Utah Needs a Gold Depository
One numismatist from Salt Lake City has long pushed to make gold and silver coins legal tender in Utah, in an effort to sidestep international issues while giving citizens an option when inflation hits. Supporters say legalizing coins could also give citizens some control when inflation occurs.
Placer deposits contain fine gold dust, flakes and nuggets which have been carried down from layers of creek sediments by rainfall or gravity. Miners can extract these deposits by running water through an inclined 5 to 15 degree sluice to wash out their material and extract their gold dust, flakes or nuggets.
Location
Utah has a rich history of gold mining, refining, and storage. Asahi (formerly Johnson Matthey), one of the world’s leading bullion refiners is located here; additionally there is plenty of public land available for recreational panning and sluicing opportunities.
Utah ranks sixth as an American primary gold producer, producing more ounces in 1967 than all but California combined. Utah mines produce gold both directly and as byproducts from other base metal ores.
Financially savvy people frequently put aside savings in the form of gold and silver coins as a hedge against unexpected expenses. Craig Franco has made this dream possible through the Utah Gold Depository, which stores precious metals while issuing cards that can be used to purchase goods and services.
Security
Utah has a rich mining history and remains an attractive investment option for those interested in precious metals. Utah’s geologic processes concentrate gold into two types of deposits: lode and placer; lode gold is found in veins of mineralized rock while placer gold accumulates along river beds and stream beds. Utah boasts abundant gold deposits containing more than 147 million troy ounces!
Protecting assets against financial disaster is easier than ever thanks to California’s Gold Depository, offering various storage options and insurance against theft and natural disaster.
Utah’s passage of the Utah Specie Legal Tender Act and establishment of a bullion depository brings state action closer to meeting its constitutional requirement – long disregarded – that no State shall use anything other than gold and silver coin for debt payments. Utah’s legislation creates competition with federal monetary authority while fulfilling founders’ intent by challenging their hold over dollars.
Taxes
Many investors buy gold and silver to diversify their portfolio and reduce market volatility, making their savings relatively immune from market fluctuations. This can be beneficial as encouraging people to invest in precious metals can provide an alternative form of long-term savings such as stocks or mutual funds which have more risk. Unfortunately, trading precious metals on an open market can become expensive when fees, commissions, and sales tax are factored in.
Utah lawmakers are working hard to free precious metals from bureaucratic restraints. Recently, they passed a law declaring gold and silver coins legal tender in their state while exempting capital gains taxes on them. Minnesota, North Carolina and Idaho are now following suit. With the new law now taking effect immediately, government-minted coins weighing gold or silver may now be exchanged for goods and services at value based on weight; sales of coins or bullion bars containing gold, silver or platinum will no longer incur state capital gains taxes upon sales transactions within these states.
Insurance
Financially responsible individuals set aside extra funds in an emergency savings fund in case of unexpected expenses like car repair or job loss. One Utah entrepreneur, Craig Franco, has made it easier for people to build these reserves by offering precious metal storage options.
Gold depository facilities can offer superior security and insurance protection for bullion that surpasses that provided by keeping it at home or bank safety deposit boxes. Many depository facilities adhere to stringent regulations regarding their locations, undergo regular auditing processes, and may offer compensation if your bullion is ever lost or stolen.
Utah holds an anomalously disproportionate share of US bank deposit money data relative to its economic size, suggesting a close link between state laws and how capitalist firms select locations with favorable regulatory regimes for their business strategies and how those firms invest in job creation and economic growth through job creation and investments in that state.
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