Friday, April 8, 2011

Another state follow Kelantan : 'Gold bugs' have their way in Utah

Another state follows the Kelantan state adopting Gold and Silver as Legal tender. Suprisingly, the state is not in Malaysia, but in the land of the Capitalist US, UTAH.
Read more below .
Apprehension about the state of the U.S. economy in general and the dollar in particular prompted the state of Utah to recognize gold and silver coins as legal tender.The Wall Street Journal reports governor Gary Herbert signed the law late last month that is supported by "gold bugs," or supporters of wider acceptance of the precious metals as legal tender."The intent would be to see where a gold or silver coin is valued at its market value instead of its face value," according to Brad Galvez, a Republican state legislator who presented the bill. "This allows the people of Utah to protect their assets against what we're seeing in inflation and the devaluation of the dollar."But finance professor Steve Wyatt of the Miami University of Ohio said distrust for and suspicion of the U.S. central bank also influenced support for the legislation."What's really happening here is that this is the consequence of people becoming more concerned with extreme monetary expansion on the part of the Fed," said Wyatt of the Farmer School of Business.

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Daily Silver and Gold Price Forecasts by Franklin Sanders (goldprice.org)