Ever since gold has been a store of value but government kicked against it because of fiat currency,which is controlled by them. Only the rich and wealthy people are the ones that invest more on precious metals because they understand that it is a store of value. I could remember when one of the banks used half of the banks money to invest on gold saying it will be a better store of value to tackle depreciation of fiat currency at this inflation period.
It is now clear to the government after those banks failed that gold and silver is a better store of value,also bitcoin can help save ones investment from the high rate of inflation that is constant in the world. This is a good move to accept gold and silver as a legal tender.
Topic: Today I learned some US states mandate gold and silver as legal tender (Read 80 times)
March 20, 2023, 01:55:02 PM
March 20, 2023, 01:11:59 AM
The way US banks are going down and the way various countries are buying oil from Russia and OPEC plus countries by not using USD, it's the right step taken by some states.
Robert Kiyosaki is telling everyone since last many years to invest in Gold, Silver and Bitcoin to save ourselves during the time of a recession. It's good to see that government is paving the way to use precious metals as a store of value.
Robert Kiyosaki is telling everyone since last many years to invest in Gold, Silver and Bitcoin to save ourselves during the time of a recession. It's good to see that government is paving the way to use precious metals as a store of value.
March 19, 2023, 10:19:34 PM
Would fans of crypto support laws to establish precious metals as forms of legal tender? What does everyone think?
The support for laws to establish precious metals as legal tender among fans of crypto is likely to vary. While some may see this as a positive move towards diversifying the currency system and providing more options for payment, others may view it as unnecessary or even counterproductive to the growth and adoption of cryptocurrencies.
One of the core principles of cryptocurrencies is decentralization, which means that they operate independently of government or central bank control. The establishment of precious metals as legal tender by the government could be seen as a threat to this decentralization and may be viewed with suspicion by some cryptocurrency enthusiasts.
That being said, there may be some who believe that the coexistence of precious metals and cryptocurrencies as legal tender could provide greater financial stability and flexibility. Ultimately, the views of fans of crypto on this matter will depend on their individual beliefs and priorities when it comes to currency and financial systems.
March 19, 2023, 08:08:20 PM
there will never be a case where there is no fiat. governments will always just invent a new fiat to take over the last (eg CBDC)
the next fiat wont be backed by gold so it wont be "gold standard" it will be the same printing(future cbdc: pre-mined) money system we have had for the last 50 years. (backed by nothing but fiat laws of min wage/tax/court fines/debts to keep fiat valued/in circulation)
gold payments themselves are just gold hand-overs . its not a 'backed by gold' thing via other currency. its just gold itself. real gold
the only thing is.. gold coins of one ounce are ~$1800 meaning people will only spend with gold on large purchase items.. you wont see gold being used to buy chewing gum. but yes a lambo dealership will grin, smile and salivate when they see someone put 100gold coins on the car dealerships desk to buy a $180k lambo
..
having more options of currency than just fiat is a good call for utah. and other states/countries more recently since 2015 are accepting bitcoin as "currency", though not many are mandating merchant acceptance of such currency
..
now the downside of gold..
much like using cash instead of a debit card to buy a lambo.. handing over cash raises a few eyebrows and reports filed. trying to KYC the funds origins. where as debit cards already had the banks already kyc the funds thus is straight forward 'swipe and go'
if someone put 100 gold coins on a dealership desk. yes they will smile but then the paperwork will come out to get some social security and tax number off the buyer to ensure the gold is not linked to terrorism/laundering/tax dodging
much the same as if you put a suitcase of cash on a dealerships desk
the next fiat wont be backed by gold so it wont be "gold standard" it will be the same printing(future cbdc: pre-mined) money system we have had for the last 50 years. (backed by nothing but fiat laws of min wage/tax/court fines/debts to keep fiat valued/in circulation)
gold payments themselves are just gold hand-overs . its not a 'backed by gold' thing via other currency. its just gold itself. real gold
the only thing is.. gold coins of one ounce are ~$1800 meaning people will only spend with gold on large purchase items.. you wont see gold being used to buy chewing gum. but yes a lambo dealership will grin, smile and salivate when they see someone put 100gold coins on the car dealerships desk to buy a $180k lambo
..
having more options of currency than just fiat is a good call for utah. and other states/countries more recently since 2015 are accepting bitcoin as "currency", though not many are mandating merchant acceptance of such currency
..
now the downside of gold..
much like using cash instead of a debit card to buy a lambo.. handing over cash raises a few eyebrows and reports filed. trying to KYC the funds origins. where as debit cards already had the banks already kyc the funds thus is straight forward 'swipe and go'
if someone put 100 gold coins on a dealership desk. yes they will smile but then the paperwork will come out to get some social security and tax number off the buyer to ensure the gold is not linked to terrorism/laundering/tax dodging
much the same as if you put a suitcase of cash on a dealerships desk
March 19, 2023, 07:11:38 PM
An interesting development from 2015, which should have made bigger news headlines.
