The Salt Lake Tribune further reports the bill’s sponsor Brad Galvez as saying that the reason behind this step is nothing more than using silver and gold as alternative currency. Acting as a substitute for the Federal Reserve isn’t what it was ever meant to do.
The proposition to use silver and gold as currency isn’t something that happened overnight. It has been more than a year since Utah started working towards making silver and gold alternative forms of currency. Silver and gold coins issued by the government were made to act as legal tenders in transactions. This made the state of Utah the first US state to offer silver and gold the status of currency.
Others Following Suit
Drawing inspiration from Utah, several other US states including Minnesota, Tennessee, North Carolina and Colorado are working towards making silver and gold legal tenders. The Constitutional Tender Act introduced in the year 2010 by Bobby Franklin, former state Rep. for Georgia, would have allowed Georgians to make tax payments using silver and gold as alternative forms of currency.
Data collected over the past few years show that there has been a healthy spike in both silver and gold prices. This can be easily attributed to rising anxiety amongst investors. But it can also be said that there has been frequent and significant drops in prices since then. Notable recovery in the economy is easily visible as the country prepares itself for another rise in silver and gold prices. Since silver and gold are to be used more for transactional purposes and debt payments, people are likely to buy them as quickly as they can.
About the Author- Barbara Delinsky is a financial writer, associated with various online financial communities. She is also associated with Oak view law group. She has written on various financial subjects like stock market, investment on metals, mutual fund etc.