In summary this bill proposes that Gold and Silver can be used as legal tender in the state of Utah, for payment of taxes, debts or trade. This will run alongside the US Dollar and is justified by the US Constitution.

Watch this space to see when it goes before the Senate as it represents the start of a new monetary era where the dollar (and other currencies like the British Pound) will devalue at even faster rates against Gold & Silver!

The Utah Sound Money Act

To amend Title 7 of the Utah Code Annotated, relating to financial institutions, so as to provide a short title; to authorize gold and silver coin as legal tender for payment of debts within the course and scope of Utah intrastate commerce; and to authorize the formation and operation of coin depositories.

BE IT ENACTED BY THE UTAH STATE LEGISLATURE:

SECTION 1.

Title 7 of the Utah Code Annotated, relating to financial institutions, is amended by adding a new chapter to read as follows:

CHAPTER 25

7-25-1. Short Title.

This Chapter is known and may be cited as “The Utah Sound Money Act.”

7-25-2. Authorization of Specie Currency.

1. The following coinage (hereinafter referred to as “specie currency”) described in the United States Internal Revenue Code sections referenced below (as existing on the date of this Chapter’s enactment) constitute authorized legal tender for payment of debts within the course and scope of Utah intrastate commerce:
   1. The United States gold and silver coinage described in Title 26 of the United States Code, §408(m)(3)(A)(i) and §408(m)(3)(A)(ii);
   2. The state gold and silver coinage described in Title 26 of the United States Code, §408(m)(3)(A)(iv) which is authorized for issuance into Utah intrastate commerce pursuant to Subsection (4), below (hereinafter referred to as “Utah specie currency”); and
   3. The foreign gold and silver coinage described in Title 26 of the United States Code §408(m)(3)(B).
2. Specie currency shall be denominated in troy ounce and grain monetary units, there being 480 troy grains contained in one troy ounce.
3. As legal tender money, specie currency shall not be characterized as personal property for taxation or regulatory purposes.
4. Utah specie currency shall only be issued or reissued into intrastate circulation by an authorized coin depository which, prior to such issuance, shall have inspected, assayed and approved each coin as being in conformity with the following criteria:
   1. Each coin shall have a millesimal gold or silver fineness of no less than 850.
   2. On the obverse side of each coin the year of production shall be clearly visible. The mint mark of the manufacturer shall be visible on the obverse side as well.
   3. On the reverse side, the coin’s precious metal content in troy ounces shall be clearly written and the corresponding number of troy grains shall be prominently displayed as an integer. In addition, the words “Utah Legal Tender” shall be inscribed on this side.
   4. No coin shall bear any dollar denomination nor any resemblance whatsoever to the current or prior coin of the United States.
   5. Every coin shall conform to all other designs and specifications adopted by the Utah Coinage Advisory Council which shall be composed of one representative from each of the following groups:
      1. The Utah Arts Council;
      2. The Utah Bar Association;
      3. The Utah Banker’s Association;
      4. The Salt Lake Chamber of Commerce; and
      5. The Utah Chapter of the American Numismatic Association.
   6. Only one design for each denomination of gold Utah specie currency and one for each denomination of silver Utah specie currency shall be authorized for production in any given calendar year.
5. No person shall have the right to compel any other person to tender or to accept specie currency en lieu of United States dollars unless such person has previously agreed in writing to do so or as otherwise provided in this Chapter.
6. Nothing in this Chapter shall be construed so as to abrogate or in any way limit the inherent and inalienable right, as recognized and affirmed in article 1, § 1 of the Utah Constitution, of persons to use any gold or silver coin as a medium of exchange as well as to acquire, produce, hold, protect and otherwise exchange the same or any other type of property, in any amount whatsoever, within the lawful course and scope of Utah intrastate commerce.

