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Utah Gold Standard | Why Everyone Should Care
The Utah gold standard or currency was introduced in May 2011; that’s not news right now. By introducing this legislation, Utah legalized the use of American government-issued gold and silver coins as currency.
This piece of legislation is more-or-less a sign that Americans in general are losing faith in their paper currency. Other states are following similar routes as well, with Idaho, North Carolina and Minnesota exploring their options. Now that one state in the United States recognizes gold and silver coins as currency, why should you care, and what does this mean to you?
Gold And Silver | The Big Picture
The Utah gold standard should not be a surprise to you. Historically, paper money (currency), was “as good as gold”, since it was backed by physical gold. This is not the case anymore.
The current economic uncertainties, mounting debt problems and bankruptcies among other factors, have all let to a weakening of global currencies. This has resulted in the general cost of living increasing, and inflation going up.
Think back 10 years ago; consider the price you would pay for a loaf of bread, and compare that to now.
Anywhere you go in the world, the following is true:
2,000 years ago, an ounce of gold would fully clothe a person.
100 years ago, an ounce of gold was equivalent to approximately US$20, and you could still be fully clothed with both an ounce of gold and a single ounce of gold.
Today, you can clothe yourself using one ounce of gold, but what can you do with US$20?
As another example, consider that:
2,000 years ago, an ounce of silver could buy you a meal.
100 years ago, an ounce of silver was equivalent to US$50 and that could still buy you a meal.
Today, an ounce of silver can still buy you a meal, but what can you do with that US$50?
Inflation is real, and it eats away at the value of your hard-earned currency. As prices go up, does your currency go up in value at the same rate?
As Alan Greenspan, former chairman of the US Federal Reserve Bank said in 1967, “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.”
As the supply of currency increases relative to the supply of tangible assets in the economy, prices must eventually rise. In the last 3 years alone, nearly US$2 trillion has been issued into the reserve currency of the world; this money has been printed into existence.
Just how massive is US $2 trillion? To put the magnitude into perspective, let us consider time:
1 million seconds = 11 ½ days.
1 billion seconds = 32 years
1 trillion seconds = 32,000 years.
These are approximate values, but one thing is clear….when you hear that US$2 trillion was printed into existence in the last 3 years, you should be worried.
The debasement or destruction of value in their money has led to the decline and collapse of at least 6 major empires throughout history.
A few financial certainties can be drawn from this. We all know these facts consciously or sub-consciously, but most people seldom do anything about them:
All paper currencies lose value. This is a historic fact.
For the last 6,000 years, gold and silver has been the only true storehouse of wealth. It may go up and down in value occasionally, but on the grand scale, its value increases.
Your financial results and all your financial decisions (what you invest in and spend money on), are expressions of your financial awareness.
Utah Gold Standard | Why You Should Learn From It
With each piece of bad financial news that we hear, gold and silver move up in price. Everywhere you look, there are signs of gold buyers in Utah (and everywhere else in the world). WHY do people want to buy your gold and why are they offering you so much cash for your gold?
J. P. Morgan Chase has said it would allow some of its clients to use gold as collateral for some loans. Central banks the world over are increasing their gold holdings substantially; they are basically taking the same paper currency that they themselves create, and turning that into something of intrinsic value.
Countries, corporations and individuals with high levels of debt, and low levels of savings are in crisis right now. If you understand that cycles come and go, and you position yourself correctly in the right asset at the right time, then you wouldn’t see the current situation as a crisis, but as a great opportunity.
So as you debate as to whether the Utah gold currency is a good thing for you or not, realize where gold and silver sit in the grand scheme of things, and position yourself to prosper.
See Video here on Our Gold and Silver Savings Program: http://whatablessing.net
To Your Success,