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Utah becomes first state to legalise gold and silver as currency

Utah becomes first state to legalise gold and silver as currency
Utah legislators became the first in the country this month to legalise gold and silver coins as currency.

The law will also exempt the sale of the coins from state capital gains taxes.

Craig Franco hopes to cash in on it with his Utah Gold and Silver Depository, and he thinks others will soon follow.

The idea is simple: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings.

He plans to open for business June 1, likely the first of its kind in the country.

He said: 'Because we're dealing with something so forward thinking, I expect a wait-and-see attitude. Once the depository is executed and transactions can occur, then I think people will move into the marketplace.'

The idea was spawned by Republican state Republican Brad Galvez, who sponsored the bill largely to serve as a protest against Federal Reserve monetary policy.

Mr Galvez says Americans are losing faith in the dollar. If you're mad about government debt, ditch the cash. Spend your gold and silver, he says.

His idea isn't to return to the gold standard, when the dollar was backed by gold instead of government goodwill. Instead, he just wanted to create options for consumers.

Read more ....... Daily Mail

Gold price rises to $1523 and new record high in Euro

Gold rose to a two-week high on Tuesday as concerns about a spreading EU debt crisis fueled safe haven buying, while a softer dollar provided support.

Spot gold hit $1,523.30 a troy ounce, its highest since May 11. It was bid at $1,520.80 an ounce at 1149 GMT from $1,516.05 late in New York on Monday.

Portugal and Ireland would be at risk of multi-notch credit downgrades, pushing their ratings into junk territory in the event of a default by Greece, Moody's EMEA chief credit officer told Reuters.

"There is so much uncertainty that the downside risk for gold is low in the short term," said VTB Capital analyst Andrey Kryuchenkov.

"People are still frightened about Portugal and about a possible restructuring of the Greek debt so safe haven flows will continue," he said.

But in the long term there may be headwinds for the precious metal such as a possible decision of the U.S. Federal Reserve to hike interest rates, Kryuchenkov said.

Low interest rates help gold which competes with yield-bearing assets for investors cash.

"We expect gold prices to continue to climb in 2011 as the resumption of quantitative easing should keep U.S. real interest rates low," said Goldman Sachs in a note.

"However ... we expect U.S. real interest rates to begin to rise into 2012, likely causing gold prices to peak in 2012."

A lower U.S. currency, which makes commodities priced in dollars cheaper for holders of other currencies, was also supporting gold.

Gold prices in British pounds hit a record high of at 944.18 pounds an ounce. Gold denominated in euros hit a record high of 1,081.76 euros.

"We like (gold in euros) right now, considering the breadth and depth of risk-sapping variables that currently prevail," UBS said in a note.

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