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."
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