7-25-3. Authorization and Organization of Coin Depositories

1. Subject to Subsection (7), the commissioner may authorize a person described in Subsection (2) to conduct business as a coin depository.
2. Each person authorized to conduct the business of a coin depository in this state shall be organized under and governed pursuant to the provisions of Title 48, Chapter 2c, Utah Revised Limited Liability Company Act, except as otherwise provided in this title.
3. Coin depositories authorized under this Chapter are hereby expressly exempt from the provisions of Title 13, Chapter 32a, entitled “The Pawnshop and Secondhand Merchandise Transaction Information Act”.
4. Each coin depository shall file reports of its condition in accordance with Section 7-1-318.
5. Every coin depository authorized under this Chapter qualifies as a “bank” as that term is defined in Title 26 of the United States Code, §408(n).
6. Every coin depository authorized under this Chapter shall at all times maintain specie currency reserves in an amount equal to or exceeding the aggregate of all specie currency deposits existing at the coin depository.
7. No coin depository may conduct business under this Chapter unless all deposits held by such coin depository are insured against theft and loss.

7-25-4. Deposit Accounts.

1. No coin depository shall offer or maintain any deposit accounts denominated in any currency other than specie currency.
2. No coin depository shall commingle in the same account gold specie currency deposits with silver specie currency deposits.
3. In order to facilitate currency exchanges, a deposit account at a coin depository may be linked to a dollar-denominated deposit account established at any Utah bank or credit union chartered under this Title.
4. Currency exchanges effected between any coin depository, bank or credit union organized and authorized under the provisions of this Title shall be entirely tax free and treated for all purposes as transactions wholly within the course and scope of Utah intrastate commerce.
5. No currency exchanges between United States dollars and specie currency shall be deemed or construed to result in any ordinary or capital gain, profit or loss.
6. Deposit accounts opened as individual retirement accounts, as well as any dollar-denominated accounts linked thereto, shall comply with all applicable provisions of section 408 of the United States Internal Revenue Code (26 U.S.C. § 408).
7. All withdrawals from deposit accounts, other than those effectuated by currency exchanges or by electronic transfers pursuant to express depositor instructions, shall be paid out in Utah specie currency.
8. Coin depositories shall employ all appropriate and necessary measures for the physical security of specie currency deposits, as well as for safeguarding all information regarding each depositor’s identity and the extent of their deposits.
9. Depositor’s specie currency deposits, together with their identifying information shall only be subject to disclosure, search or seizure upon issuance of a lawful warrant or writ by a judicial officer of this state pursuant to an adequate showing of probable cause with respect to the particular depositor in question. Such warrant or writ shall be executed only under the authority of the duly elected sheriff for the county within which such depository is located.

7-25-5. Constitutionality.

1. If any one or more part, provision, section, subsection, sentence, clause, phrase or word of this Chapter or the application thereof to any person or circumstance is found to be unconstitutional, the same is hereby declared to be severable and the balance of this Chapter shall remain effective notwithstanding such unconstitutionality.
2. The legislature hereby declares that it would have passed this Chapter, and each part, provision, section, subsection, sentence, clause, phrase or word thereof, irrespective of the fact that any one or more provision, section, subsection, sentence, clause, phrase or word be declared unconstitutional.

SECTION 2.

This act shall take effect immediately upon its passage into law

Another of the plethora of banking changes that go on behind the scenes. Amazing how we never get to hear of them till its too late or already passed. Heres another you should know about!

Cards which display a cheque guarantee hologram can be used to guarantee the payment of cheques up to the amount displayed on the card. From 30 June 2011 this facility will no longer exist. These changes reflect the Payment Council’s decision to make an industry-wide withdrawal of the cheque guarantee facility from 30 June 2011.

This means that you will no longer be able to use your card to guarantee payments for cheques written on or after 1 July 2011. Cheques written up to and including 30 June 2011 can be guaranteed but must be presented within 6 months of the date on the cheque. The last day a guaranteed cheque will be honoured is 3 January 2012.

Note that you will not automatically receive a new card when these changes are introduced. This means that your card could continue to display the cheque guarantee hologram but it will not be able to be used to guarantee cheques.

