Can gold coins really be legal tender? New all-time price high this year is 'possible'

The state of Arkansas has recently signed legislation that removes sales taxes on gold, silver, platinum, and palladium bullion and coins. The move has been lauded as making it easier to use these coins as money in the state.

"Including Arkansas, 40 U.S. states now fully or partially exempt gold and silver from the sales taxes. That leaves ten states and the District of Columbia as the primary jurisdictions that still harshly penalize citizens seeking to protect their savings against the serial devaluation of the Federal Reserve Note," said Jp Cortez, policy director for the Sound Money Defense League.

George Milling-Stanley, chief gold strategist at State Street Global Advisors, discusses with David Lin, anchor for Kitco News, how likely it is that we will be paying with our McDonald's with gold coins, and the macroeconomic outlook for gold as an investment.

0:00 - Gold as legal tender?
8:27 - Gold's macro outlook

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[bryantelam]

He doesn't even know the face value of a gold eagle... Next

[JennWest-Liberty]

Bull shit!!! Making gold and silver legal tender places it under a fictional status!!! It’s is lawful money.

[coolkentg]

Are you serious, the gold and silver eagles both have a dollar amount. It’s a crime that the states tax silver eagles.

[psel]

Great to hear the views of a level headed and very informed guy like George.

[ianunlimited]

No tax in Florida……. It’s never been about the face value…… gold can definitely be used a exchange medium and if you wanna break it down silver also …….. I would rather except gold or silver than my paycheck at this point…… I feel that I understand the economy and our current situation more than this guy

[richardb]

Will silver coins become legal tender? The more people buy precious metals, the more people will pressure their representatives to make them legal tender.

[philipstallwood]

Better than legal tender. It is actually maintaining value.

[crack]

Louisiana, Texas and Utah already recognize gold and silver as currency

[richardd.mangone]

It would be a good idea for David to watch a few videos of Mike Maloney.

[pstoneking]

How can gold and silver gains be taxed. They don't tax money as it's buying power increases. Just ridiculous. Gold & Silver will always be great barter items.

[RenaissanceThinking]

I can see where businesses that sell higher priced items giving large discounts on those items if customers pay with gold or silver coins. They would only pay sales tax on the lower price too.

[ddandridge]

Getting off the Gold standard was a mistake!11🧐🧐🧐🧐🧐

[pjm]

Article 1, Section 10. Time to dust off that old document known as the US Constitution. PM's have always been legal tender and 'no state shall make anything but'.

[alexemergineer]

Wonderful guest you had. The guy is very informative and knowledgeable. Awesome

[SimplyEconomics]

I think David was hinting more to a macro/monetary answer on why you should hold gold, but of course the point he makes about the sharp ratio is true.

[michaeltarnowski]

I'm really loosing confidence in Kitco when they have guys like this.

[douglasnelson]

Dont turn in your silver or gold for fiat...

man i PUL A NATION

[sulphate]

It would be troublesome after almost 100 years of gold not circulating as currency and 50+ years of silver not circulating as currency, but eventually a standard could be established. There'd be kicking and screaming, but yes, there is always the possibility.

[JennWest-Liberty]

That does NOT SAY —LEGAL—- because legal and LAW are not the same!!!

[brianx]

@4:20 The Constitution. I disagree with this guest's interpretation saying that Article 1 Section 10 Clause 1 pertains to face value. If that was true, then why prohibit "any Thing" from being Tender in Payment of Debts? No. These "Things" are prohibited because gold and silver have real value, far more than the face value placed upon their coins.