Will Gold And Silver Be The Next Currency In The U.S.?
Since 1973, the debt load and the amount of currency floating around the monetary system has bloated out of control. Especially in the most recent years where QE1, QE2 and QE3 resulted in dollars flying off the printing press faster than we could even begin to absorb the surplus. As a result, the dollar has become increasingly less valuable as time goes on. So what is the solution? Are we to become the next Weimar Germany, where we will be rolling wheelbarrows of worthless paper money to buy even one single loaf of bread? 13 different states in the U.S. are saying No! Their response to the weakening dollar is to create their own “currency” allowing gold and silver coins to be used as legal tender for trading purposes.
Virginia Has Announced They Plan On Minting Gold Coins In Case The Dollar Collapses
Recently, Virginia has made the decision to explore the possibility of minting their own gold coins in the event the dollar collapses. Delegates have agreed to set up a $17,000 panel to explore that option. According to the constitution states are not allowed to mint their own currency. However, within that law is a clause that they are able to mint their own gold and silver coins. The constitution states that states can make “Gold and silver coins a tender in payment of debts”.
13 Other States Look To Gold And Silver As An Alternate Currency
Virginia is not standing alone on this issue. 13 other states including: Minnesota, Tennessee, Iowa, South Carolina, Georgia and Utah are also seeking approval for an alternative currency. Glen Bradley, Republic Representative from NC states: “In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System … the State’s governmental finances and private economy will be thrown into chaos,” The hope is to circumvent the chaos by having another currency in place as an alternative.
Utah Passed Law Making Gold And silver Alternate Currency
Last year, Utah forged ahead, passing a law that allows gold and silver to be an acceptable form of payment. As a result, all capital gains taxes are removed from gold and silver because it is now considered an acceptable currency exchange. Thus, in Utah you could purchase a car, for example, and pay the owner a certain number of gold coins as an acceptable form of payment.
As an investor this puts an entirely different twist on gold and silver as an investment. Rather than viewing it as an investment, it may also be viewed as a “currency exchange”. A hedge, in the event things don’t remain quite as rosy as the Federal Reserve hopes. For more information on opportunities that exist in gold and silver, speak to a Redhawk financial advisor near you today.