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Utah allows gold, silver coin to be used as legal tender

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March 11, 2011

Utah in Western United States has passed a legislation that would allow gold and silver coins to be used as a legal tender in the State; a move to hedge them from the value erosion that the US Dollar is undergoing.

Analysts and think tanks have supported the move. But there is opposition too. As one of the law makers joked, Utah should make salt a legal tender owing to its surplus in the State.

The Utah legislation is touted as a rejection of fiat money and an opposition against tax code that encourages consumption.

The new wave is not restricted to Utah, as a dozen states have proposed such a bill.

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This article was posted: Friday, March 11, 2011 at 5:34 am

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