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Arizona Set To Use Gold & Silver As Currency

Tyler Durden's picture




 

From GoldCore

Arizona Set To Use Gold & Silver As Currency

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

 

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Mon, 04/22/2013 - 08:22 | 3483151 GetZeeGold
GetZeeGold's picture

 

 

They even accept it at the border....only this time it's to get in.

 

Be sure to thank John McCain when you see him.

Mon, 04/22/2013 - 08:28 | 3483175 Harlequin001
Harlequin001's picture

So now I can buy US gold coins at face value as currency and ship them worldwide without having to pay a 15-20% premium.

Cool...

Or, better still, buy them in the US at face value and ship them overseas for a 15-20% profit.

JUST AS GOOD...

Mon, 04/22/2013 - 08:41 | 3483227 Sudden Debt
Sudden Debt's picture

:)

Nop.

Look at the Canadian 20$ silver coins. They're worht 7$ in silver and have face of 20$.

anything lower and the Arizona silver would vaporize into thin air in a month.

What good would it make to make a silver and gold currency when the fiat can be traded so easy?

IT WON'T!!!

IT MEANS A DUO CURRENCY IN THE U.S.!!

compare it to Cyprus money in a account to money in a account in the rest of Europe. Officially they're the same buy nobody want the Cyprus kind.

 

 

Mon, 04/22/2013 - 08:55 | 3483256 Harlequin001
Harlequin001's picture

Very true. For as long as there is a fiat currency and I mean ANY currency that is not linked to gold it will not work.

Mon, 04/22/2013 - 12:06 | 3484015 notbot
notbot's picture

Yawn.  

 

We still need to translate it to/from a fiat first. I get paid in USD. Let me know when people start paying employees directly in gold. 

Mon, 04/22/2013 - 14:28 | 3484786 hmmtellmemore
hmmtellmemore's picture

Sudden Debt, the plan is to use US issued Eagles, not Arizona minted coins (from what I can tell).

Mon, 04/22/2013 - 09:00 | 3483271 samcontrol
samcontrol's picture

ship it overseas ,lol,

sure , there are no customs in other countries.

Mon, 04/22/2013 - 09:06 | 3483286 Harlequin001
Harlequin001's picture

what has that got to do with it?

Are you expecting me to believe that you wouldn't take US coins and ship them overseas for a straight up 20%?

Mon, 04/22/2013 - 08:27 | 3483185 new game
new game's picture

yup, a proud american with true conservative values...

Mon, 04/22/2013 - 08:41 | 3483220 Momauguin Joe
Momauguin Joe's picture

Ultimately, Aztlán will return to circulating Silver Reales and Gold Escudos. Not a fucking thing those self-promoting huckster gringo douchebag's like "Sheriff Joe" can do about it either.

Reality's a bitch. Accept and prepare for it. 

Mon, 04/22/2013 - 10:10 | 3483549 LasVegasDave
LasVegasDave's picture

Sherrif Joe is an Arizona Hero. 

In a saner, more civilized age his face would be on a silver coin.

Extremism in the defense of liberty is not a vice

Mon, 04/22/2013 - 10:48 | 3483705 Overfed
Overfed's picture

I could get behind Joe Arpaio a little easier if only the laws he so zealously enforces weren't such unconstitutional bullshit. Drug laws and such.

Mon, 04/22/2013 - 08:41 | 3483229 GetZeeGold
GetZeeGold's picture

 

 

Not so much conservative as he is progressive.

 

He still wears the R label proudly however. He's been there so long they don't dare kick him out.

Mon, 04/22/2013 - 08:38 | 3483195 Croesus
Croesus's picture

Can't wait to see how the game of "Musical Gold" ends........

 

Interesting reading for bored Gold Bugs:

http://feketeresearch.com/upload/Who-said-the-hydra-would-take-it-lying-...

 

 

Mon, 04/22/2013 - 13:16 | 3484360 sotto
sotto's picture

Other states are mulling similar legistlation as well:  http://globalgoldnews.com/2013/04/08/more-u-s-states-pushing-for-bullion...

I think it's a good sign.

Mon, 04/22/2013 - 08:24 | 3483160 fonzannoon
fonzannoon's picture

I love that goldcore advocates that you keep 5-10% of your money in money.

