I don't care for the state saying it's ok to deposit your gold and silver into their vaults, just to have the feds come in later and confiscate it all from one easy to access location.
Stuff like this keeps getting reposted every few months. And no one reads those links either. All they're talking about is what Utah did. Recognizing existing coins as tender.
They're talking about opening state run storage facilities so you don't have to carry your pm's around with you. Just use their handy dandy debit cards to spend your hard earned gold and silver.
It's being done to give the common people (you and I) a way to save our money that cannot be stolen by inflation/deflation/counterfiting/"re-hypothecation/yadayadayada.
While this may be a "perennial" posting, the takeaway for me is that some states' see the handwriting on the wall and want to preserve some form of economic viability. Just because Utah encourages its citizens to deposit their PMs in a vault doesn't mean the other states will do the same and issue debit cards.
The 8th paragraph lists the states: "Other states considering legislation to make gold bullion and silver bullion legal tender are Montana, Colorado, Idaho, Indiana, New Hampshire, Georgia, Washington, Minnesota, Tennessee, and Virginia."
Since legislation in those states has not been finalized, the site cannot say how they will implement using PMs as currency. If Tennessee does not follow Utah with putting one's PMs in a vault, but will accept PMs for property taxes, I'll be for it.
It's not like they are asking you to put your entire PM collection in their vault just to perform some casual purchases. Just enough to cover roughly what you would be buying at the moment.
The main thing I wonder about if a seller preferred to be paid in PMs over fiat, you would think he might reprice the item somewhat more favorably in order to be paid in PM. Especially if he was accummulating. I would prefer to give him paper if there was no price difference. My view is somewhat prejudiced on this aspect.
Well could you get Pms from the bank how would you get the currency trade it for a dollar or what because in the end the bank would own all the PMs and you wouldnt have any thing then if the price went up it would pad their pocket not yours...
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