The abusive monetary policies of the United States of America (USA) Federal Reserve and the devaluing of the U.S. dollar, lawmakers in Utah have legalized the use of gold and silver as currency, allgov.rom informs. Therefore this is the first state in the country to move in this direction.
But using the precious metals to buy things could be difficult, given that most businesses are not set up to handle gold and silver coins. Entrepreneur Craig Franco is seeking to take advantage of the situation by creating his Utah Gold and Silver Depository, in which people would turn over their coins in exchange for a debit-like card that could be used to make purchases.
At the moment, a one-ounce gold coin would be worth USD 50. An ounce of per gold is currently going for USD 1,500 on the stock market. Utah’s law exempts the sale of gold and silver coins from state capital gains taxes. A dozen other states are considering the idea of expanding currency options to include gold and silver.
The U.S. and many other countries largely abandoned gold-backed money during World War I because they needed to print more cash to pay for the war.