Mon, 04/22/2013 - 09:06 | 3483290 Croesus
Croesus's picture

@ Fonzannoon:

 

When you get a chance, send me an email, please!:

Croesuszh @ gmail

Mon, 04/22/2013 - 08:26 | 3483164 falak pema
falak pema's picture

After Colorado made hash legal tender Arizona goes PM crazy. 

Have gun will travel down great west road! 

All we need is New Mexico to join and we'll be at Tombstone.

Mon, 04/22/2013 - 08:33 | 3483169 new game
new game's picture

onces per kilo at the border - who says you can't smoke it?

Mon, 04/22/2013 - 08:24 | 3483171 observer007
observer007's picture

Gold’s “Black Monday” still a mystery

 

One of the most important questions still remains a mystery: “Who in fact sold gold last week?” While physical purchasing of coins and bars clearly increased, we were pretty certain that the CFTC’s statistics, to be published on Friday evening, would reveal a massive reduction in net long positions held by speculative investors, which in turn would signal a “surrender” on the part of hedge funds and a process of market adjustment.

http://homment.com/Gold-black

See also:

Royal Canadian Mint reports exceptionally high demand for its gold and silver coins

Mon, 04/22/2013 - 08:24 | 3483172 espirit
espirit's picture

Who are these "CONstituents"?

Makes me wary.

Mon, 04/22/2013 - 08:26 | 3483176 buzzsaw99
buzzsaw99's picture

The move was launched by people who fear the Federal Reserve is not tackling the federal deficit...

The retards don't even understand how shit works. The CONgreff is supposed to do the fed gub budget. I suppose the 7-11 cashier is going to check the spot price of gold when I buy a coffee and donut? A gold coin has a face value of $50. How the fudge is that going to work?

Mon, 04/22/2013 - 08:28 | 3483183 fonzannoon
fonzannoon's picture

They will just switch to a new paper currency that you convert your gold into at much higher prices. The key is, they promise not to debase the new currency. So it's all good.

Mon, 04/22/2013 - 08:29 | 3483191 buzzsaw99
buzzsaw99's picture

They should find some trustworthy joo bankers for that job. Oh wait...

Mon, 04/22/2013 - 08:30 | 3483194 Terminus C
Terminus C's picture

I was wondering the same thing.  Though this could be a first step towards the state developing a "gold backed" currency.

In reality it is likely political theatre.

Mon, 04/22/2013 - 08:30 | 3483196 BandGap
BandGap's picture

You cut a deal with who ever accepts the coins as fair trade.

For instance, you buy a new car for $750 using 15 $50 gold coins. You then point the salesman to the coin exchgange where he/she gets his ~$21000.

Think of what that will save on taxes ;^)

Mon, 04/22/2013 - 10:44 | 3483696 tarsubil
tarsubil's picture

Anyone that trades 15 1oz AGEs for a $21K car is a fool. This will never work. These people don't have a clue. I agree with others. It is theatre performed by retards.

Mon, 04/22/2013 - 08:34 | 3483206 new game
new game's picture

gram scales at the register - hmmm, the good ole days are back...

Mon, 04/22/2013 - 09:35 | 3483400 TeamDepends
TeamDepends's picture

Yep, man-purses full of shiny!

Mon, 04/22/2013 - 08:27 | 3483177 moriarty
moriarty's picture

I can just see the Gresham gang lining up to pay their debts et al with their PM’s ;-)

 

Mon, 04/22/2013 - 08:28 | 3483180 PUD
PUD's picture


Brazil is the biggest single small-scale gold producer, with annual production of 80 tons. Some 500,000 gold miners work in the Amazon region alone extracting gold by dissolving ore in toxic mercury. Tests in several mining communities in Brazil found that more than 30% of miners examined had mercury levels above the World Health Organization's tolerable limit. 

In Africa it is less well-known what the condition and impacts of small-scale miners are, although they produce approximately 20% of Africa's gold. In the sub-Saharan region more than 1.5 million people work in the informal mining sector, while in Zimbabwe that figure is about 100,000. Here too the use of mercury is prevalent as a means to chemical extraction of the gold.

 

BUT OF COURSE YOU DON'T GIVE A SHIT JUST LIKE THE BANKERS YOU CURSE

Mon, 04/22/2013 - 08:30 | 3483199 Tinky
Tinky's picture

Methinks you've eaten too much tuna.

Mon, 04/22/2013 - 08:58 | 3483263 espirit
espirit's picture

Uparrow and starve the trolls.

