The Fed isn’t going to like this.
i wonder if the law is valid in federal jurisdiction (and if so, how so), and if it is valid if the bullion owner lives in a different state.
I just wonder how many more “buy gold, get paper” advertisements will come of this.
Interesting. Thanks for posting.
If someone collects gold coins and small bullion how is the fed supposed to know who they are>?
I am in favor of this idea, and could add some improvements.
First of all, people should be able to take their gold there to have their gold assayed and converted into one of two forms. The first of these is transactional purity of 91.7% gold by weight (the typical alloy), with the remainder being silver and copper. Thus these coins could be used as currency.
They would have a face value less than their metallic value, as do most gold coins today. But this face value would be guaranteed by the state.
The other conversion would be into high purity .999 or even .9999 gold, impressed with a hologram and put in a sealed box. It would either have a value greater than the current price, or its value would float with the current price of the metal.
In any case, the coins could be stored in a vault in the mint, and removed by their owner or authorized agent.
The depositor should be able to specify what denominations of gold coin he wanted as well.
Watch out for Auric Goldfinger.
Great post! Good to see you banging the keys on this. I’m forwarding it.
Love to you and your dear ones! (Still wish you guys would dig around and put up a few more photos! You know how I love pictures.)
NOT a state power. Article I, Section 8 specifically says:
The Congress shall have power:The Tenth does not apply to powers already delegated to the US, so cannot empower Texas here.
…To coin money, regulate the value thereof, and of foreign coin…