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Gold and silver as legal tender bill passes Arizona Senate

The Arizona Senate on Tuesday approved a bill to make gold and silver legal tender. It now goes to the Governor, who has yet to indicate whether or not she will sign it.

by David Schwartz, MineWeb.com

The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.

See also: Fate of Arizona’s gold and silver legal tender bill now rests with governor

Read More @ MineWeb.com

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2 comments to Gold and silver as legal tender bill passes Arizona Senate

  • Frank Zak

    Having traded commodities for 40 years
    and selling my commodity trading systems
    in full page adds in futures magazine,
    I want to take my guess at what JP Morgan
    is doing.

    I belive they know silver is overproduced
    and they can of course call any miner
    and buy pallets of silver on a whim.

    JP Morgan also knows gold is underproduced
    and in physical form, very scarce.

    I believe what JP Morgan is doing is a ratio
    short of silver….. to a long gold.

    Remember, there are places they can buy their
    gold, where their purchase is hidden from the
    public.

    So we see the Comex shorts they have. But, we
    do not see the longs in gold they own on
    other exchanges, which are not disclosed.

    That’s why everyone is getting it wrong.

    We see the left hand …. and not the right.

    These people are arbitragers by nature.

  • Glitter 1

    Frank,it’s not a commodity supply demand issue with Gold and Silver.It’s not an under produced/over produced issue, which can and will effect pricing under the right circumstances. Gold and Silver are hedges against inflation.Scarcity/availability will effect price if the demand out strips supply, which is normal supply/demand. Every informed individual knows the the real inflation rate is not the official government 1-2% rate, but it’s more like 9-10%.That is what has been driving G&S higher since 2001,not scarcity,although the 5 billion ozs stockpile of silver has been consumed since the 60’s.Shortages/scarcity will effect the price if/when demand outstrips supply,but you already know this. The Money PTB can not allow the Fiat Antithesis of Gold and Silver take hold as competition because they will loose that battle if the Market for G&S were allowed to tade freely. When the Fiat Currency(s) collapse there will be a late mad run for Gold and Silver with ensuing real bullion shortages, this is where the actual supply/demand fundamentals will exacerbate the price.It’s been an inflation hedge driven price phenomenon up till now,the shortage driven price escalation issues are to come when the masses run for the entrances and there will not be enough to go around.

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