Mon, 04/22/2013 - 08:32 | 3483201 PUD
PUD's picture


Nearly 400 square kilometers of tailings dumps are scattered in, around and under the city of Johannesburg. The dumps, or slimes, as they are called, contain waste rock, pyrite and thousands of tons of uranium dust. When it rains, the tailings dumps, especially those that are being reworked for secondary gold recovery, produce sulfuric acid.

With pH levels as low as two (pure water is neutral with a pH of seven), the sulfuric acid mobilizes aluminum, heavy metals and uranium from the rock, and produces iron oxide as a byproduct. When this toxic brew flows into groundwater, streams and rivers, it destroys ecosystems and taints water in a region where freshwater is already in short supply.

Mon, 04/22/2013 - 09:00 | 3483266 espirit
espirit's picture

Uparrow and starve the trolls.

Mon, 04/22/2013 - 08:35 | 3483207 LawsofPhysics
LawsofPhysics's picture

Speaking of Brazil, their ten-year bond is now paying over 9%!  As to the price, well, that's another story.

Mon, 04/22/2013 - 08:37 | 3483212 Terminus C
Terminus C's picture

What you say is true.  All human industry is environmentally destructive and exploitative of human and animal life, including agriculture.  This means that unless we stop all modern economic activity we are hurting someone or something.

You are calling those who hold gold hypocrites, yet you are as hypocritical as all of the rest as you use your computer to post your ideas, you dress in polyester based clothing and you eat and drink manufactured products.

 

Mon, 04/22/2013 - 08:40 | 3483226 LawsofPhysics
LawsofPhysics's picture

I have said it before and I will say it again, humanity isn't just another ponzi, it's the ponzi.

Mon, 04/22/2013 - 08:48 | 3483243 GetZeeGold
GetZeeGold's picture

 

 

Bill Gates says we can solve that problem with vaccines.....not sure how that works but I'm sure they have it all figured out.

Mon, 04/22/2013 - 10:51 | 3483719 tarsubil
tarsubil's picture

In the last 20 years, the cost of required vaccines in the US for a child has increased ten fold from ~$170 to ~1,700. More new and expensive vaccines are on the way. The Vaccines for Children program somehow manages to "negotiate" pricing that is pennies on the dollar. It is all just a big fucking ripoff.

Mon, 04/22/2013 - 08:50 | 3483246 css1971
css1971's picture

I prefer to think of it in terms of yeast.

Mon, 04/22/2013 - 08:52 | 3483252 PUD
PUD's picture

Do you dump your motor oil down the storm drain because bp has leaks in the gulf?

There is needed compromise and then there is willful disregard 

I do not deny humans the basic needs

I do curse you who take things that you do not need simply because you can

i could throw your warped logic right back at you and condone the action of bankers...would you sell toxic assets because so many others do?

Mon, 04/22/2013 - 09:00 | 3483269 espirit
espirit's picture

Uparrow and starve the trolls.

Mon, 04/22/2013 - 08:57 | 3483259 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Take it up with the miners.........

 

Most the gold out there is recycled from one hands to the other, new mined gold is scarce in comparison. Someone else can quote the exact %.

Mon, 04/22/2013 - 09:03 | 3483282 samcontrol
samcontrol's picture

anybody stocking guns gold and beans only cares about himself and his family. That is ok.
Generally no one gives a shit about anything.

Mon, 04/22/2013 - 09:07 | 3483296 StarTedStackin'
StarTedStackin''s picture

Cry me a river, lib pussy!

 

 

 

You asshole leftists never blame the leftist governments for creating economic conditions so poor that people have to risk their lives to make a buck

Mon, 04/22/2013 - 15:45 | 3485134 Cathartes Aura
Cathartes Aura's picture

yeah, those poor economic conditions only get "created" in the years the "leftist" govs are in office.

United Fruit Company.             one of soooo many.

Mon, 04/22/2013 - 09:21 | 3483349 A Middle Child ...
A Middle Child of History's picture

Continued population expansion on a planet of finite resources will eventually do all of us in. Uncontrolled breeding, especially by the more ignorant among us, hastens ecological collapse. You could make an impact by submitting to voluntary sterilization, or better yet, a post-birth abortion.

I happen to like gold; presenting it in the form of jewelry to the opposite sex is a great way to partake of that uncontrollable breeding.

Go troll somewhere else, asshole.

Mon, 04/22/2013 - 09:21 | 3483356 PUD
PUD's picture

do you collect ivory from dead elephants too?

