Utah legalizes use of gold, silver as currency

[Playinghardball]

Source: AP via Raw Story
By Kase Wickman

Utah this week became the first state to legalize the use of gold and silver coins as legal currency, the according to the Associated Press.

Republican state Rep. Brad Galvez sponsored the bill, which also excludes gold and silver from capital gains taxes, as a protest against Federal Reserve policies. Galvez said he didn't want a complete return to the gold standard, but wanted to give consumers more options.

"We're too far down the road to go back to the gold standard," Galvez told the AP. "This will move us toward an alternative currency."

The Utah Gold and Silver Depository will open June 1, and consumers will be able to store their gold coins there in exchange for a debit card that draws on their funds there. Merchants won't be required to accept gold coins, so the depository is the only way to guarantee the currency can be used.

More at: http://www.rawstory.com/rs/2011/05/23/utah-gold-standard-silver-currency/