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@darrelljr Per Doug's comment below, you do not have to pay via Fed minted coins do you?
It would appear you could hold your metal in "Separate, non-bank depositories will be set up to handle the storage of gold and silver. Payment may be made with specie (actual metal) or with a debit card that lets you spend your gold and silver using 21st century technology."
I'm not sure if it's stated yet what forms of metals the "non-bank depositories" would hold for the customer - I'm guessing it will be pretty flexible (i.e. 100oz bars, 1oz eagles, etc). I would of course not hold all my metals in such as account, just enough to "pay the bills" as it were.
This would a great additional purchasing power preservation tool for those of us who own businesses and do not like holding 6+ figure balances (basically cash) in bank accounts earning 1% a year when Silver has gone up for 5 years at 20+% a year compounded. If I could have held my operating cash in such a Silver account for the past 5-10 years, I would be retired now. (or expanded my business even further)
Bills like this passing also open the general public's eyes to metals as money and wealth preservation as they have been for thousands of years. With only tens of millions of ounces available for delivery from the COMEX, it would not take many of the 300+ million U.S. citizens on board with such a plan to dramatically increase the price of Silver.
1 year ago on Missouri House votes for Gold and Silver Tender
Doug, have any companies popped up to process these debt card type transactions (with metals backing) yet you are aware of? Thanks!