Utah Legalizes Gold and Silver as Currency!

May 24, 2011 at 1:45 PM

By Megan Duffield

If you recall, we covered this hopeful story from the West back in March. Today we can now say that there is a state in this country that has authorized the use of competing currencies, specifically gold and silver. [And the crowd goes wild!] Over 10 states have similar bills drafted, but Utah is paving the way.

The author of the alternative currency bill, Republican State Rep. Brad Galvez, was inspired by the dying dollar and equally inauspicious Federal Reserve. The Fed has consistently been pumping money out of thin air for its third straight year to "prop up" the economy, and this bill is one way conscious Utah citizens can snub their noses at the Fed and make wealth of their own. Business owners will not be required to accept the alternative currency, and the capitol gains tax will now be omitted for people who choose to take part in this alternative investment.

The growing popularity of owning gold and silver became a hot topic following the financial crisis of 2007-2008. Hedging against inflation with commodities has always been a high-profiled investor's priority, however, nowadays you can ask the average Joe or Jane -- continue reading at SilverUnderground.com

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Submitted by viviana44 (not verified) on August 8, 2011.

People have misunderstood the Utah law. It does not mint any coins, and only declared federally-minted US eagles "legal tender". It was done for tax purposes. Utah has a state capital gains tax, and gains from gold and silver are taxable. Utah had previously removed legal tender from the capital gains, following a number of states after lobbying by coin collectors. As a collector, that's appreciated! Paying taxes makes it difficult to upgrade your collection, when your goal is to just buy better coins. US tax law recognizes a "trade-up" exception for coins, but many states don't. Anyway, in Utah, US bullion coins remained on the taxable list. Utah moved them into the officially "legal tender" status, so they will no longer be taxed. Note that non-legal tender gold will still be taxed, so now makes US gold eagles far preferable to, say, Krugerrands. Most news stories I found by byfiles search have been misreporting this news. No one expects people to start spending gold eagles, since their face value is currently 1/30th of their metal content value.

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Interesting read. I was unaware of this Utah law, although I have seen an inflation of gold and silver stocks. I opposed this in the beginning but now I can understand why so many people are buying into it. I'm still wary of this law but I'll keep my eyes open. Thank you for this.

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