GasGuzzler
Hawkeye
What are you going to trade it for instead?
Silver Spot Price
- Thread starter KIR
- Start date
I’ll trade a half Angus? Why is silver going up so fast in a short time? Yes I sold @56 -$2 , now it’s @ -13. Bad investment in a FOMO
JMD101
Single-Sixer
What do you want to trade?
JMD101
Single-Sixer
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BIGBISLEY
Bearcat
I think it will jump around for a while and settle below $50 where it belongs.
JMD101
Single-Sixer
Several U.S. states have passed legislation recognizing gold and silver as legal tender, allowing them to be used as a voluntary medium of exchange alongside the U.S. dollar, often accompanied by the removal of state sales and capital gains taxes on these metals. Key states leading this movement include Utah, Texas, Louisiana, Oklahoma, Arizona, Arkansas, Kansas, Missouri, South Carolina, West Virginia, and Wyoming
- Utah (2011): The first state to recognize U.S. Mint gold and silver coins as legal tender.
- Louisiana (2013/2024): Recognizes gold/silver as legal tender and has removed taxes on their exchange.
- Texas (2017/2025): Established gold and silver as legal tender with protections, including a state-run bullion depository.
- Oklahoma (2014): Recognizes U.S.-minted gold and silver coins as legal tender.
- Arizona (2025): Passed laws designating precious metals as legal tender.
- Missouri (2025): Enacted laws recognizing gold/silver as legal tender and removed state taxes.
- Other States: Arkansas (2021), Kansas (2013), South Carolina (2013), West Virginia (2024), and Wyoming (2018) have similar, often tax-exempt, status for, or recognition of, gold and silver as money.
- These initiatives are largely aimed at providing alternatives to fiat currency and reducing tax liabilities on transactions involving precious metals. However, in these states, the acceptance of gold/silver as payment is generally voluntary for businesses, not mandatory.
It will be 2027 before Texas recognizes silver / gold as legal tender via the Texas Bullion Depository .
Gold and silver will not be used in a store . A debit card linked to gold or silver held in the Texas Bullion Depository will be used .
Question . . . When we see states "recognizing gold and silver as legal tender" how exactly would that work? Would any state doing this establish its own "value" of the metals per ounce? If so, based on what? "Spot" varies by the hour online. Would the individual states each put their own "values" on metals, regardless of the same in other states? What forms of metals -- actual US coins, foreign coins, products of various "mints", what? How would non-coin "valuations" be ascertained/certified for these various forms? Who makes the rules?
Seriously, it's easy to say "metals are accepted as currency" but there's a whole lotta details that would have to be agreed upon for it to work. :unsure:
Seriously, it's easy to say "metals are accepted as currency" but there's a whole lotta details that would have to be agreed upon for it to work. :unsure:
DGW1949
Hawkeye
From a Constitutional standpoint, gold and silver is already "money". In fact, it is the ONLY form of money that is mentioned anywhere in that particular document....Once upon a time, the U.S.Code defined the "U.S.Dollar" as a being a coin which contains .77334 troy ounce of silver...It ain't hard to figure what x-amount of silver is worth from that, all it takes is an accurate scale. Well, least-ways it's not hard to figure so long as one doesn't let themselves get all confused by the banksters whom have been (falsely) claiming that their unpayable FRNs (aka debt notes, aka IOUs) are legal dollars for the past (almost) 100 years...I mean really, how can silver cost $80-$100 per ounce if a real dollar only contains .77334 of an ounce?...The answer is that it can't, that's just common sense.....In other words, not only is the ever changing "spot price" of silver an illusion, so are the so-called "dollars" that said spot-price is expressed in. That's why one often sees gold and silver referred to as "honest money", ain't no paper involved.
DGW
Still doesn't tell us how that knowledge will be used in daily transactions, or huge transactions for that matter. What can you get for .77334 ounces of silver? Will every checkout counter be equipped with a super-accurate scale to weigh the whatever "silver" product is presented and will there be instant technology available there to determine the actual silver purity involved? How would change be made?
For that matter, how will goods be priced in stores? Will it be in terms of ounces of silver/gold?
For that matter, how will goods be priced in stores? Will it be in terms of ounces of silver/gold?
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GasGuzzler
Hawkeye
Better way to ask what I asked and there's still no answer but the subject is quite interesting.
JMD101
Single-Sixer
It's easy between people, gunbroker has dealers that take FRN's(paper money) or gold or Silver at current spot prices (or what you both agree on), I would trade my 400,000 house for 5,150 oz of silver (@ current $83 spot)
I would value the silver at spot- 7%, we make the rules we are willing to accept. Taxes would be paid in USD'S.
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So long as you and the other party are satisfied, it's a "good deal".
Same would be true if the "medium of exchange" were US dollar bills. ;)
DGW1949
Hawkeye
This stuff ain't as hard as some folks make out. In fact, it's not only been done throught recorded history, but using silver for money was what we did right here in the USA for many generations. You know, back before the banksters took things over.
Just as a couple of examples; As things sit right now, a common U.S. Silver Dime has a melt value of aprox 6 FRN's, which is enough to buy close to 2 gallons of regular/unleaded gasoline in Iuka, Mississippi. That also means that that same dime would also buy about 9 cans of off-brand pork 'n beans at the B&J Grocery Store over in Burnsville MS., or 2 pounds of Martha White flour and you'll get some change back.....
