If the dollar failed tomorrow and gold and silver took its place...Heck Yes!! Is it safe to say that the buying power of an ounce of silver or gold would match that of their current spot prices. In other words 1 ounce of silver would buy about $19.00 worth of goods and gold would buy apx. $1,200.00 worth of goods. Or would their values change dramatically therefore their buying power would be worked out overtime by the market.
In the language of credit cards, “gold” has long been used to describe a certain level of benefits and consumer protections. Many banks issue Gold Visa or MasterCard credit cards, and American Express features a Gold card in its charge-card lineup.
Soon, “gold” will be used to describe a new type of credit card – but in more literal terms. The Gold Bullion credit card promises to be backed up by the value of your own gold bullion coins. Don’t have any? The company marketing the card can buy them for you at market rates.
San Diego City leaders want to slow the increased interest in gold sales and purchases within city limits. All federal legislation is experimented with at the local level first, usually in California, to see how the populace reacts. FDR banned gold in the 1930s. Obama recently banned over-the-counter gold futures, but many people think he won't have the guts to actually seize the physical gold like FDR. When serious inflation hits, the state will get nasty.
Craig Franco hopes to cash in on Gold currency legalization with his Utah Gold and Silver Depository. His business idea: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings.