Americans pile into silver, gold coins
By Margaret Price
Gold and silver bullion come in two main forms: bars and minted coins. “It’s better to have the coins,” says Edmund Moy, former director of the Mint, a precious metals dealer in Irvine, Calif., specializing in services for Individual Retirement Accounts. For one thing, “the US Mint guarantees the purity of the coins’ content,” he points out. Because gold and silver bars “are made by outside companies, the purity of their metal content possibly could be subject to fraud.”
In 2011, Utah passed a law allowing gold and silver bullion coins issued by the US Mint to be used as legal tender. People place their gold and silver bullion coins in the Utah Gold & Silver Depository and receive a card that acts similar to a debit card which they can use to make purchases of up to 80 percent of the coins’ current value. A dozen other states have been considering similar legislation.
“If people’s bank accounts are attacked, or the dollar’s value comes into question … you can use gold and silver coins,” Mr. Moy says.
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