Legislation should allow any citizen, business, or legal entity to utilize an official Bullion Depository (TBD) to buy, sell, or store their own gold and silver. By using existing debit card technology, Alabamians can make everyday purchases or pay bills with gold or silver. Everyone can participate if they desire. (Left, Right, Center, Wealthy, or not!) Alabama would earn standard fees already paid by merchants. Other states are introducing similar legislation! Participation is optional. It is just another safe, secure way to pay!
Gold and silver have been a stable source of currency for centuries. They are the fairest form of money. Inflation is hurting many these days, and they are looking for solutions. This is the answer. This legislation can help bring Wall Street-level diversification to everyday Alabamians. Legislation gives the authority to the Treasurer or Comptroller to monetize and democratize the owning and spending of gold or silver, helping people preserve their buying power.
This is not a new concept and is being done right now in a variety of commercial applications. It would be great for Alabamians to use their gold and silver! You can also see a one-minute explainer video to see how it works.
Yes! Using gold and silver is a State Right secured in the U.S. Constitution Article 1, Section 10. For example, the Texas Bullion Depository is already authorized by TX Gov. Code Sec. 2116 which has numerous supportive provisions. There are several US Supreme Court rulings that support this state right.
Even though Alabama does not currently have a state bullion depository citizens could still participate by using a private vault in the state, a bullion depository in another state like Texas, or even using a bullion depository outside of the U.S. Many users hold their gold and silver in a bullion depository in London. Users have a debit card issued by the depository to transact their purchases. These alternatives could be used until the state Treasurer decides it worthwhile to establish an Alabama depository.
NO, states will NOT own the gold or silver that backs this currency. Legislation should provide for purchases and sales on the open market through the depository rather than from reserves held in the depository. This will be gold owned by the individual, business, or legal entity. The value of the gold a person has on deposit is the amount they can spend via their GOLD/SILVER debit card.
No catch. Those who benefit financially from this legislation are people from every economic status AND the state of Alabama. The state can make significant revenue from transaction fees – already paid by merchants, storage, and conversion fees. The legislators seeking passage of this bill want to see all their constituents benefit.
No, this is not a crypto at all, and it is not actually digital any more than a debit card is digital. It is electronic just like what is currently in use.
No, this is not a crypto at all, and it is not actually digital any more than a debit card is digital. It is electronic just like what is currently in use.
NO, anyone who wants to participate can do so by simply opening an account at a bullion depository. It would be similar to opening a bank account.
Take Texas, for example. It is the 8th largest economy in the world. This is a way to pay anywhere in the world. The credit card companies will convert it on the fly just as they do Dollars, Pounds and Euros. Texas Bullion Depository debit card holders could pay bills, buy coffee, entertainment, travel. You name it!
Merchants will be able to accept this form of payment, as they do now with other debit and credit cards.
The intention is not to compete with credit cards. This is a debit card. However, there are many advantages to gold-based money including potential inflation protection. Individuals can still use their credit cards if they’d like. But when it comes time to pay the credit card bill, they could pay it with gold holdings rather than from their traditional checking account. That way they get both the perks and the security of having gold and silver-based money.
It is true that gold and silver prices fluctuate and there is a risk of lost purchasing power when you own gold or silver. People should keep that in mind when converting to a gold-based currency. But throughout history, gold has never been worth zero. Further, the US dollar also has risks and fluctuates relative to other currencies as well as goods and services. We feel it beneficial to have the opportunity to have transactional gold in addition to paper money.
Using gold and silver is the best form of economic justice. Every American, regardless of economic class, deserves the option to have money held in precious metals as a protection against inflation. Now they can hold gold and spend it when needed! Anyone who can afford a checking account will be able to “get in.” There are successful commercial versions in use now such as GlintPay and they have very low minimums, sometimes below the minimum required for a checking account.
Upon passage, be sure to check with a professional tax advisor or accountant to determine any tax implications. For many, it will be the first time they have had access to gold and the easy ability to spend it. Legislation makes gold and silver function as tender. Gold and silver then can easily be transactional allowing Alabamians to have all the benefits of owning gold or silver and at the same time have a great way to make secure payments.
A lot! But you can go read about it here.
Yes, the Texas Bullion Depository is currently insured by Lloyd’s of London. You can learn more here.
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