Utah Monetary Summit - View
DesNews: Despite legal currency status, you can't buy groceries with gold or silver
Keith McCord of the Deseret News commented on the potential effect of Utah's recent monetization of gold and silver coin as follows:
The "Utah Legal Tender Act" took effect Tuesday, changing how gold and silver are classified under the state tax code. Previously, gold and silver were classified as "assets" and therefore subject to state and capital gains taxes when exchanged for cash. Under the new law, silver and gold are now considered "currency," and those tax issues are gone, at least in Utah. Federal taxes would still apply.
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