In a move that will have a significant impact on precious metal dealers of the recent Arizona vote reveal that gold and silver may become legal currency in the state.
Approved by the state House early this month, the legislation cleared the Senate by an 18-10 vote. The motion will now be passed to Republican Governor Jan Brewer. If she signs it, gold and silver coins as well as bullion will become legal tender at some point in 2014.
A similar bill was approved in Utah in 2011. According to the National Conference of State Legislatures, over twelve states have considered the approach over the past several years. If passed, Arizona businesses will be able to accept the precious metals as payment, if desired. The currency change will be strictly voluntary.
Chester Crandell, State Senator, explained that the change remains a “work in progress.”
“This is the first step in getting it into the statute so we can build on it,” he said.
If the bill is passed, the market for precious metals will certainly change, having a major influence on metal dealers. The global monetary system will likely shift as economies continue to struggle.
Keith Weiner, president of the Gold Standard Institute, explained:
“The dollar system and all of the other derivative currencies, including the euro, are a recipe for worldwide bankruptcy.” He added that in order to obtain stability, the economy needs a “sound and honest money system such as gold and silver.”
Sorry, comments are closed for this post.