Something BIG is afoot out in the States that will have profound effect on the gold market: they are taking action to shelter their economies from the Fed’s dollar-destroying policies.
Posted by Adam King on March 02, 2011
States’ rejection of the dollar will give big boost to the gold market.
March 02, 2011 – Something BIG is afoot out in the States that will have profound effect on the gold market: they are taking action to shelter their economies from the Fed’s dollar-destroying policies.
A rapidly growing number of states are adopting what is typically known as the “Constitutional Tender Act,” legislation providing for the conversion from federal fiat money to gold and silver coins. While a few of the more cautious ones are only paving the way for the switch, most are calling for immediate action because “an adequate system of governmental finance and a sound and robust private economy cannot be maintained in the absence of a sound currency . . . [and] many widely recognized experts predict the inevitable destruction of the Federal Reserve System’s currency through hyperinflation in the foreseeable future.”
The legislation specifically cites the dollar’s “not being redeemable in gold or silver coin or the equivalent in bullion . . . as a major reason for the ever-increasing instability of the Federal Reserve System,” and states that “only through the timely adoption of an alternative sound currency” can the states “avoid or at least mitigate . . . hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System.”
Because “the United States Congress, the U.S. Department of the Treasury, and the Federal Reserve System have taken and are preparing to take no action to provide the United States with an alternative to the [dollar],” the states are taking matters into their own hands backed by a Supreme Court ruling “that the States may adopt whatever currency they desire . . . while refusing to employ a currency not redeemable in gold or silver coin that Congress has designated ‘legal tender’.”
As the states start adopting an alternative hard currency they will drive the gold market to unimaginable heights, greatly rewarding certified gold investments made today.
Stewart Lawson
Senior Staff Writer – Certified Gold Exchange
Categories:
US Gold Market
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