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Showing posts with label fox news. Show all posts
Showing posts with label fox news. Show all posts

Friday, March 4, 2011

Breaking Survival Preparation News - Utah Considers Return to Gold, Silver Coins

Utah Considers Return to Gold, Silver Coins, March 4, late breaking news from

UrbanMan's comment: Can you imagine this? Even this news, just breaking, should raise the price of gold.

Utah took its first major step Friday toward bringing the gold standard back to the U.S. 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.

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.

UrbanMan's comment: I think it really remains to be seen how this affects us in prepping other than most probably raising the price of Gold and therefore Silver. What I do know is that I won't be the guy without any previous metals. In the meantime our advice, from when Gold was $900 an ounce, is still the same, it while you can. Don't wait for the price to dip, although it may dip for a sort period, but will most certainly go up and up as the dollar falls.