Silver & Gold As Legal Tender

Dollars are supposed to be backed by gold via Fort Knox correct?

You guys think we have enough blocks of gold in Fort Knox, to account for the amount of dollars in circulation, this poster does not rof?

fred do you mean many bars in general or that many of the bars in fort knox are plated?

our money is not backed by gold. a lot of people still think it is in some way, but it isn't. I had a conversation with a retired broker of 38 years. we discussed silver and gold as investments and ha asked me " can I eat gold? does it make money? NO they just sit there. it is on speculation.

my point being, well I'm not sure. lol. I just though I would share because so many people are running to gold and silver as a hedge against the falling dollar. but the dollar is no longer backed by gold at all. just because central and world bank still hold it in their vaults, does not mean the fiat paper currency we use daily is backed by it at all.

im not sure what this all means. but I think people need to remember that since 1933 and the Nixon era, our money has become worthless.

"Only the federal government can print or coin money. The states do not have that provision."

That is not true I have been printing my own money for years now and no one has been able to tell the difference yet

States would not be printing/minting money. They would require people to accept gold and silver in payment.

silver, I am aware of pesos being accepted along the border (on the US side) and, aside from that, I certainly wouldn't be surprised to find that euros were being accepted in the US. just another sign that our currency is crumbling and will soon no longer be the reserve.

I believe that the US Constitution reserves the right to "coin money" to the federal government alone. They did not want 13 individual states continuing to print their own money or the hassles of trying to figure out exactly what each state's money was really worth in relation to the money of other states.

As to the states... there is nothing whatever preventing them from minting scenic state "medallions" from copper or brass, silver, and gold in 1/10, 1/4, 1/2, and 1 oz. sizes. If their residents choose to use these, uh, commerative pieces, as money, well, no one would be stopping them. Note that none of these medallions would have any dollar value on them, just the values for metal, weight, and purity.
Prices for goods and services could be listed in metals and weights instead of dollars. "Want a 100 lb. bag of grain, sir? That'll be 1.75 ounces of silver"... or whatever would be fair in that market.

In the case of Utah and their recent law about gold and silver US coins being used as money - I bet that a lot of that was so that PM coins could be exchanged without anyone having to pay a sales tax on them or a tax on any profits that resulted. After all, if a gold coin is actually money, there would be no tax on exchanging it for a wad of paper bills or for other coins, right? We do not pay a sales tax now for exchanging one form of money for another... trade two $10 bills for a $20 bill and there is no tax owed.