Next month will see the advent of a new take on an old business in Utah as the state moves forward as the first in the nation to legislate accepting gold and silver coins, the Associated Press reports.
The Utah Gold and Silver Depository will open its doors for business on June 1. Customers who store gold and silver coins in a vault will have cards supported by the coins. The Utah governor signed the bill early last month.
"Because we're dealing with something so forward thinking, I expect a wait-and-see attitude," owner Craig Franco told the Associated Press. "Once the depository is executed and transactions can occur, then I think people will move into the marketplace."
The sponsor of the bill, Brad Galvez, moved forward largely due to opposition to the Federal Reserve's monetary policy. The Republican state senator said Americans no longer are as confident in the U.S. dollar and more options now are in play for consumers.
"We're too far down the road to go back to the gold standard," Galvez told the Associated Press. "This will move us toward an alternative currency."
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.