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<p>[QUOTE=&quot;mikem2000, post: 1510147, member: 30574&quot;]Sorry Peace, you are incorrect, but I understand you confusion. Even the press got that wrong. They said that Utah has now made official the use of gold and silver coins as legal tender, but it is not true. Below is a snip-it of what was really in the bill. Since retailers are not forced to accept gold and silver it connot be considered legal tender. Buyers are also not forced to use gold and silver.</p><p><br /></p><p><i><a href="http://le.utah.gov/~2012/bills/hbillint/hb0157s01.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://le.utah.gov/~2012/bills/hbillint/hb0157s01.htm" rel="nofollow">Retailers still will not be forced</a> to accept gold and silver, according to the bill. Instead, Utah made it acceptable to use it as an alternative currency for willing buyers and sellers. As a result, many gold bugs may find it hard to use gold and silver on a daily basis.&quot;This is just designed to be an alternative currency,&quot; <a href="http://m.sltrib.com/csp/cms/sites/sltrib/pages/printerfriendly.csp?id=53633487" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://m.sltrib.com/csp/cms/sites/sltrib/pages/printerfriendly.csp?id=53633487" rel="nofollow">said Utah Rep. Brad Galvez, who sponsored the bill</a>, in March, according to the Salt Lake Tribune. &quot;It is not designed to replace the Federal Reserve by any means.&quot;</i></p><p><i><br /></i></p><p><i></i>Here is the definition of legal tender:</p><p>(Economics, Accounting &amp; Finance / Currencies) currency in specified denominations that a creditor must by law accept in redemption of a debt</p><p><br /></p><p>The bill did not really do much of anything. If you read up on it, the only thing it did was to eliminate the capital gains tax on gold and silver. Without the tax hit you can argue it makes it more efficient to use gold and silver in exchange for goods, but the fact is you could always use gold and silver in exchange for goods. It was bartering before and it is bartering now. Nothing really has changed. The bill was more symbolic and of a protest nature than anything else. If you don&#039;t believe me, fly to SLC, get that slurpee at the Quick Check and drop an ASE on the counter and see what happness. You might as well drop a few ears of corn on the counter, it is the same thing, they are both commodities and neither is legal tender.</p><p><br /></p><p>Mike[/QUOTE]</p><p><br /></p>

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