Another piece of banking regulation incorporated to ensure the continued use of cards and therefore the overall authoritarian control, regulation and recording of all transactions.

_____________________________________________
HOUSE BILL 1716
_____________________________________________
State of Washington 62nd Legislature 2011 Regular Session
By Representatives Asay, Hurst, Klippert, Pearson, and Miloscia
Read first time 01/31/11. Referred to Committee on Business & Financial Services.
AN ACT Relating to the regulation of secondhand dealers; amending RCW 19.60.010, 19.60.020, and 19.60.055; reenacting and amending RCW 19.60.066; adding new sections to chapter 19.60 RCW; creating a new section; and prescribing penalties.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds:
(1) The market price of gold has increased significantly in recent years and there has been a proliferation of secondhand dealers, including temporary, transient secondhand businesses, engaging in “cash for gold” type precious metal transactions. Frequently, these “cash for gold” type operations are operated by persons desiring to exploit unsuspecting consumers based on current market conditions;
(2) The increasing number of “cash for gold” type transactions in communities and neighborhoods throughout Washington has been linked to increased crimes involving the theft of gold and other precious metal objects, including home burglaries, robberies, and other crimes, resulting in depressed home values and other threats to the health, safety, and welfare of Washington state residents; and

(3) With the growing number of precious metal transactions, there is a corresponding significant increase in the number of “cash for gold” type storefront businesses, including temporary, transient secondhand businesses, in Washington state which may not be consistent with the growth goals and quality of life sought by communities and neighborhoods and the state as a whole. Therefore, to better protect legitimate owners, consumers, and secondhand dealers, the legislature intends to establish and implement stricter standards relating to transactions involving property consisting of gold and other precious metals. Sec. 2. RCW 19.60.010 and 1995 c 133 s 1 are each amended to read as follows:
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) “Melted metals” means metals derived from metal junk or precious metals that have been reduced to a melted state from other than ore or ingots which are produced from ore that has not previously been processed.
(2) “Metal junk” means any metal that has previously been milled, shaped, stamped, or forged and that is no longer useful in its original form, except precious metals.
(3) “Nonmetal junk” means any nonmetal, commonly discarded item that is worn out, or has outlasted its usefulness as intended in its original form except nonmetal junk does not include an item made in a former period which has enhanced value because of its age.
(4) “Pawnbroker” means every person engaged, in whole or in part, in the business of loaning money on the security of pledges of personal property, or deposits or conditional sales of personal property, or the purchase or sale of personal property.
(5) “Precious metals” means gold, silver, and platinum.
(6) “Secondhand dealer” means every person engaged in whole or in part in the business of purchasing, selling, trading, consignment selling, or otherwise transferring for value, secondhand property including metal junk, melted metals, precious metals, whether or not the person maintains a fixed place of business within the state, such as temporary, transient secondhand businesses. Secondhand dealer also includes persons or entities conducting business at flea markets or swap meets, more than three times per year.
(7) “Secondhand property” means any item of personal property offered for sale which is not new, including metals in any form, except postage stamps, coins that are legal tender, bullion in the form of fabricated hallmarked bars, used books, and clothing of a resale value of seventy-five dollars or less, except furs.
(8) “Transaction” means a pledge, or the purchase of, or consignment of, or the trade of any item of personal property by a pawnbroker or a secondhand dealer from a member of the general public.
(9) “Loan period” means the period of time from the date the loan is made until the date the loan is paid off, the loan is in default, or the loan is refinanced and new loan documents are issued, including all grace or extension periods.
Sec. 3. RCW 19.60.020 and 1991 c 323 s 2 are each amended to read as follows:
(1) Every pawnbroker and secondhand dealer doing business in this state shall maintain wherever that business is conducted a record in which shall be legibly written in the English language, at the time of each transaction, the following information:
(a) The signature of the person with whom the transaction is made;
(b) The date of the transaction;
(c) The name of the person or employee or the identification number of the person or employee conducting the transaction, as required by the applicable chief of police or the county’s chief law enforcement officer;
(d) The name, date of birth, sex, height, weight, race, and address and telephone number of the person with whom the transaction is made;
(e) A complete description of the property pledged, bought, or consigned, including the brand name, serial number, model number or name, any initials or engraving, size, pattern, and color or stone or stones, and in the case of firearms, the caliber, barrel length, type of action, and whether it is a pistol, rifle, or shotgun;
