Arizona close to approving gold and silver currencies

Earlier this month, we discussed the rising tide of so-called "hard currencies" in the United States like gold and silver bullion in states like Utah, which approved this coinage for public exchange in 2011. As of the the start of 2013, Arizona's state government had passed provisional legislation which would allow for the exchange and sale of money backed by precious metals. Now, according to several media sources, the Copper State is on the cusp of giving the new laws the final stamp of approval.

USA Today reported on April 20 that concerns about the decline of the U.S. dollar's value have prompted state lawmakers to draft hard-currency legislation. Currently known as Senate Bill 1493, gold and silver coins can now be used to settle financial liabilities like debt.

However, there are two important distinctions some conservatives say are serious flaws: The coins must be minted by the federal government and they may be refused by any citizen who chooses not to accept them. 

Jim Pinkerman, a member of the Arizona Constitutional Advocates, one of the many conservative public interest groups that is supporting the measure, told the source that the bill is necessary to protect the personal finances of those who have been responsible with their money.

"When the dollar is inflated by the Federal Reserve and it loses its value … we need to be prepared," he said in an interview. "We are at the tipping point. Gold and silver keep their value."

It remains unclear as to how this legislation will impact the price of gold, which as we have reported previously is undergoing an intense period of fluctuation. This precious metal is just one method of wealth preservation. You can learn more about similar ideas by downloading our "Free Game Plan Report" today.