Source:
https://www.coinflation.com/coins/1946-1964-Silver-Roosevelt-Dime-Value.html
You can also note that using an old silver dollar will buy even more, because one U.S. Silver Dollar actualy contains more silver and copper than 10 U.S. Silver Dimes....Source:
https://www.coinflation.com/coins/1921-1935-Silver-Peace-Dollar-Value.html#google_vignette
Furthermore, The Law of the Land gives the Feds sole authority to "coin money". It don't say squat about printing paper bank notes or creating digital money out of thin air....So there's your "how it would be done"...no scales at the register needed, because everyone will know how much a dollar/quarter/dime/half dollar weighs and it's buying power will be stamped onto it's face just as it always has been...Our fake (post 1964) coins will be collected and dispossed of by the banks just like our ancestor's gold and silver was.
Other than the fact that feds probably ain't got enough gold and silver to pull this off themselves, I don't see a problem...It might require some sort of "turn your silver in to be coined program" or something, dunno. What I do know for sure is that it could be done if we demanded it to be done.
In the mean time, I'll just be content knowing that further along we get towards the demise of the FRN"dollar", the more stuff my gold and silver will buy...and we is almost there, so somebody best be doing something purdy-quick..LOL.
DGW
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I see . . . we would simply go back to "metallic currency" essentially the same as we have now but based on silver content and so marked . . . right? The "buying power" would be indicated by the various percentages of the dollar, like cent (perhaps not), nickel, dime, quarter, and half . . . right? All we would have done is eliminate paper currency, right? And this would mean we have "real money" . . . right? :unsure:
I'm not messing with you. This is how I see your position. Am i wrong?
I'm not messing with you. This is how I see your position. Am i wrong?
Star43
Hunter
As far as making transactions with normal currency now, just yesterday, I went to a local Ace Hardware store and bought a couple of things. The amount came out to $21.23....I grabbed a twenty and a one out my wallet, and reached into my pocket and got 2 dimes and 3 pennies. I thought the girl would be happy with the exact change....she pointed to a sign near the register saying they don't take pennies any more and "round up"...then she looked at the cashier and asked her what to do. The other cashier said give him back the 3 pennies "and he owes you a nickel".....I grabbed my 2 things and said: "well today, you are taking my 3 pennies" , and walked out. Last time I go there.....when the nickels are stopped being made which is next, more rounding up for these smaller stores I guess...I have mentioned this before but will do again. A couple of guys in my club have gone to LA and made purchases with the stores down there which were run by Asians. They love Silver and they calculate the value from the current spot price right there & do transactions. I myself haven't done that, but I've heard it done a couple of times now....There will always be ways to buy, sell and use Silver.
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Does silver actually change hands? In what format?
Star43
Hunter
Yes, Silver changes hands just like cash from what I've been told. They make their purchases with Silver & the shopkeepers seemed very happy, again from what they told me....Why wouldn't the shop keepers be happy. They really like Silver.
Rounding up is against the law from what I've read and heard and based on personal experience isn't happening in this part of our country.
So far since the penny became scarce I have been rounded down every time I paid cash at a self service check out.
Every time I have paid cash to a person since pennies became scarce no rounding has happened. They had pennies or accepted mine.
Star43
Hunter
Yeah, If I go to a Walmart or a big store, it is always rounded down....I agree with that since there won't be any pennies pretty soon. On this occasion, just yesterday, it was a small hardware store in a pretty small town, and I think their "new system" was really new, because why did my cashier, who was pretty young, have to check with the older cashier?...I bet they will come to their senses and go to the "round down".
DGW1949
Hawkeye
Yes, my position is that gold and silver are real money, have been for centuries, and that what once worked, would still work.....But no, the mere fact that there could (again) be a paper "dollar" would not be a problem just so long as said dollar(s) could be exchanged at will for a real "silver dollar"...In fact, unlike today's FRN's which have no intrinsic value of their own, our old "Silver Certificates" did not loose value over time...because....Silver Certificates could always be exchanged by whomever held them for specific weight of silver, which never varied either....which reverts right back to the .77334 oz=one dollar thing.
DGW
Star43
Hunter
I have a few Silver Certificates, but they are just for collector value....although we can't turn them in for Silver anymore,I still do like them a lot. Years ago, they could have been turned in for actual Silver, but they stopped that...but they do have collector value though. You probably know this DGW, but yes back in the day, they could truly be traded in for Silver.
JMD101
Single-Sixer
The two parties make there own agreement, like all thru history, junk silver is great for small purchases.
Just like a "shot" of whiskey 150 yrs ago, 1 bullet.
JMD101
Single-Sixer
And dollars for gold until 1971, deGall of France settled many of his countries debts for USD's and cashed for gold in USA, Finally Nixon closed the "Gold window".
GasGuzzler
Hawkeye
I have a $2 silver certificate that looks to most like a $2 bill. Got it in change at a convenience store.
I did not know there was cent-less change given or rounding going on. Guess my area is too red for that.
I did not know there was cent-less change given or rounding going on. Guess my area is too red for that.
What was the form of the silver? Old US silver coins? "Mint rounds"? What? :unsure:
Star43
Hunter
And God Bless that !!
Ah, yes, use the modern equivalent of a Silver Certificate in whatever denomination we choose (like most of the "fakes" in use today). That would require the gummint to be able to prove an adequate supply of metal to allow exchange if desired. Could prove interesting. Would we have to issue coin-sized versions to replace the ones now in use or go back to "real metal" for these? Could work if all the details could be worked out. :unsure:
Can you imagine all the panic worldwide if all the existing US paper currency were declared void and requiring exchange for the new stuff? :ROFLMAO:
Star43
Hunter
I don't know for sure, but I think it was regular 90%....To me that is the beauty of our constitutional coinage. Everyone or most everyone I should say, know it and respect it for its Silver content.
Yeah, one of the details to be worked out in my post #148. ;)
