The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.
The legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.
So if you had an American silver eagle or American gold eagle it would be considered legal tender in Utah. This would open up all sorts of opportunities for businesses to transact in gold also. This is truly amazing and I am speechless.
In this same article it mentions one of the stupdiest comments Bernanke has ever utterred (and he has said some stupid stupid things over the years).
Bernanke also said that gold couldn't return as the world standard because there's not enough gold in the world to effectively support the U.S. money supply.
Think about that for a moment. Idiotic. It isn't based on amount. It is a function of price. So you adjust the price of gold to make the value of gold to equal the money supply.
Utah apparently isn't the only state to be considering such a move.
Twelve other states have offered similar proposals: Georgia, Montana, Missouri, Colorado, Indiana, Iowa, New Hampshire, South Carolina, Tennessee, Washington, Vermont and Oklahoma.
Gold and silver are quickly moving back to currency status.