Is Utah Bringing Back The Gold Standard?

March 10, 2011 by · Leave a Comment
Filed under: Economic News, Gold Coins 

Last week the Utah state house voted on a bill that would allow silver and gold coins issued by the United States mint to be legal currency. In other words, you can use gold coins and silver just as you would any other currency in the state of Utah. What was even more surprising is that the bill will also allow Utah legislators to look at alternative types of currency to be used in the state.

Wow, what’s going on here? Are we returning to the gold standard. Are we completely losing our trust in the “full faith and credit of the United States”? Well, it certainly appears that way. It is interesting to note that the legislation particularly calls out that Utah citizens can pay their state taxes in gold. That means Utah would rather have gold coins (a real, valuable asset) in the bank than have paper in their banks that is printed and created out of thin air by the Federal Reserve.

As the trust in what our federal government is doing to our wealth as a nation and their lust for more of the citizenry’s hard earned dollars, this is just the first step in preserving what little wealth is left and taking some of the power out of the hands of Uncle Sam. Critics of the gold standard will complain that it is limiting to the governments ability to move money around as they see fit and that it leaves the economy susceptible to shocks to the financial system and my answer is, this is exactly why we need to get back to the gold standard. When currency is based on a tangible asset such as gold, governments cannot manipulate the monetary system as easily and can’t just hand over billions to Wall Street as they did in the so-called economic stimulus program.

Who knows, maybe many more states will start to make steps such as Utah recently did and we will start to get back to a much more stable and sound monetary system. If you want to get in on the pre gold rush, you can buy gold coins here.

Environmental Uses Of Gold

April 21, 2010 by · Leave a Comment
Filed under: Economic News, Gold Coins 

Gold is not just for collecting, investing and beautiful adornment. There are actually many different uses for gold including medical and environmental. Environmentally speaking, gold is used in everything from water purification to emission controls and sustainable chemistry. Most of these uses are future technologies, and are still being developed in most places. The unique chemical properties of gold are allowing it to become a great resource for various environmental needs. It is mostly aimed at pollution and energy reduction, which will help to make the world a greener, more environmentally friendly place.

In water purification, gold-palladium nanoparticles are being studied as an active way to break down trichlorethene, or TCE, a groundwater pollutant that is all too common and very poisonous. Cancer, liver disease, and pregnancy complications are linked to this chemical It’s also been studied as a way to remove pesticides when implemented into a water purification system. These studies are still underway, and are being funded by the World Gold Council to help develop new and better technologies through the use of gold. Gold is also used for mercury control, which has been known to cause Alzheimer’s disease and autism. In factories where coal is used to produce energy, mercury is omitted. This also occurs in some PVC factories in China. To combat this, studies are underway to use gold catalyst that can eliminate the mercury from these processes.

The environmental uses of gold will always help keep the price up making gold a stable investment.

Million Dollar Gold Coin From Canada

April 20, 2010 by · Leave a Comment
Filed under: Gold Coins 

This is an updated post to yesterday’s post about the million dollar gold coin.

The coins have the 99.999 percent purity rating, which is a notch above the old ‘four nines’ rating that used to be the standard for gold purity in coinage. Canada has been upping the ante in many situations with the gold market, including setting the first standard of the four nines back in 1982, and now creating this monstrosity that outweighs and out-values any coin in existence.

This coin consists of 3,215 troy ounces of gold. At a rate of even a modest $700 to $800 per ounce, that adds up to be about $2.25 to $2.57 million US when compared to the price of gold. However, the price of gold is more like at $1,135 an ounce now and that is more than triple the actual $1 million Canadian face value that the coin holds. Even though the coin was a promotional item from the start, it has created quite a stir among collectors and investors around the world, and everyone is waiting to see what happens next. Considering that it takes 6 weeks to manufacture one of these giant coins, it’s certain that they won’t exactly be flying off the presses by any means.

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