Utah authorizes gold as currency

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June 2, 2011 – On May 22, 2011, the Associated Press reported that Utah had authorized gold and silver as currency within the Utah territory. The sale of gold and silver coins is now exempted from tax. Nevertheless, there are gaps in the new legislation. Merchants and service contractors are not forced to accept gold and silver as legal tender. Furthermore, nobody knows, whether the new coins should be accepted for face value or at the market price of the day.

The republican delegate Brad Galvez sponsored the bill in order to protest against Federal Reserve monetary policy. He was successful and in the meantime nine more states – among them Minnesota, North Carolina and Idaho – discuss the introduction of a gold currency.

March 18, 2011, a US court condemned the private businessman Bernard von NotHaus to 17 years in prison and a $ 250,000 fine for doing privately, what Utah now plans. He offered his clients an internal gold currency. Then, the FBI characterized him as “domestic terrorist”.

In order to read the article on NotHaus, click here.

More about the gold currency of Utah you can read here and here.

The biography of Brad Galvez you will find here.