Mon, 04/22/2013 - 09:35 | 3483404 willwork4food
willwork4food's picture

Only when enhancing a stuffed bald eagle in a den appointed gracefully with natural Brazillian Cherry flooring.

We do have our limits..

Mon, 04/22/2013 - 10:10 | 3483548 new game
new game's picture

i do put shit on my garden from the animals i eventually eat.

many other usable byproducts, but only what i need.

even pigs dont stockpile, no need for them they are not my type.

i have to draw the line when it comes to dead heads staring nowhere...

Mon, 04/22/2013 - 13:46 | 3484524 Meat Hammer
Meat Hammer's picture

No....live elephants.  I like a challenge.

Mon, 04/22/2013 - 10:14 | 3483563 LasVegasDave
LasVegasDave's picture

Yep, you're right, I dont give a shit.

Let them start a software company, a home health care business or a garment factory

You aint owed shit in this world.

Wake up, get your ass to work, and quit your bellyachin'

Mon, 04/22/2013 - 10:50 | 3483720 Overfed
Overfed's picture

OK. Now you're just spamming us.

Mon, 04/22/2013 - 13:41 | 3484499 Meat Hammer
Meat Hammer's picture

I've had a change of heart, PUD.  I now realize that your finger-wagging in our ZH comments sections will be mentioned in the same breath as the humanitarian efforts of some of mankind's greatest philanthropists.

Mother Theresa, the Dalai Lama, Jesus Christ...........and PUD. 

 

Mon, 04/22/2013 - 08:28 | 3483184 orangegeek
orangegeek's picture

How's this price of tungsten rods doing these days?

 

I have a metal file that can shave off the edges of these coins - enough shavings and I can make another coin.

 

But I would never do this and neither would you.

Mon, 04/22/2013 - 08:36 | 3483213 Hongcha
Hongcha's picture

Orangegeek you have no doubt had a look at a typical silver Denarius or any other ancient gold or silver coin, and seen the handiwork of our predecessors ... they are all out-of-round from shaving.

Bad money drives out good.  This has been an extraordinary week for PM and traders.  Like Sinclair said many times, have no margin and you will be fine.  

Next best after that is, have dry powder.

Mon, 04/22/2013 - 08:33 | 3483202 yrbmegr
yrbmegr's picture

I wonder what the purity of these "gold" coins will be.  97%?  99.5%?  65%?  What will be the standard weight of these coins?  I will need to carry around a scale to make sure the coins I receive in payment are the full weight in gold.  Best just to avoid Arizona, I guess.

Mon, 04/22/2013 - 09:19 | 3483336 BigJim
BigJim's picture

That's right! Because if they introduce silver and gold as legal tender, it would be impossible for those coins to be sitting in a trusted vault somewhere and the ownership of them be transferred via notes or electronic means.

Moron. 

Mon, 04/22/2013 - 09:22 | 3483355 yrbmegr
yrbmegr's picture

Well, that might be possible, but it would probably be unconstitutional.

Mon, 04/22/2013 - 08:33 | 3483205 LawsofPhysics
LawsofPhysics's picture

Texas will be next, then New Mexico.  All are right to work states full of hard working folks.  They will tell the folks in New York, California, and D.C. to go fuck themselves.  All of these states have many natural resorces as well.  A venture capital guy I know (who was a classmate of Kyle Bass) just presented the prospectus on a newly proposed banking system.  Now things get interesting for the "elites".  Unfortunately, nothing changes for the sheeple. In any case, new opportunities forthcoming in the west.

Mon, 04/22/2013 - 08:49 | 3483248 JPMorgan
JPMorgan's picture

Yeah there was something on RT about Texas minting it's own gold and silver coins to be used as day to day currency.

Texas appears to be one of the more independent states / they are not fully under the federal government umbrella.

Mon, 04/22/2013 - 09:41 | 3483429 TeamDepends
TeamDepends's picture

Was that before or after the fertilizer plant mishap?

Mon, 04/22/2013 - 12:20 | 3484078 smlbizman
smlbizman's picture

everytime i am ready to give credit to texas...some assinie story comes up about the school system or tsa/dhs check points, etc...and i return to square 1...

Mon, 04/22/2013 - 16:01 | 3485211 Cathartes Aura
Cathartes Aura's picture

some mighty federal government contracts are being awarded to TX, no?

Government was the largest industry in the state in 2010, as measured by a percentage of gross domestic product, according to the Bureau of Economic Analysis. It beat out mining, which was the state’s second largest industry.

In terms of the total number of jobs, as measured by BLS, government is the second largest sector, behind trade, transportation and utilities. Since June 2009, the state has added 31,100 government jobs. That’s nearly 10 percent of Texas’ job growth. The nation, meanwhile, has lost 523,000 government jobs in that time frame.

These government jobs — which would include teachers, police and firefighters — have been a significant part of the employment growth in Texas throughout Perry’s tenure. Since Perry took office, private sector employment has gone up by 10 percent and government sector employment has climbed 18.3 percent, as the San Antonio Express-News noted.

so nationwide, over 500k jobs "lost" and TX "found" some of them. . . sounds like that old game, move some stuff from here to there, profit.

combine that with TX tendency to pay below minimum wage, and yes unskilled is unskilled, but they do count as "jobs" - and "education" is not really needed?

The jobs created also match the workforce, says Lavine, and he’s concerned that the state needs to do a better job of educating and training its labor force. “Yes, it’s better to have a job than not have a job, but as we move into the 21st century,” he says, “it would be much better to have a highly skilled workforce that was able to compete in a service economy.” He cites a study by the Georgetown University Center on Education and the Workforce, which estimated that in 2018, Texas would rank first among the states in the proportion of jobs for high-school dropouts. The state would rank 31st, according to the study, in the proportion of jobs requiring a bachelor’s degree.

come on down!!   serf's up.

 

Mon, 04/22/2013 - 08:37 | 3483211 new game
new game's picture

i saw Galt in AZ.  pieces are coming together...

Mon, 04/22/2013 - 08:38 | 3483215 francis_sawyer
francis_sawyer's picture

But gold isn't backed by anything...

Mon, 04/22/2013 - 08:40 | 3483224 new game
new game's picture

hmmm, my m19 says otherwise...

Mon, 04/22/2013 - 08:50 | 3483247 Sudden Debt
Sudden Debt's picture

got ammo?

Mon, 04/22/2013 - 10:16 | 3483574 new game
new game's picture

about 1000 rds that is secure as my gold(and not for sale at any price). i can not be in two places at once-only flaw in my plan.

but if i come home and someone has gained entry it will be very interesting time indeed. all that fun and practice will be put to use.  hopefully no shots will be fired...

Mon, 04/22/2013 - 08:45 | 3483235 Sudden Debt
Sudden Debt's picture

IT'S AS BARBARIC AS THAT BOHEMIAN GROVE SHIT!

and yet... our leaders will go there this summer yet again...

Mon, 04/22/2013 - 08:50 | 3483245 GetZeeGold
GetZeeGold's picture

 

 

Did you get your invitation yet?

Mon, 04/22/2013 - 08:50 | 3483249 Sudden Debt
Sudden Debt's picture

YEP!!

PRINTED WITH GOLD LETTERS ON CRISPY DRIED BABYSKIN!!

Mon, 04/22/2013 - 10:21 | 3483602 new game
new game's picture

i would extent an invitation for a day at my range for some good ole shot da shit time, but i suspect the travel distance would be too far.

Mon, 04/22/2013 - 10:26 | 3483617 TeamDepends
TeamDepends's picture

Everyone's so hard on the Grovers but really, it's just a good old-fashioned sideburn-ridin' ass-wrangling jamboree in the backwoods of San Fransisco.

Mon, 04/22/2013 - 13:49 | 3484540 Meat Hammer
Meat Hammer's picture

Who wants a mustache ride?!?!

Mon, 04/22/2013 - 09:12 | 3483309 madcows
madcows's picture

Gold is backed by real labor and value.  It has value b/c it takes effort to extract it from the ground, and it is rare.  Digital dollars in contrast, are worthless.  What makes a $100 bill any different than a $1 bill? Only the design on the front.  Gold cannot be readily created, whereas, paper/digital money is printed out of thin air.

Mon, 04/22/2013 - 09:22 | 3483353 BigJim
BigJim's picture

 ...What makes a $100 bill any different than a $1 bill? Only the design on the front.  

Not at all! The $100 is backed by 100x as much violence.

Fiat currencies! Because monetary neo-feudalism tastes mmm so good

Mon, 04/22/2013 - 09:37 | 3483409 yrbmegr
yrbmegr's picture

Actually, there is another difference between a $100 bill and a $1 bill.  I can buy 100 times as much with a $100 bill.