(f) The price paid or the amount loaned;
(g) The type and identifying number of identification used by the person with whom the transaction was made, which shall consist of a valid drivers license or identification card issued by any state or two pieces of identification issued by a governmental agency, one of which shall be descriptive of the person identified. At all times, one piece of current government issued picture identification will be required; and
(h) The nature of the transaction, a number identifying the transaction, the store identification as designated by the applicable law enforcement agency, or the name and address of the business and the name of the person or employee, conducting the transaction, and the location of the property.
(2) ((This)) For any transaction involving property consisting of a precious metal, every secondhand dealer or temporary, transient secondhand dealer doing business in this state shall maintain wherever that business is conducted a record in which shall be legibly written in the English language, at the time of each transaction, the following information:
(a) The signature and photo of the person with whom the transaction is made. If the amount paid is greater than one hundred dollars, then the signature, photo, and fingerprint of the person with whom the transaction is made;
(b) The time and date of the transaction;
(c) The name of the person or employee or the identification number of the person or employee conducting the transaction, as required by the applicable chief of police or the county’s chief law enforcement officer. If the amount paid is greater than one hundred dollars, then the name of the person or employee or the identification number of the person or employee conducting the transaction;
(d) The name, date of birth, sex, height, weight, race, and residential address and telephone number of the person with whom the transaction is made;
(e) A complete description of the property pledged, bought, or consigned, including the brand name, serial number, model number or name, any initials or engraving, size, pattern, and color of stone or stones, and in the case of firearms, the caliber, barrel length, type of action, and whether it is a pistol, rifle, or shotgun;
(f) The price paid. If the amount paid is greater than one hundred dollars the amount may not be by cash but must be by a written instruction to pay signed by the person giving the instruction;
(g) The type and identifying number of identification used by the person with whom the transaction was made, which shall consist of a valid driver’s license or identification card issued by any state or two pieces of identification issued by a governmental agency, one of which shall be descriptive of the person identified, and a full copy of both sides of each piece of identification used by the person with who the transaction was made. At all times, one piece of current government issued picture identification will be required; and
(h) The nature of the transaction, a number identifying the transaction, the store identification as designated by the applicable law enforcement agency, or the name and address of the business or location, including the street address, and room number if appropriate, and the name of the person or employee, conducting the transaction, and the location of the property.
(3) The records required in subsections (1) and (2) of this section shall at all times during the ordinary hours of business, or at reasonable times if ordinary hours of business are not kept, be open to the inspection of any commissioned law enforcement officer of the state or any of its political subdivisions, and shall be maintained wherever that business is conducted for three years following the date of the transaction.
Sec. 4. RCW 19.60.055 and 1991 c 323 s 6 are each amended to read as follows:
(1) Property other than property consisting of a precious metal bought or received on consignment by any secondhand dealer with a permanent place of business in the state shall not be removed from that place of business except consigned property returned to the owner, within thirty days after the receipt of the property.
(2) Property consisting of a precious metal bought or received on consignment by any secondhand dealer with a permanent place of business in the state may not be removed from that place of business except consigned property returned to the owner, within forty-five days after the receipt of the property.
(3) Property shall at all times during the ordinary hours of business be open to inspection to any commissioned law enforcement officer of the state or any of its political subdivisions.
(4) Property other than property consisting of a precious metal bought or received on consignment by any secondhand dealer without a permanent place of business in the state, shall be held within the city or county in which the property was received, except consigned property returned to the owner, within thirty days after receipt of the property.
(5) Property consisting of a precious metal bought or received on consignment by any secondhand dealer without a permanent place of business in the state, must be held within the city or county in which the property was received, except consigned property returned to the owner, within forty-five days after receipt of the property.
(6) The property shall be available within the appropriate jurisdiction for inspection at reasonable times by any commissioned law enforcement officer of the state or any of its political subdivisions.

