Commodity Online: Utah Spring and the possible silver rally
Writing for Commodity Online, Rakesh Neelakandan forecasts a silver rally conditioned on continuing momentum in the sound money movement spurred on by the recent passage of Utah's Legal Tender Act:
If history lessons and its cause-effect nature are anything to go by, we can safely assume that a silver rally can actually gain wind, if not now, in the near future. The currency Revolution or the Utah Spring (whatever you may care to call [it]), if [it] goes viral, can spur another rally in precious metals.
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Utah, the mid-west state in [the] US, recently gave approval to use gold and silver as legal tender. Many other US states are expected to follow suit.
Earlier this month, Minnesota took a step closer to joining Utah in making gold and silver legal tender. A Republican lawmaker there introduced a bill that sets up a special committee to explore the option. North Carolina, Idaho and at least nine other states also have similar bills drafted.