New Gold Bill: Is This How It Starts? (Uncut) 03-20-2025

New Gold Bill: Is This How It Starts? “This Is HUGE” – Mike Maloney

So to issue a competitive procurement for a precious metals backed electronic payment platform. So there’s going to be a competition, bids out to get this platform in place to use for transactions in gold and silver. Utah, first in the nation.

Utah legislature passes, past tense, bill paving the way for state vendors to be paid in gold and silver. This is huge. Everybody needs to pay attention to this in the gold space.

And it’s also huge in the crypto space, which I’ll show you later. House Bill 306 authorizing state treasurer to issue a competitive procurement for a precious metals backed electronic payment platform now awaits Governor Spencer Cox’s signature. Salt Lake City legislature passes the bill authorizing the state treasurer to issue a, this is important for a few people I know, Lehman Baird, Mance Harmon, pay attention.

Your distributed ledger is the best platform to build this system on. So to issue a competitive procurement for a precious metals backed electronic payment platform. So there’s going to be a competition, bids out to get this platform in place to use for transactions all over the state of Utah in gold and silver.

Allowing the state vendors to opt for payment in physical gold and silver. Sponsored by Republican Ken Ivory and carried in the Senate by Senator Keith Grover, the bill passed with strong bipartisan support. So they really want this in both the House and Senate now awaits the governor’s signature.

Utah will become the first state in the nation to pass a transactional gold bill. They passed a bill back in 2011, recognizing gold and silver as legal tender, which just reinforces the U.S. Constitution basically. In uncertain times, Utah is providing vendors and service providers with the option to receive payment in gold and silver, Representative Ivory said.

This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings. Legislation is the outcome of the Precious Metals Study Working Group with Representative Ivory, also State Senator Treasurer Marlo Oaks to invest a portion of Utah’s rainy day funds in gold and silver and review how precious metals can enhance Utah’s economic security and prosperity. Treasurer Oaks said a key takeaway from the working group is citizens should have a choice of how they conduct financial transactions.

306 gives state vendors the option to be paid in precious metals while ensuring the physical assets backing the system are stored in Utah and subject to regular audits. Stored in Utah for Treasurer Oaks and for Representative Ivory and Senator Grover, I was the first online precious metals dealer to open up third-party vault storage. I did it by flying to Salt Lake, Utah and going to Brinks.

We started a system where Brinks does the storage for us. At first, it was just a little corner of their facility that is just delivering Federal Reserve notes to the banks and picking them up and putting them on airplanes and sorting coins and stuff like that. Precious metals was just in a tiny little room in little cages.

Then later, they opened up a large vault that is just for storage only. I asked them why they did that and they said it was because of me. We had grown to the size where they just could not accommodate us anymore and so they do have a high-security vault just waiting for you.

Very, very convenient. Technological advancements now enable fractional gold transactions. A precious metals-backed electronic payment platform could facilitate real-time transactions, seamless dollar-to-gold conversions, and secure storage in Utah under strict safety standards.

Former Federal Reserve Vice Chair Randall Quarles and former CFO of both Citigroup and American Express. So the chief financial officer of Citigroup and American Express, Gary Crittenden, are among the working group’s members who express support for the legislation. Crittenden said that the bill facilitates the use of evolving options that are now available in the payment ecosystem.

So again, Mance Harmon and Lehman Baird get on this right away. They need a proposal. These guys will understand that you can have the throughput required for all of this.

Gold served as money in the United States for over a century and a half. However, in 1974, the IRS, through policy, not law, classified gold as a collectible, subjecting it to the highest capital gain tax rates. The tax makes transacting in gold less attractive since each transaction in gold or silver is deemed as a taxable event, except if it’s a U.S. sovereign coin such as the gold eagle and the silver eagle.

So Article 1, Section 10 of the U.S. Constitution authorizes states to recognize gold and silver as legal tender. In 2011, Utah became the first state to pass legislation doing just that. So I remember that and I reported on it back in 2011.

So this is really big news and it is another one. You know, I used to do this series called The Nails in the Coffin of the Global Dollar Standard and that 2011 bill that they passed was definitely one of the nails back then. And this is another nail.

This is something that is huge. It gives honest money a chance to displace dishonest fiat currency. I want to thank you for watching.

We’ll see you next time.