Daily Gold Market Report

Utah’s Incremental Approach to Sound Money:
A Step-by-Step Strategy

(USAGOLD – 4/22/2024) Gold prices are sharply lower this morning in US trading. The perceived reduction in Middle East tensions has negatively impacted the demand for safe-haven metals. Gold is trading at $2336.16, down $55.77. Silver is trading at $27.34, down $1.35. The article “Utah’s Step-By-Step Strategy in Support of Sound Money” by Mike Maharrey, discusses Utah’s incremental approach to promoting gold and silver as legal tender and fostering a sound money system. Since 2011, Utah has passed a series of laws, starting with the Utah Legal Tender Act, which recognized gold and silver coins as legal tender and exempted them from certain taxes. The state has seen the development of a robust gold and silver market, the establishment of the United Precious Metal Association (UPMA) offering bank-like services using precious metals, and the creation of the Goldback, a local voluntary medium of exchange. In 2024, Utah further supported sound money by authorizing the state to hold precious metal reserves and excluding central bank digital currencies from the state’s definition of legal tender. Maharrey emphasizes the effectiveness of a step-by-step strategy, as advised by the Founders, in achieving monetary reform and establishing a sound money system.