How We are Using Gold as Money in Utah.Submitted by Awakening Day on Wed, 04/24/2013 - 18:37
I've been extremely excited to share this with the Daily Paul because we are on the cusp of something historic and transforming. Since the State Utah legalized Gold and Silver as money, as the Constitution stipulates, we are now able to pay and get paid in Gold. The following Articles will explain how you can do it too.
Some recent History about Gold and Silver as Money:
The Gold Bullion Coin Act of 1985 signed by Ronald Reagan allowed for American Gold Eagles, the American Silver Eagle, and other minted Gold and Silver coins from the U.S Treasury to be legal tender at their face value.( http://www.usmint.gov/pressroom/legislation/Public_Law_99-18... )This is federally recognized legal tender. A fifty dollar Gold Eagle is fifty legal tender dollars. The coins, when purchased, were to help pay down the national debt.
In 2010 Utah became the first state to legitimize and recognize Gold and Silver U.S. Legal Tender that can be used as money in the State The measure eliminated state capital gains or other taxes on the coins. Currently there are 12+ states with similar legislation trying to pass the same laws towards these legal tender coins.
Now for the good part. If you want to use American Gold Eagles (AGE) as money and get paid in Legal Association here in Utah has created a way to do it. A person can contribute Federal Reserve Notes (FRN's) into this Association and it is held in Escrow. They then will dollar cost average and purchase Gold dollars into your account over a 30 day period or sooner if you desire. By dollar cost averaging the purchase of Gold it can help smooth out the up and downs of the Gold market.
This Association has a bill pay service for your convenience. They are legally responsible for any bills you want to have them pay. When they pay your bills (for a small fee) they subtract the amount of gold dollars from your account. So if you use your credit cards to purchase items, pay your bills, etc you can tell the Association to pay your bills. They, not you, are sending them FRN's. Your account of Gold is subtracted in it's Gold dollar equivalent. If you pay your bills to someone in Gold you have no transaction fee.
A Gold dollar is defined as 1/50th of an American Eagle (22 karat) or American Buffalo (24 karat) coin. A Gold Cent is one hundredth of a Gold Dollar. These definition help understand the transactions in Gold.
The Gold purchased or deposited is 100% insured and is held in a Brink's vault. It is redeemable as long as you have at least 50 dollars in Gold to redeem. If you don't have 50 gold dollars and want to redeem your money, they can round to the nearest silver dollar.
You can register as a merchant who accepts Gold as payment and can get paid directly in Gold by other members.
I will take the time to explain how we got this going and more details if there is interest.
End of Part One: