.Utah Law Makes Coins Worth Their Weight in Gold (or Silver)

This to me is evidence that the dollar is in for a real fall soon. People all over the country are converting their cash and assets into gold and silver. This i blelieve may be one way to get the economy back on track....after the dollar falls. If someone could help me post a link...Im having trouble putting it here . A new economy based on something tangible what a concept. If i go buy a loaf of bread and i give him two bits of silver will this be beginning of the end. Im wondering if at some point in the near future i will have to use my gold chains,rings, bracelets buillon to purchase everything...Lets discuss

Worth their weight?


But I can't eat gold....



So if I had a 100 oz gold, I could exchange it for 100 oz rice or wheat?


I would normally find this to be a bit of a rip off, but one day the grocery store shelves may run dry and then it wouls sound quite a bit more fair.

Do you have a link/source/anything?

Seriously, this thread is useless unless you provide evidence of your claim.

Originally posted by semperkill Im wondering if at some point in the near future i will have to use my gold chains,rings, bracelets buillon to purchase everything...Lets discuss

If there is no food on the shelves you will probably starve with the rest of us, regardless if you have gold and/or silver.

Originally posted by MRedfieldSeriously, this thread is useless unless you provide evidence of your claim.

Sillyness, Joseph Smith would have never required a source...

reply to post by semperkill


It's the way it should have been.

It changed away from that because it was inconvenient to carry so much weight around so they made a fiat currency.

Don't be afraid of this change... It needs to happen.

Just be pissed that $100 worth of Gold 30 years ago, isn't the same amount of gold today for $100.
When you make an interim currency based on material value, you are subject to manipulation.
Like we have been living in this modern age. A huge bubble that is about to pop because it is so thin, it can't support its own weight.

reply to post by MRedfield


Cant link it but please go to google and type in the thread heading. If you can help me out and put up a link. Thanks

The legislation, called the Legal Tender Act of 2011, was inspired in part by Tea Party supporters, some of whom believe that the dollar should be backed by gold or silver and that Obama administration policies could cause a currency collapse. The law is the first of its kind in the United States. Several other states, including Minnesota, Idaho and Georgia, have considered similar laws.
Verbatim from the new york times.....

www.nytimes.com...

Story here...

reply to post by MRedfield


Didnt want to post a useless thread. I beleieve i have given you a post. What do you think.

Yay Utah!

We are at the cutting edge of this kind of thing because we live in a desert. There is not much room for screwing up, or for symbolic gestures. Life is cheap in any desert.

There are still oldtimers around who rememeber "the code of the West." When currency was a person's word. They have much to teach us all.

After all, while the one-ounce American Eagle coin produced by the Mint says “One Dollar,” it is actually worth more like $38 based on the current price of silver. (An ounce of gold is worth more than $1,500.) Now, however, Utah has passed a law intended to encourage residents to use gold or silver coins made by the Mint as cash, but with their value based on the weight of the precious metals in them, not the face value

Looking around ebay, you'd still be a fool to do it with that particular coin, because the going rate is somewhat higher again.
But the law itself is never going to be compulsory. The "worth" of the coins in your pocket according to the metal is nearly nothing. You'd have riots in the street if the government devalued your coinage overnight.
(Paradoxically, no riots if they devalue it slowly over several decades)

reply to post by semperkill


Sorry, re-reading my post it DOES sound a bit harsh. I was strapped for time and just typed up a quick "need a link" response while I could.

The fact that the mint wants people to use previously dubbed "keepsake" coins as currency now is quite interesting, and it's only bound to get very, VERY confusing when somebody goes to pay for something that costs $20 with a gold coin stamped as "one US dollar", and the coin is actually worth $38.

Honestly? I don't know what to think. We live in very interesting times.

reply to post by MRedfield


Interesting times indeed my friend. I feel that things may only get worst before they get better. Although if done right this idea would give our money the strength that it was mrant to have. We need to internalize....

I think it may have already been discussed, but I just noticed this on Kitco's site.. And I thought it was very interesting to discuss here.. Especially it was put out by traitorous.. and largely useless NY times..

www.nytimes.com...

Utah shredding service

Originally posted by semperkill The law is the first of its kind in the United States.

The coinage act of 1792 set the value of the US dollar at 20.67 was worth 1 oz of gold. (Try taking 20.67 in Federal Reserve notes into a bank and demanding an oz of gold in exchange see how fast you are escourted out of there)

en.wikipedia.org...

Originally posted by MRedfield
reply to post by semperkill

 

Sorry, re-reading my post it DOES sound a bit harsh. I was strapped for time and just typed up a quick "need a link" response while I could.

The fact that the mint wants people to use previously dubbed "keepsake" coins as currency now is quite interesting, and it's only bound to get very, VERY confusing when somebody goes to pay for something that costs $20 with a gold coin stamped as "one US dollar", and the coin is actually worth $38.

Honestly? I don't know what to think. We live in very interesting times.

Actually it is not that hard. All they would need is to keep valuing them in dollars, but have a machine that tells them the metal value in a coin, and also the worth of the metal in dollars. What you will end up having is the retailers keeping the hard currency(gold and silver) for profits and expenses; while using the soft currency(dollars) for taxes.

Heck they could even half pay their workers: Give their workers enough soft currency for taxes and hard currency for after tax income. Would be very comical and give the Fed an incentive to strengthen the dollar.
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But with the advent of 3D Printers, such economic policies might be desirable. People need to understand how much of a game changer 3 D printers really are.

Think the replicators from StarTrek. The mechanism may be different, but the end result is more or less the same.

I am sure they could make 3D printers for making food(just have the broken down food molecules for re-assembly; instead of different inks for coloring, imagine different molecules for flavoring with the machine adding the correct texture) and 3D printers for clothing; 3D printers for tools and household items; 3D printers for manufacturing cars, planes and even homes!

3D printers are going to radically change the way we think about the economy, life, everything!
In such a society the only job's with real value would be: Service sector(Doctors, Nurses, Teachers, Fire Fighters, Hotel, Restaurant and most importantly 3D printer production/maintenance); Agricultural sector: manufacturing of molecules for consumption(heck might even be able to use carbon from plants for clothing, car's and homes as well!) and energy.

No more manufacturing jobs at all!

Then you add in thorium as a future energy source. To some degree we are living in the 1890's and witnessing the birth of mass electricity, the automobile, and mass production all over again in a albeit, slightly different way.