US States Look To Gold and Silver As Legal Tender

Above, Franklin silver half dollars. Photo by Armand Vaquer.

Note: I accidentally deleted the original post. Blogger was acting a bit erratic this morning. So, the best I can recreate it, here is the topic again. 

More states are looking into recognizing gold and silver as legal tender as the fiat currency (i.e., the dollar) is on shaky ground, rampant inflation, bank collapses and other economy woes are taking place.

On The Spot News posted:

As concerns about inflation and the stability of the US dollar continue to grow, a growing number of states are taking steps to recognize gold and silver as legal tender. 23 states have introduced legislation that would allow citizens to use precious metals to pay for goods and services, according to investment news website Invezz, here.

“Proponents of the legislation argue that gold and silver are more stable forms of currency, as their value is not subject to the same fluctuations as fiat currency,” writes Shivam Kaushik in the Invezz article. 

This sentiment is echoed by many in the precious metals industry, who see the current economic climate as a sign that gold and silver could become increasingly important as alternative currencies.

Several states introduce legislation, significant for the US dollar

The states that have introduced the legislation include Arizona, Wyoming, and Texas, all of which have taken slightly different approaches to the issue. In Arizona, for example, the state Senate has passed a bill that would recognize gold and silver coins minted by the US government as legal tender, and would remove state capital gains taxes on the exchange of precious metals. In Wyoming, a similar bill has been introduced, which would also allow for the creation of a depository to hold precious metals for use in transactions. Texas has introduced legislation that would recognize gold and silver coins as legal tender and create a depository to allow citizens to store their precious metals in a secure facility.

The governor and the Democrat-controlled New Mexico legislature have no interest in following suit even though the state is sandwiched between Arizona and Texas. They are more interested in the abortion issue rather than doing anything to benefit citizens.

To read more, go here.