Tag Archives | Gold

State Government Of Texas Moves To Hoard Its Gold

By on March 24, 2013 in News 0

Does a Texas legislative session resemble a Yosemite Sam Looney Toons clip? Because that’s what I’m picturing. The Fort Worth Star-Telegram reports:

Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas. A bill from Rep. Giovanni Capriglione would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co. and stored by the Federal Reserve.

The idea isn’t entirely new. Gold-standard-backing Ron Paul has raised repeated concerns about the safety of states’ gold supplies. “If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible,” Paul told The Texas Tribune on Thursday.

“If we own it,” Perry said, “It’s not someone else’s determination whether we can take possession of it back or not.”

… Read the rest

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Arizona Moves To Approve Gold And Silver As Legal Currency

By on March 8, 2013 in News 13

The return-to-old-timey measure follows a similar development by Utah. The Arizona Daily Star explains:

State senators voted [last] Wednesday to make gold and silver legal tender in Arizona. They persuaded Sen. Chester Crandell, a Heber Republican, to give privately minted gold and silver coins the same legal status to pay bills. The proposal, SB 1439, stems from concerns of some that the paper money is losing value.

The U.S. Constitution specifically prohibits states from creating their own currency. But supporters contend that does not preclude states from recognizing coins minted by private organizations. The legislation would not require anyone to accept these coins.

Crandell acknowledged his legislation probably is unworkable, for now. So he agreed to delay its effective date until after 2014, giving lawmakers a chance to work out any of the kinks. A final roll-call vote is needed before the measure is sent to the House.

… Read the rest

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Scientists Discover Bacteria That Turns Toxic Chemicals Into 24-Karat Gold

By on October 5, 2012 in News 9

Alchemy by bacteria, via the Huffington Post:

Scientists have developed a bug which produces pure gold. The team at Michigan State University say that they found the bacteria Cupriavidus metallidurans is able to take gold chloride, a toxic chemical found in nature, and turn it into 24-karat gold.

“Microbial alchemy is what we’re doing – transforming gold from something that has no value into a solid, precious metal that’s valuable,” said Kazem Kashefi, assistant professor of microbiology and molecular genetics.

Unfortunately however the process isn’t particularly cost-effective meaning that it is more expensive to enact the conversion than the actual value of the gold produced.

… Read the rest

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The 12 Most Infamous Economic Conspiracy Theories

By on August 7, 2012 in News 9

The digital rag Business Insider (run by Henry Blodget, the unabashed Wall Street Internet booster) goes for more SEO-friendly conspiracy bashing:

The economy has sparked a wide variety of truly bizarre conspiracy theories. Despite the fact that they have no basis in truth, people continue to believe them with almost religious zeal.

The internet has given them a wider forum and audience, and has proved to be fertile ground for these ideas to spread.

These are the myths, conspiracy theories, and flat out falsehoods that just won’t die.

The Federal Reserve is a private corporation run for the profit of its shareholder banks.

Origin: This one’s been kicking around almost since the creation of the Federal Reserve in 1913. It’s the subject of a three hour documentary called “The Money Masters”.
The reality: Nationally chartered banks do hold stock in their regional Federal Reserve Banks, and receive a small portion (6 percent of their stock) of the profits of their regional banks, which is presumably the origin of this theory.

… Read the rest

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13 States Considering Alternative Currencies

By on February 4, 2012 in News 15

gold“We don’t want yer Yankee dollars ’round these parts.” CNN writes that a string of state currently have a crush on the idea of of gold and silver-based money:

A growing number of states are seeking shiny new currencies made of silver and gold. Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place.

The Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make “gold and silver Coin a Tender in Payment of Debts.” To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said Edwin Vieira, an alternative currency proponent and attorney specializing in Constitutional law.

… Read the rest

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Donald Trump Wants Payment In Gold, Not Dollars

By on September 16, 2011 in News 24
Photo: Gage Skidmore (CC)

Photo: Gage Skidmore (CC)

Brett Arends suggests that the Donald preferring gold bullion to cash is probably the beginning of the end of the incredible run up in gold prices. From Marketwatch:

The Donald has just accepted gold bullion instead of cash. According to my colleague at the Wall Street Journal, Trump accepted $176,000 in bullion as a security deposit on space at 40 Wall Street from Apmex, a precious metals dealer.

Trump used the occasion for some publicity, and a dig at the Obama administration. “It’s a sad day when a large property owner starts accepting gold instead of the dollar,” Trump said in an interview. “The economy is bad, and Obama’s not protecting the dollar at all….If I do this, other people are going to start doing it, and maybe we’ll see some changes.”

Oh, brother.

When a self-promoter like The Donald jumps on a bandwagon, you know it’s getting a little old.

… Read the rest

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The Return Of The Gold Standard In The New World Order

By on July 15, 2011 in News 40

goldYou knew it was coming, right? Ambrose Evans-Pritchard reports for the Telegraph that gold has reclaimed its ancient status as the anchor of stability. The spot price surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train:

On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save – Spain and Italy – though RBS thinks a €3.5 trillion rescue fund would ensure survival of Europe’s currency union.

On the other side, the recovery has sputtered out and the printing presses are being oiled again. Brinkmanship between the Congress and the White House over the US debt ceiling has compelled Moody’s to warn of a “very small but rising risk” that the world’s paramount power may default within two weeks. “The unthinkable is now thinkable,” said Ross Norman, director of thebulliondesk.com…

Step by step, the world is edging towards a revived Gold Standard as it becomes clearer that Japan and the West have reached debt saturation.

… Read the rest

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Check Out Ron Paul’s Stock Portfolio (and for Other Members of Congress)

By on June 20, 2011 in News 4

Ron Paul Gold CoinFrom Linette Lopez’s article in Business Insider. Here’s what Ron Paul does and full article here.

Well, this is predictable …Today members of Congress had to reveal their stock holdings. We were curious what anti-Fed, pro-gold Congressman Ron Paul held, and no surprise, he likes gold. Lots of it. Here are the stocks he owns:

Agnico Eagle Mines; Alumina Common; Anglo Gold Ashanti Ltd.; BrigusGold Corp. Com MPV (formerly Apollo Gold Corp); Barrick Gold Corp.; Claude Research Inc; Coeur D’Alene Minds Corp.; Gold Corp Inc; El Dorado Gold Corp.; IAM Gold Corp.; Kinross; Lexam Explorations Inc.; Mag Silver Corp.; Metalline Mining Co.; Mutual Securities Inc.; Newmont Mining Corp.; Pan American Silver; Petrol Oil and Gas; Silver Wheaton Corp; Virginia Mines Inc.; Vista Gold Corp.; Viterra Inc; Wesdome Gold Mines Ltd.; Allied Nevada Gold Corp.; Hecla Mining Co.

Looks like he’s doing well these days.

Click here to see what some of his fellow Representatives are holdings as well.… Read the rest

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Utah Approves Gold & Silver Coins As Currency

By on March 8, 2011 in News 17

Via Talking Points:

The Utah House of Representatives has approved a bill that allowing gold and silver coins to be used as currency, though unlike similar bills in other states, it doesn’t force anyone to accept gold or silver as legal tender.

House Bill 317 was introduced by state Rep. Brad Galvez (R) last week, and passed the House by a vote of 47-26. It will now head to the state Senate for a vote.

The Salt Lake Tribune reports that Galvez explained: “This is a step in preparedness, a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink.”

As TPM has been documenting, there’s been a recent push for gold and silver coins to be used as currency. Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S.

… Read the rest

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Gold And Silver Currency May Be Legalized In U.S. States

By on March 4, 2011 in News 8
1933 double eagle

U.S. 1933 Double Eagle Gold Coin

Anyone who’s been paying attention knows that the United States federal currency has been grossly devalued as the Federal Reserve has been printing paper dollars 24/7 to fund the “stimulus” that’s supposed to end the bleak recession we’ve been stuck in for the last three years (I know, officially it’s over, but tell that to the millions of un- and underemployed people scraping by).

One of the great things about American governance is that the individual states retain a lot of power, so many of them are taking matters into their own hands and planning a reversion to currency that really is worth something: gold and silver. Ralph Benko reports on the trend for the Christian Science Monitor:

Why are so many state legislators beginning to call for issuance of a form of gold money?

The Constitution prohibits states from coining money but allows them to make “gold and silver Coin a Tender in Payment of Debts.” By prohibiting everything except “gold and silver Coin” the Constitution clearly considers gold and silver coinage to be legitimate, no matter who issues it.

… Read the rest

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