Investing.com - Financial Markets Worldwide

Missouri Considers Precious Metal Possible Tender

ByGoldMoney News Desk
Published 04/30/2012, 12:19 PM
Updated 05/14/2017, 06:45 AM

Missouri is the latest U.S. state looking to follow Utah's example by allowing physical gold and silver to be used as legal tender. According to the American Constitution, gold and silver coins -- such as the American Gold and Silver Eagle -- may be accepted as legal tender throughout the entire U.S., which of course has long since fallen out of practice.

But now, some members of the Missouri House of Representatives are working to reinsert precious metals back into the payment process with the introduction of special gold and silver accounts for all monetary transactions done in the state.

Utah Does it
The plan is similar to a law passed in Utah, which allows citizens to use a bank card “backed” by physical gold or silver. Such a move could give way to similar legislation in other states, given growing opposition to the Federal Reserve’s easy-money policies.

In contrast to Missouri Republicans -- most of whom support such a move -- Democrats in the state remain opposed to the idea of inserting the use of precious metal back in to the physical payment process. According to recent comments by state Democrats, the legislature currently has more important issues to deal with.

These are small moves at the moment, which are happening in state legislatures, not Federal legislation out of Washington. Nevertheless, such a groundswell could be a harbinger of something bigger on America's monetary-policy landscape.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.