Saturday, January 8, 2011
Legislators in at least ten states have introduced bills in the past few years to allow state commerce to be conducted with gold and silver.
As we reported, Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S. gold or silver coins -- including the payment of taxes.
The Georgia bill has a long way to go before become law -- but it's by no means the only state that's considering a future in gold. Lawmakers in Montana, Missouri, Colorado, Idaho, Indiana, New Hampshire, South Carolina, Utah, and Washington have proposed legislation, mostly in 2009, to include gold and silver in its accepted currency forms.....read on
Of more interest is the exchange between Bill and the CNBC's interviewer re Gold, it feels so staged, like a Dorothy Dix question asked in the Australian Parliament to provide a segway into a prepared response rather than a question seeking insight.
Here is the text of the exchange:
CNBC: With incomes in America not rising as quickly as inflation......why not invest in anything but Gold?
Bill: Well Gold is a very difficult entity to invest in and very volatile, investors need something more stable....
Maybe Bill is not on the internet and hasn't heard of Google, but a quick search with the term "Buy Gold Bullion" returns 2.3 million results. Buying physical gold is as about has hard as buying physical bread and eggs, just go to a bullion shop like ABC Bullion and hand over your cash or swipe your card and walk out with as much gold as you wish. Doesn't sound like a difficult entity to invest in to me.
As to gold being very volatile, say compared to the share market, well I'll let the graph below to retort to Bill.
What is billed as the world’s largest gold factory is set to open in Jeddah in the Kingdom of Saudi Arabia before the end of the year, reported Arab News. Taiba for Gold and Jewels Company’s 220,000 sq ft facility is already under construction, and will employ 800 when completed.
It was only last year that the oil-rich kingdom surprised the world with the revelation that gold reserves held by its central bank had more than doubled from 143 to 322 tons, ranking Saudi Arabian gold reserves the largest in the Middle East. Now the focus is on burgeoning demand from the retail sector. Taiba has 2,500 retail outlets across the kingdom.....read on