....
Gold and silver being accepted as legal tender is a great idea! Exempting gold and silver from capital gains taxation also makes a ton of sense given current conditions.
This was written and published back in 2015. At the time, I did not see zero interest rates as a concern. I thought they were intended to provide credit and liquidity to small businesses, which historically are responsible for 50% of new job growth in the united states.
Now perhaps it is easier to recognize zero interest rates having a flipside negative of fueling the expansion of reckless financial enterprise built upon an unreliable foundation of the expectation of future economic growth. Reckless investment fueled by zero interest rates, could be responsible for most of the major bubbles which have arisen in recent times.
Would fans of crypto support laws to establish precious metals as forms of legal tender? What does everyone think?
Quote
Utah House Passes Bill Recognizing Gold, Silver as Legal Tender
December 23, 2015
Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued by the federal government as legal currency.
The House voted 47-26 in favor of the legislation that would also exempt the sale of gold from the state capital gains tax and calls for a committee to study alternative currencies for the state.
The legislation now heads to the state Senate, where a vote is expected next week.
Under the bill, the coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.
If the bill passes, Utah would become the first of 13 states that have proposed similar measures. The others states are Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington.
Backers of Utah's bill say they want to send a message to the rest of the country.
"People sense that in the era of quantitative easing and zero interest rates, something has gone haywire with our monetary policy," said Jeffrey Bell, policy director for the Washington-based American Principles in Action, which helped shape the bill.
"If one state recognizes gold as a valid currency, I think it would embolden people not just in other states but in Washington," he said.
The U.S. used the gold standard from 1873 until 1933, when President Franklin D. Roosevelt outlawed the private ownership of gold amid the Great Depression. President Richard Nixon abandoned the gold standard altogether when he announced in 1971 that the U.S. would no longer convert dollars to gold at a fixed value.
Critics of the gold standard say it limits countries' control over its monetary policy and leaves them vulnerable to financial shocks, such as the Great Depression. But supporters argue that the current financial system's dependence on the Federal Reserve exposes the value of U.S. money to the risk of runaway inflation.
https://www.foxnews.com/politics/utah-house-passes-bill-recognizing-gold-silver-as-legal-tender
December 23, 2015
Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued by the federal government as legal currency.
The House voted 47-26 in favor of the legislation that would also exempt the sale of gold from the state capital gains tax and calls for a committee to study alternative currencies for the state.
The legislation now heads to the state Senate, where a vote is expected next week.
Under the bill, the coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.
If the bill passes, Utah would become the first of 13 states that have proposed similar measures. The others states are Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington.
Backers of Utah's bill say they want to send a message to the rest of the country.
"People sense that in the era of quantitative easing and zero interest rates, something has gone haywire with our monetary policy," said Jeffrey Bell, policy director for the Washington-based American Principles in Action, which helped shape the bill.
"If one state recognizes gold as a valid currency, I think it would embolden people not just in other states but in Washington," he said.
The U.S. used the gold standard from 1873 until 1933, when President Franklin D. Roosevelt outlawed the private ownership of gold amid the Great Depression. President Richard Nixon abandoned the gold standard altogether when he announced in 1971 that the U.S. would no longer convert dollars to gold at a fixed value.
Critics of the gold standard say it limits countries' control over its monetary policy and leaves them vulnerable to financial shocks, such as the Great Depression. But supporters argue that the current financial system's dependence on the Federal Reserve exposes the value of U.S. money to the risk of runaway inflation.
https://www.foxnews.com/politics/utah-house-passes-bill-recognizing-gold-silver-as-legal-tender
....
Gold and silver being accepted as legal tender is a great idea! Exempting gold and silver from capital gains taxation also makes a ton of sense given current conditions.
This was written and published back in 2015. At the time, I did not see zero interest rates as a concern. I thought they were intended to provide credit and liquidity to small businesses, which historically are responsible for 50% of new job growth in the united states.
Quote
Backers of Utah's bill say they want to send a message to the rest of the country.
"People sense that in the era of quantitative easing and zero interest rates, something has gone haywire with our monetary policy," said Jeffrey Bell, policy director for the Washington-based American Principles in Action, which helped shape the bill.
"People sense that in the era of quantitative easing and zero interest rates, something has gone haywire with our monetary policy," said Jeffrey Bell, policy director for the Washington-based American Principles in Action, which helped shape the bill.
Now perhaps it is easier to recognize zero interest rates having a flipside negative of fueling the expansion of reckless financial enterprise built upon an unreliable foundation of the expectation of future economic growth. Reckless investment fueled by zero interest rates, could be responsible for most of the major bubbles which have arisen in recent times.
Would fans of crypto support laws to establish precious metals as forms of legal tender? What does everyone think?
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