Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/9/2013 (2 years ago)

Catholic Online (www.catholic.org)

Investor confidence in currency drops as the Fed makes unorthodox moves.

A dozen states are considering bills that would once again authorize the use of gold and silver coins as legal tender. The move comes as long-term confidence in the dollar erodes.

In God, and gold we trust.

In God, and gold we trust.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/9/2013 (2 years ago)

Published in Business & Economics

Keywords: Gold, silver, bullion, investing, currency, fiat money, Fed, exchange, standard


SALT LAKE CITY, UT (Catholic Online) - Utah has already authorized bullion as currency, and Arizona is about to follow suit. Other states, mostly conservative, are breaking away from absolute dependence on fiat currency.

There's plenty of reason to worry about the dollar's stability. Unusual moves by the Fed to stabilize the economy combines with moves by other countries such as China, to unseat the dollar as the world's reserve currency, are undermining confidence.

In Texas, Gov. Rick Perry has given his support to a bill that would transfer the state's gold reserves from a bank in New York back to a repository in Texas itself. The bill would establish the Texas Bullion Depository and would store about $1 billion in gold bars. It would also accept deposits from the public.

There is also a growing call to return to the gold standard, linking the dollar's value to bullion.

Allowing consumers to convert their currency to bullion that will not lose value as a result of questionable government policies would build confidence by giving people control over their money.

Further state legislation is being considered in Utah that would eliminate capital gains and state taxes on bullion will make silver and gold a more attractive option for investors.

Still, there are no plans to resurrect gold and silver coins for the purpose of buying groceries or gas. However, people are trying. Some Utah residents have asked to pay their taxes in gold or silver. Direct payments to the state would eliminate intermediaries who convert bullion to fiat currency in exchange for a steep percentage of its value.

The state has formed a task force to consider how to accept the bullion for payments, however the fluctuating value of gold and silver makes a plan challenging to devise.

Ultimately, people are concerned that dollars backed by nothing but federal edict are too flimsy as a currency and would feel safer being allowed to directly invest in bullion, which is a hard currency and will never decline in value below a reasonable point. Bullion also acts as a hedge against inflation, by automatically increasing in value as inflation accelerates.

For now, it seems unlikely that gold and silver will return to circulation anytime soon. However, the movement is certainly afoot and wise investors should take note.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for May 2015
Universal:
That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
Evangelization: That Mary's intercession may help Christians in secularized cultures be ready to proclaim Jesus.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Los Angeles boosts minimum wage to $15.34 an hour, largest U.S. city to do so Watch

Image of Significantly, the bill in its current form includes tipped workers. This means that tips would not count towards the proposed minimum-wage base pay of $15.

By Catholic Online (NEWS CONSORTIUM)

The minimum wage for the city of Los Angeles will be $15.34 by the year 2020 - until then, wages will increase incrementally each year. The vote is being hailed as "the most significant victory so far" in the push to increase the minimum wage nationally. LOS ... continue reading


Another attack on 'In God We Trust': Atheists take a stab at U.S. currency motto Watch

Image of The United States currency's motto is 'In God We Trust.'

By Atarah Haely (NEWS CONSORTIUM)

After a series of unsuccessful legal battles against the religious quote on U.S. currency, a popular atheist activist claims to have found a new and more effective way attack the country's beloved "In God We Trust." MUNTINLUPA, PHILIPPINES (Catholic Online) - Michael ... continue reading


Verizon to buy AOL in $4.4 billion deal Watch

Image of Verizon says the deal will shore up its wireless and over-the-top or OTT video strategies.

By Catholic Online (NEWS CONSORTIUM)

In a deal valued at approximately $4.4 billion, telecoms giant Verizon will acquire digital conglomerate American Online, or AOL. Verizon announced this week it would acquire digital conglomerate AOL, intended to bolster the telecommunications giant's efforts ... continue reading


Five American tech companies have $430 BILLION in which to play Watch

Image of While other companies cry

By Catholic Online (NEWS CONSORTIUM)

While other companies cry "poor mouth" or say they have little at their disposal, at least five American tech companies are sitting on an overwhelming $430 BILLION in cash. There should be no surprise that Apple leads the list by a wide margin. LOS ANGELES, CA ... continue reading


New York Times reports substantial loss in spite of digital growth Watch

Image of There has been a move to make the newspaper more attractive to readers. The newspaper's cooking product, a hub for recipes and food-related content, has been free since its introduction.

By Catholic Online (NEWS CONSORTIUM)

In just one of growing death knells of the daily print newspaper, the iconic New York Times reported a hefty $15 million loss for the first quarter of 2015. Digital subscriptions continue to show solid growth. Digital advertising grew at a double-digit pace. ... continue reading


Shakeup at Walt Disney Parks -- information technology employees replaced by non-immigrant workers Watch

Image of Both Disneyland and Walt Disney World certainly were not the happiest places on Earth for many employees at the beginning of this year.

By Catholic Online (NEWS CONSORTIUM)

Both Disneyland and Walt Disney World certainly were not the happiest places on Earth for many employees at the beginning of this year. Multiple layoffs went around to many several information technology employees and were told their final day would be January ... continue reading


Apple can't seem to spend money fast enough as profits soar and cash reaches a staggering $194 billion Watch

Image of At Apple - the company can't seem to spend money fast enough.

By Catholic Online (NEWS CONSORTIUM)

Digital gadget maker Apple has ended the first calendar quarter with $33 billion in cash and short-term investments and $160.4 billion in long-term investments. Apple currently has $194 billion in cash and investments, more than any other non-financial company ... continue reading


Meet the billionaires who pledged to give up their fortunes to change the world Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

Through the "Giving Pledge," men and women belonging to the upper crust of the society, with billions of dollars in their name, commit to donating a large chunk of their fortune, whether through their lifetime or through their will. Coming from the majority of their ... continue reading


World's discarded electronic junk building up into massive toxic dump Watch

Image of Less than 16 percent of global e-waste is being diverted from landfill into recycling and reuse.

By Catholic Online (NEWS CONSORTIUM)

Television sets, washers and driers, stereos - broken, discarded, and then thrown away, are creating a massively toxic waste dump of gargantuan proportions. The irony in all this "e-waste" is the fact that precious metals such as gold and silver are also thrown ... continue reading


Australian father-and-son team raises $10 MILLION for beehive project Watch

Image of The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that.

By Catholic Online (NEWS CONSORTIUM)

The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that. Nearly 30,000 people have funded their "Flow Hive" project on Indiegogo for $10 million dollars. Not bad at all for such ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 28:16-20, 30-31
16 On our arrival in Rome Paul was allowed to stay in ... Read More

Psalm, Psalms 11:4, 5, 7
4 Yahweh in his holy temple! Yahweh, his throne is in ... Read More

Gospel, John 21:20-25
20 Peter turned and saw the disciple whom Jesus loved ... Read More

Saint of the Day

Saint of the Day for May 23rd, 2015 Image

St. John Baptist Rossi
May 23: This holy priest was born in 1698 at the village of Voltaggio in ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter