Utah may be the first state in the US to move toward a gold standard!
As of Friday March 4th 2011, the state government of Utah has enacted a bill that allows the use of government issued gold and silver coins as legal tender within the state of Utah. It is now off to the state Senate where a deciding vote may come as soon as this week.
The vote passed with flying colors on a 47-26 vote in the state House. This vote also exempts the sale of gold and silver from the state capital gains tax which is normally placed on profits from precious metals investments. If passed, Utah would be the first state in the US to move back to something close to the gold standard
The bill does not replace paper currency, rather offers gold and silver as a viable alternative as a medium of exchange. Utah is hoping that the action will be followed by the rest of the thirteen states which have proposed similar bills in their state governments. Those thirteen states that have proposed the idea of using gold and silver as currency are;
Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington.
You can see the official documentation of Utahs bill to approve gold and silver as a currency here;