Utah First State To Use Gold As Money
Ten states are considering it, but Utah is the first to make Federal gold and silver coins legal tender.
None of the other states have had similar bills voted out of committee yet. While gold is of course worth hundreds of dollars, and silver as well, the big difference in this measure is that the Utah Tax Code now treats gold and silver coins as legal tender, not just an investment. That is how most people regard such precious metals. However, another thing to consider: While gold as an investment is worth $1,400 an ounce last week, a $50 gold coin is still worth only 50 dollars as legal tender-there is a big difference. Not sure how this will translate in the future, but the fact that ten other states have voted down this type of deal indicates the tax and financial headaches it can cause. Most observers believe this gesture is more symbolic from Utah, trying to convince the Fed they need to get control of their fiscal policies and defecit spending.