98
Dowjones / Gold13.04
COMMODITIES
Copper 3.23-0.01
WTI Oil 99.67-0.60
Nat. Gas 3.800.01
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
In the same category
Gold as Money in Utah?
Published : February 06th, 2012
440 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

Some interesting developments in the efforts by some U.S. states to return to some form of sound money can be found in this CNN/Money story that brings readers up to date in the New Year after a flurry of activity in 2011. Most interesting is the Utah initiative that could be on its way to a real parallel currency to the U.S. dollar.

 

Utah became the first state to introduce its own alternative currency when Governor Gary Herbert signed a bill into law last March that recognized gold and silver coins issued by the U.S. Mint as an acceptable form of payment. Under the law, the coins — which include American Gold and Silver Eagles — are treated the same as U.S. dollars for tax purposes, eliminating capital gains taxes.

 


 

Since the face value of some U.S.-minted gold and silver coins — like the one-ounce, $50 American Gold Eagle coin — is so much less than the metal value (one ounce of gold is now worth more than $1,700), the new law allows the coins to be exchanged at their market value, based on weight and fineness.

 

“A Utah citizen, for example, could contract with another to sell his car for 10 one-ounce gold coins (approximately $17,000), or an independent contractor could arrange to be compensated in gold coins,” said Rich Danker, a project director at the American Principles Project, a conservative public policy group in Washington, D.C.



However, most people aren’t going to walk around with such valuable coins in their pockets, said Vieira. Plus, calculating the value of the coins — especially if they come from different parts of the globe and are of different sizes and shapes — will get tricky. It’s more likely that the states will create electronic depositories and accounts for the coins to make transactions easier, when and if the initial bills are passed, he said.

 

Utah Gold & Silver Depository is already developing a system where customers could use debit cards linked to their gold holdings. When customers swipe their debit cards to make transactions, physical gold and silver coins would be transferred between accounts in privately-owned depositories (or vaults) based on the market value of the metals.

 

Of course, the dismal set thinks this idea is nuts, Vanderbilt economics professor David Parsley noting that it’s a “terrible” idea and that proponents of sound money may actually want to “destroy the country”. Yes, economists remain largely out-of-touch with reality…

 

There is a widening gulf in thinking about money these days and that theme is also clear in Floyd Norris’ New York Times offering In a Focus on Gold, History Repeats Itself.

 

 

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Tim Iacono
All articles by
Tim Iacono
Next article by
Tim Iacono
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Tim Iacono

Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
Tim Iacono ArchiveWebsiteSubscribe to his services
Most recent articles by Tim Iacono
7/30/2014
7/30/2014
7/29/2014
7/29/2014
7/28/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer