Monday, April 8th 06:08 PM IST

Kansas, S Carolina to follow Utah in Gold currency

# Utah gold currency  # Texas Bullion Depository  # bullion legal tender  

Analysts said distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender.

WASHINGTON(BullionStreet): More and more US states are following Utah to authorize bullion for currency on concerns about the dollar.

Arizona is all set to legalize bullion as legal tender while Kansas, South Carolina and other states are prepared for the move

Analysts said distrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender.

Utah became the first US state to authorize bullion for currency in 2011.

In Texas, lawmakers are considering a measure supported by Republican Governor Rick Perry to establish the Texas Bullion Depository to store gold bars valued at about $1 billion and held in a New York bank warehouse.

The gold is owned by the University of Texas Investment Management Co., or Utimco, which took delivery of 6,643 bars of the precious metal in 2011 amid concern that demand for it would overwhelm supply.

The proposed facility would also accept deposits from the public, and would provide a basis for a payments system in the state in the event of a “systemic dislocation in a national and international financial system,” according to the measure.

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