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Is the new gold standard here to stay?

February 27, 2012371 view(s)

Though the economy regained some of its stability in 2011 and is projected to continue to rebound moving forward, many lawmakers around the United States aren't convinced the dollar will ever reach the strength it held prior to 2008. In 13 states around the country, reports CNN Money, legislatures are considering passing a bill that legalizes the use of gold and silver as viable currencies.

Last year, Utah became the first state to pass such a bill, and local Craig Franco established a business to help streamline the transition into a new gold standard by providing an innovative way to spend the precious metal in retail outlets.

Franco opened a Gold and Silver Depository, which acts similarly to a traditional bank. Consumers open an account with the depository and store their gold and silver coins in the vault. Franco then issues his customers debit cards linked to the value of the precious and metals they've deposited.

"Because we're dealing with something so forward thinking, I expect a wait-and-see attitude," Franco told The Associated Press when the depository opened, as reported by the Denver Post. "Once the depository is executed and transactions can occur, then I think people will move into the marketplace."

However, CNN Money recently reported that the depository wasn't gaining speed as expected. According to the new source, people were hesitant to walk around with such precious metals on them at all times, which has slowed down the transition to a new gold standard.

While many states and lawmakers are considering switching to a gold currency, the transition will take a while and many people may prefer to stick to collecting rare coins rather than purchasing their groceries with them at the local supermarket.

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