Gold and Silver money are being used for goods and services. In effect, gold and silver are starting to be used as competing currencies against the US dollar.
This page provides information and examples of gold and silver being used as money within the United States. A law from 1965 allows these types of transactions.
The Coinage Act of 1965
This act states: “Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.”
Here are examples of where Gold and Silver are being used as money.
Utah legalizes gold and silver as currency In May of 2011 Utah became the first state to legalize the use of
gold and silver coins
as legal currency, according to the Associated Press.
A Utah Gold and Silver Depository that was opened allowed gold in exchange for a debit card that draws on their funds there. Merchants aren’t required to accept gold and silver coins. Thus, the depository is the only way to guarantee the currency can be used.
North Carolina, Idaho and Minnesota and at least nine other states have similar bills drafted.
Silver as currency in Michigan Silver and gold are being used as currency in various businesses in Michigan. Although the government and banks don’t accept these competing currencies many businesses do.
See the video below for more information.
Final Thoughts 0n Gold and Silver Money The fact that
gold and silver
are being used as competing currencies of the US Dollar is compelling evidence that the dollar is weak. Further devaluation of the dollar may cause an increase in precious metals being used as competing currencies.
“Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy.”