Mon, 04/22/2013 - 08:39 | 3483228 Dr. Engali
Dr. Engali's picture

"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."

 

WTF? Since when is it the "Federal" reserves job to tackle the deficit?

Mon, 04/22/2013 - 09:16 | 3483333 StarTedStackin'
StarTedStackin''s picture

I suspect it was the same time they decided their job was to keep unemployment low

Mon, 04/22/2013 - 08:44 | 3483234 madcows
madcows's picture

I"m guessing Holder will try them for insurrection, conspiracy and treason.

Mon, 04/22/2013 - 09:55 | 3483492 d edwards
d edwards's picture

We, the people should be trying Eric "the Red" H0lder for the afore mentioned crimes. 0blama, too. And Napolitano, and ad infinitum.

Mon, 04/22/2013 - 08:56 | 3483254 22winmag
22winmag's picture

Why only gold and silver with the stamp of the filthy criminal U.S. Federal Government on it? The government that minted my Maple Leafs has some issues, but has bombed far fewer women and children over the years.

Mon, 04/22/2013 - 08:57 | 3483258 css1971
css1971's picture

Control.

Mon, 04/22/2013 - 11:19 | 3483818 Kirk2NCC1701
Kirk2NCC1701's picture

Careful what you wish for. If Leafs become legal tender, you'll be forced to declare them, forced to sell for paying all sorts of things.

Mon, 04/22/2013 - 09:15 | 3483324 FreeNewEnergy
FreeNewEnergy's picture

NY Fed to Texas: We have your gold in safe. Due to the extreme weight it will take us at least four years to deliver it all. In the interim, kindly accept these tungsten rods as a measure of good faith.

Texas to NY Fed: Not a problem. We'll be sending some people to get the gold ourselves, guns drawn. You can keep the tungsten. We hear Germany might appreciate the gesture. Now, step aside boys, or be prepared to meet yer maker.

Mon, 04/22/2013 - 09:31 | 3483376 MrVincent
MrVincent's picture

I expect some smart young person to open a new type of bank in Arizona, where you turn in your gold or silver and receive certificates for them. These can be fully redeemed by anyone who holds the certificates.

 

 

Mon, 04/22/2013 - 10:01 | 3483520 Axenolith
Axenolith's picture

What was it about:

Section. 10.

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

 

That they didn't get???

 

Mon, 04/22/2013 - 10:37 | 3483622 Debugas
Debugas's picture

whenever i hear "using gold as currency" i do smile.

Gold is not meant and is not as convinient as cash to be used in day-to-day transactions.

Gold performs a different money function - namely, shifting fruits of one's labour into the future.

They should simply issue gold-redeemable state currency bills and possibly AUX-denominated debit cards (in asia banks already offer such cards)

Mon, 04/22/2013 - 10:44 | 3483694 W74
W74's picture

So now that Raleigh and Richmond are being filled with ex-Yankees fed up with taxes and stifling regulations, can we assume that the Intra-Mountainous West is the new South?  May the Mountain West rise again.

Mon, 04/22/2013 - 11:12 | 3483803 Kirk2NCC1701
Kirk2NCC1701's picture

Always, always beware of The Law of Unintended Consequences.

This means confiscation by declaration (on your State taxes), taxation... It will be just another meat hook they got into you.

Mon, 04/22/2013 - 16:15 | 3485295 Cathartes Aura
Cathartes Aura's picture

that TX & UT are heading the parade is of interest, in a "hmmm" kinda way. . .

UT getting that brand spankin' new gov facility to eavesdrop on fellow citizens, a state with the highest consumption of anti-depressants imbibed - yep, it's in the water now, stealth pharma - combined with a religion that favours Zionism. . . doesn't inspire much. 

that TX has a reknowned Bilderberger embedded as it's gov, yeah. . . no inspiration there either.

I smell a "test run" in all this, with unintended consequences.   we shall see.

Mon, 04/22/2013 - 12:39 | 3484169 post turtle saver
post turtle saver's picture

Call me when AZ will accept payment only in gold or silver... that's when the fun begins.

Mon, 04/22/2013 - 14:07 | 3484651 Hobbleknee
Hobbleknee's picture

I've made a list with the status of PM legal tender laws by state.  Am I missing any?

http://www.comparegoldandsilverprices.com/gold-and-silver-legal-tender-s...

 

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