gold news

 so to issue a competitive procurement for a precious metals backed electronic payment platform so there's going to be a competition bids out to get this platform in place to use for transactions in gold and silver Utah First in the nation Utah legislature passes past tense a bill Paving the way for State vendors to be paid in gold and silver this is huge everybody needs to pay attention to this in the gold space and it's also huge in the crypto space which I'll show you later House Bill 306 authorizing State

Treasurer to issue a competitive procurement for a precious metals backed electronic payment platform now awaits Governor Spencer Cox's signature Salt Lake City legislature passes the bill authorizing the state treasur to issue a this is important for a few people I know uh Leman bar mans Harmon pay attention your distributed Ledger is the best platform to build this system on so to issue a competitive procurement for a precious metals backed electronic payment platform so there's going to be

a competition bids out to get this platform in place to use for transactions all over the state of Utah in gold and silver allowing the state vendors to opt for payment in physical gold and silver sponsored by Republican Ken Ivory uh and carried in the Senate by Senator Keith Grover the bill passed with strong bipartisan support so they really want this in both the House and Senate and now awaits the governor's signature Utah will become the first state in the nation to pass a transactional go bill they passed a bill

back in 2011 recognizing gold and silver as legal tender which just reinforces the US Constitution basically uh in uncertain times Utah is providing vendors with a Serv and service providers with the option to receive payment in gold and silver representative Ivory said this law gives utans an alternative to choose how they preserve the purchasing power of their earnings and savings uh legislation is the outcome of the pr ious Metals study working group with representative Ivory also state senator Treasurer Marlo Oaks

to invest a portion of Utah's rainy day funds in gold and silver and review how precious metals can enhance Utah's Economic Security and prosperity Treasurer Oaks said a key takeaway from the working group is citizens should have a choice of how they conduct F Financial transactions 306 gives State vendors the option to be paid in Precious Metals while ensuring the physical assets backing the system are stored in Utah and subject to regular audits okay stored in Utah for treasurer Oaks and for representative Ivory and

Senator Grover um I was the first precious me online precious metals dealer to open up third-party Vault Storage and I did it by flying to Salt Lake Utah and going to Brinks and we started a system where Brinks does the storage for us and at first it was just a little corner of their facility that sorts all of you know it is just delivering Federal Reserve notes and to the banks and picking them up and putting them on airplanes and sorting coins and stuff like that so precious metals was just in a tiny little room in

little cages then later they uh opened up a large Vault that is just for storage only and I asked why they did that and they said it was because of me we had grown to the size where they just could not accommodate us anymore and so they do have a high Security Vault just waiting for you and you know very very convenient technological advancements now enable fractional gold transactions a precious metals backed electronic payment platform could facilitate real time transactions seamless dollar to Gold conversions and

Secure Storage in Utah under strict safety standards former Federal Reserve Vice chair Randall corals and former CF corals I guess that said and former CFO of both City group and American Express so the Chief Financial Officer of City Group in American Express Gary Crittenden are among the working group's members who expressed support for the legislation critton said that the bill facilitates the use of of evolving options that are now available in the payment ecosystem so again Manz Haron and Leman bar get on this right away

they need a proposal uh these guys will understand that you can have the throughput required uh for all of this but uh gold served as money in the United States for over a century and a half however in 1974 the IRS through policy not law classified gold as a collectible subjecting it to the highest capital gain tax rates uh the tax makes transacting gold less attractive since each transaction in gold or silver is deemed as a taxable event except if it's a US Sovereign coin such as the gold eagle and the silver eagle so Article 1

Section 10 of the US Constitution authorizes states to recognize gold and silver as legal tender in 2011 Utah became the first state to pass legis legislation doing just that so I remember that and I reported on it back in 2011 so this is really big news and it is another one you know I used to do this series called the nails in the coffin of the global dollar standard and that that 2011 uh bill that they passed was definitely one of the nails back then and this is another nail this is something that is huge uh it gives uh

honest money a chance to displace dishonest FIA currency I want to thank you for watching we'll see you next time