Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main 
  
 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

I Didn’t Believe the IRS Anyway
By: Dennis Miller

How is Doug Casey Preparing for a Crisis Worse than 2008? He and His Fellow Millionaires Are Getting Back to Basics
By: The Mining Report

Anticipate Before You Participate: Patterns in Trading
By: Frank Holmes

Tabloid Version of Financial and Political News
By: GE Christenson

Gold & Silver: Jobs Report Tactics
By: Stewart Thomson

ZIRP Morphs to NIRP
By: Turd Ferguson

Something to "point at"?
By: Bill Holter

Central Banks Have Set the Stage For Another 2008 Type Event
By: Graham Summers

Crouching Tiger (Palladium), Hidden Dragon (Platinum)
By: David H. Smith

Market Ratio Messages
By: Gary Tanashian

 
Search

GoldSeek Web

 
Arizona Set To Use Gold & Silver As Currency



-- Posted Monday, 22 April 2013 | | Disqus

Today’s AM fix was USD 1,425.00, EUR 1,092.54 and GBP 935.04 per ounce.
Friday’s AM fix was USD 1,414.00, EUR 1,080.46 and GBP 920.63 per ounce.


Cross Currency Table – (Bloomberg)

Gold climbed $12.90 or 0.93% on Friday to $1,400.90/oz and silver finished up 0.04%. Gold and silver both traded down for the week at 5.86% and 11.39%.

The state of Arizona may become the second state to use gold and silver coins as legal tender.

Last week, Arizona lawmakers passed a bill that makes precious metals legal tender. Arizona is the second state after Utah to allow gold coins created by the U.S. Mint and private mints to be used as currency. More than a dozen states have legislature underway to pass similar measures.

The move was launched by people who fear the Federal Reserve is not tackling the federal deficit and is thus debasing and devaluing the dollar. Some even fear, that if the Fed continues on the existing path it could lead to hyperinflation.

Miles Lester, who represents a group called Arizona Constitutional Advocates, said during a recent public hearing on legal-tender legislation that "the dollar is on its way out. It's not a matter of if; it's a matter of when."

The upcoming U.S. FOMC meeting next week is April 30th and May 1st and will be closely watched by investors.

Supporters of the legislation look forward to a day when citizens can make purchases from debit cards linked to gold depositories.


Gold in USD, 1 Month, by 30 minutes – (Bloomberg)

Opponents point to the volatility of gold and silver as currency after the fall in price that occurred last week. However proponents point out that the fall in gold prices last week was due to the speculative raid of Wall Street banks who the Federal Reserve is supporting and works closely with.

Using gold and silver as currency would protect people from inflation, currency debasement, predatory banks and an increasingly volatile and vulnerable financial system.

Utah has had the law on the books for the past 2 years and is working on a system for using the precious metals as currency.


Gold in Euros, 1 Month, by 30 minutes – (Bloomberg)

The Arizona Senate Bill 1439 would allow the holder of gold or silver coins or bullion to pay a debt.

However, the coins must be issued by the U.S. government or approved by a court, like an American Eagle Coin. Oddly the government does not require that persons or business must use or accept gold or silver as legal tender in contravention of the U.S. Constitution.

The sponsor of the bill, Republican Sen. Chester Crandell, would need a final state Senate vote after approval by the House, and if passed the law would not take effect until 2014.

Crandell said, "The whole thing came from constituents".


Gold in British Pounds, 1 Month, by 30 minutes – (Bloomberg)

The debate on whether gold and silver should be used as an alternative currency will continue and deepen as people realise how fiat currencies are set to be devalued in the coming months – potentially sharply.

A 5-10% allocation to physical bullion in your possession or in allocated accounts remains crucial to all wishing to protect their wealth from wealth confiscation. Whether that be by inflation or by pension, brokerage account or deposit confiscation – all of which have been seen in recent months and will be seen again.

NEWS
Yen Drops Toward 100 as European Stock Futures Advance With Gold - Bloomberg

Hedge Fund Gold Wagers Defy Worst Slump in 33 Years - Bloomberg

Arizona set to OK gold, silver currency – USA Today

Russia’s Main Exchange Plans To Develop Gold Bullion Market – Fox Business

World Gold Council: Speculators in futures markets caused gold price crash – Business Today

COMMENTARY
10 Signs The Paper Gold Crash Unleashed An Unprecedented Demand For Physical Gold And Silver – The Economic Collapse

Swiss To Vote On Gold Repatriation - "Gold Is The Only Valuable Asset On The SNB's Balance Sheet" – Zero Hedge

Video: The Secret World Of Gold - GoldSeek

Gold price drop divides opinions, hits central banks - Al Aribiya

For breaking news and commentary on financial markets and gold, follow us on Twitter.


-- Posted Monday, 22 April 2013 | Digg This Article | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2014


© GoldSeek.com, Gold Seek LLC


GoldSeek.com Supports Kiva.org

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.
OilSeek.com