AP: Gold, silver coins to be legal currency in Utah
Josh Loftin, writing for the Associated Press, explores how Utahns may soon be able to conveniently use gold and silver coin as a common medium of exchange:
SALT LAKE CITY (AP) -- Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being "as good as gold."
Read more at AP,
on Glenn Beck's The Blaze
or in The Daily Herald.
To make that point, they've turned it around, and made gold as good as cash. Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will 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.