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Old 04-17-2011, 09:53 AM   #166
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Join Date: Jan 2003
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Originally Posted by alkemical View Post

Utah Recognizes Gold Coins to Be Money

The state of Utah has recently enacted a law by which the gold coins issued by the US Mint are to be considered money and, therefore, not subject to capital-gains taxation. The law does not apply to foreign-issued coins, such as South African Krugerrands, by far the most popular precious-metal coin in the world. Nor does the law apply to privately issued coins, such as the so-called Ron Paul Dollar. Capital gains on the US-issued coins would still be subject to federal taxation.
I have seen this. Its a nice idea and a nice political statement. However, as the saying goes "bad money drives good money into hiding." For example, why would I buy a 5 thousand dollar car with 5 grand worth of silver - which I know is gonna go up in value in the next five years - when I can pay for it in dollars - which I know are gonna lose value in the next five years?
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