Gold and Silver?

[BUSHLIED]

So, if Paul gets his way and legalizes Gold and Silver, where do I go to get my gold and silver? Say I have $1,000 saved and I want gold to spend instead of using dollar bills or my debit card, where would I go to get the gold and silver? Would the banks start to issue gold and silver coins?

 

[cubical]

Banks could. He would want competing currencies.

 

[-C-]

So, if Paul gets his way and legalizes Gold and Silver, where do I go to get my gold and silver? Say I have $1,000 saved and I want gold to spend instead of using dollar bills or my debit card, where would I go to get the gold and silver? Would the banks start to issue gold and silver coins?

Chances are, if that seriously occurs...you wont be able to find any gold and silver...b/c most of the private banking houses will have already obtained most of it, before you even have the slightest clue.

 

[hugolp]

Chances are, if that seriously occurs...you wont be able to find any gold and silver...b/c most of the private banking houses will have already obtained most of it, before you even have the slightest clue.

This is not realistic. If anyone starts accumulating gold or silver its price would skyrocket (its already happening) so you would notice.

 

[IBleedNavyAndOrange]

So, if Paul gets his way and legalizes Gold and Silver, where do I go to get my gold and silver? Say I have $1,000 saved and I want gold to spend instead of using dollar bills or my debit card, where would I go to get the gold and silver? Would the banks start to issue gold and silver coins?

You can go to a coin shop NOW and buy gold and silver.

Gold and silver won't be treated as currency as long as FRNs have legal tender status. I sure wouldn't recommend giving your good money in trade as long as the receiver is obligated by law to take your bad money for debt repayment.

 

[pmbug]

Money serves two functions - medium of exchange and store of value. Gold and silver currently serve the latter function, but not the former. FRNs server the former function, but not the latter. Ron would like to open PMs to serve as a medium of exchange too.

You can currently find gold and silver coins and ingots at online retailers and local coin shops. If Ron's Competing Currencies act were passed, you would likely be able to trade/convert PMs at your bank as well.

 

[Acala]

Chances are, if that seriously occurs...you wont be able to find any gold and silver...b/c most of the private banking houses will have already obtained most of it, before you even have the slightest clue.

Lol! And why exactly would they do this? When gold and silver are money, they circulate. Sitting on a big pile doesn't do a bank any good. They will have to loan it out and also spend it (they have to pay salaries, rent, etc.). So even if the banks owned all the gold in the world today, they would have to put some of it into circulation tomorrow, and more each day, until most of it was circulating as money.

 

[ctiger2]

So, if Paul gets his way and legalizes Gold and Silver, where do I go to get my gold and silver? Say I have $1,000 saved and I want gold to spend instead of using dollar bills or my debit card, where would I go to get the gold and silver? Would the banks start to issue gold and silver coins?

The banks would not create silver/gold coins just as they don't create the current dollars or coins. You would exchange dollars for silver and gold coins as you can now from private mints and/or resellers APMEX, Gainesville Coins, Kitco, US Mint etc etc. Not that difficult. The silver/gold transactions would mainly be between you and the bank. You open a silver/gold savings acct where your dollars are converted into ounces of silver/gold. Then you would use your silver/gold debit card to purchase goods and services. If you buy a TV that costs $1500 dollars the bank would deduct the equivalent value of silver/gold ounces from your account. It's not that complicated. However, I don't think it should be mandatory for all retailers to accept silver/gold coins if they don't want to. If private sellers accept silver/gold, you can use them. The currency conversions would be too cumbersome for most regardless if it was silver/gold or Euro's Yen etc. Also, we should also be able to save money in whatever currency we want in the bank. Rubles, Yen, Yuan, Dollars, Silver, Gold, Euro, Peso etc. With technology today the transactions with a debit card would all be seamless just as they are now. The conversion would most likely all takes place at the bank.

 

[-C-]

Lol! And why exactly would they do this? When gold and silver are money, they circulate. Sitting on a big pile doesn't do a bank any good. They will have to loan it out and also spend it (they have to pay salaries, rent, etc.). So even if the banks owned all the gold in the world today, they would have to put some of it into circulation tomorrow, and more each day, until most of it was circulating as money.

are you talking about some honest commercial bank that doesn't exist? or the cut-throat investment banks that don't give a damn about their depositors? Oh right...the later.