It has been reported that Colorado State Senators are considering a bill that would officially legalize the use of gold and silver as currency within the state. The bill is similar to one already in place in Utah and bills being considered in 12 other individual states.
The reason for such a bill has much to do with fears surrounding the dollar. If trends continue, the dollar may be weakened further and the price of gold rise to new heights. More specifically, if the Federal Reserve continues to print more money and the federal government increase debt levels, inflation will most likely rise through the roof and gold prices shoot above $2000.
It is quite common for individuals to buy gold and silver; however, currently gold and silver coin cannot be utilized as actually currency. According to Senator Kent Lambert, “Coins that are minted by the U.S. government should be something that we can use in trade.”
Interestingly enough, following World War I gold and silver coins were banned as currency within the U.S. This is why when one attempts to sell gold they are provided paper currency. As gold prices are now trading above $1700, those who have collected and invested in gold coin understand the true value of their investment (some of which may have seen their investments double and even triple).
Lawmakers have sought to make it clear that the legalization of gold and silver coin would not mean that men and women would be carrying bags of gold around town. The purpose is to legitimize their investment and provide them a sense of security with their money.
Experts agree that an investment in gold and silver may be a wise step for many. The process of buying gold is quite easy. All one needs to do is locate a certified precious metals broker and trade cash for gold or silver.
The future for gold’s place in today’s economy is not yet certain. Stay tuned for new developments!