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As Utah adopts gold standard gold nears record highs in pounds and euros

uk gold all time high

Back in March we highlighted an attempt in the State of Utah to move forward to a quasi-gold-standard. The legislation has now been sighed into law. In its simplest form the legislation allows two parties to voluntarily use gold instead of the dollar in any transaction. It also importantly removes any capital gains associated with selling gold and silver.

There now appears to be as many as 12 other states with similar legislation ready to go through their respective state legislature, they are:

  • Colorado
  • Georgia
  • Montana
  • Missouri
  • Indiana
  • Iowa
  • New Hampshire
  • Oklahoma
  • South Carolina
  • Tennessee
  • Vermont
  • Washington

We would not be surprised to see nearly all the remaining 37 states bring similar legislation to their State houses in the coming year. The reason is simple, if a state scraps its capital gains on gold and silver then gold and silver will naturally flow out of non gold-standard states to ones that don’t charge capital gains. No State can afford such a flow of real capital from their state so they will be forced to allow people to transact in gold without fear of attracting capital gains.

Its important to distinguish what these states are proposing is not a return to the gold standard, but rather they are intended to give consumers the option to transact on a voluntary basis if they so wish. Simply giving consumers choice, as those remaining states will find out, is very very hard to argue against.

And all this is happening whilst on the other side of the pond gold is nearing its all time high when priced in pounds and euros.

The highest intra-day level we have ever been in gold is £942 back at the start of May. Today we’ve been as high as £939. But more importantly will be where we close today. The highest closing price of gold in the UK was £935. A close above that level today could be a signal that gold wants to trade higher this week.

uk gold all time high

(click for sharper image)

The story in Euro-land is a similar one which is hardly surprising given its sizeable problems .We’re currently at a new intra-day all time high of €1078, a level last seen back at the start of December. On a close basis the highest gold has ever closed in Europe is right at the €1078 level.

gold euro all time high

(click for sharper image)

Those wanting to see how gold has done in different currencies over the past 10 years can do so here.

 

Link to this article: : http://www.goldmadesimplenews.com/gold/as-utah-adopts-gold-standard-gold-nears-record-highs-in-pounds-and-euros-3859/

Posted by on May 23 2011. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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