NEW SECTION. Sec. 5. A new section is added to chapter 19.60 RCW to read as follows:
(1) If the applicable chief of police or the county’s chief law enforcement officer has compiled and published a list of persons who have been convicted of any crime involving theft, then a secondhand dealer shall utilize such a list for any transaction involving property other than property consisting of a precious metal as required by the applicable chief of police or the county’s chief law enforcement officer.
(2) If the applicable chief of police or the county’s chief law enforcement officer has compiled and published a list of persons who have been convicted of any crime involving theft, then a secondhand dealer shall utilize such a list for any transaction involving property consisting of a precious metal and may not engage in any transaction with a person on the list.
NEW SECTION. Sec. 6. A new section is added to chapter 19.60 RCW to read as follows:
No secondhand dealer doing business in this state may operate a business without first obtaining a business license from the local government in which the business is situated.
Sec. 7. RCW 19.60.066 and 1991 c 355 s 21 and 1991 c 323 s 10 are each reenacted and amended to read as follows:
(1) It is a gross misdemeanor under chapter 9A.20 RCW for:
(a) Any person to remove, alter, or obliterate any manufacturer’s make, model, or serial number, personal identification number, or identifying marks engraved or etched upon an item of personal property that was purchased, consigned, or received in pledge. In addition an item shall not be accepted for pledge or a secondhand purchase where the manufacturer’s make, model, or serial number, personal identification number, or identifying marks engraved or etched upon an item of personal property has been removed, altered, or obliterated;
(b) Any person to knowingly make, cause, or allow to be made any false entry or misstatement of any material matter in any book, record, or writing required to be kept under this chapter;
(c) Any pawnbroker or secondhand dealer to receive any property from any person under the age of eighteen years, any person under the influence of intoxicating liquor or drugs, or any person known to the pawnbroker or secondhand dealer as having been convicted of burglary, robbery, theft, or possession of or receiving stolen property within the past ten years whether the person is acting in his or her own behalf or as the agent of another;
(d) Any pawnbroker to engage in the business of cashing or selling checks, drafts, money orders, or other commercial paper serving the same purpose unless the pawnbroker complies with the provisions of chapter 31.45 RCW; or
(e) Any person to violate knowingly any other provision of this chapter.
(2) It is a class C felony under chapter 9A.20 RCW for a secondhand dealer to commit a second or subsequent violation of subsection (1) of this section involving property consisting of a precious metal.

Dear Reader

For all those interested in precious metals, investors or onlookers, October 30th (thats this Saturday) is a day to learn more.

If you click on the link below :

http://www.goldsilvermillionaireseminar.com/

you will arrive at an introduction page for a seminar held in Heathrow (London) this saturday.

There are several different experts talking on all aspects of gold investments and a chance to win Silver coins!

I personally know several people attending, including one of the speakers who is a well respected and knowledgable authority on all things Gold.

The talks run from 9am to 6pm and include a free lunch.

As though you needed further incentive, I will be there too! So it is an opportunity to put a voice to the little face you see in the corners of my emails.

Dear Reader
Are you prepared for the next major rise?

For those of you who have been following Gold you will have seen a massive rise in the last month, followed by a dip. Those paying particular attention though will have noticed that the rise was bigger than the dip. So we are still climbing! Its never a straight line, if only.

Watching the BBC news today, the business section actually has the Gold price now listed alongside the FTSE for investors. Better late than never. If that isnt a sign of the growing popularity of Gold, I don’t know what is. Moneyweek has had several articles on Gold this month, the last of which clearly stated if you havent bought already, to be buying now!

With Korea and Ireland both causing massive stirs in the market the gold price is set to rocket once more on the back of uncertainty. Have you bought in time? If not, why not?

The price is still good today and you will see further rises this year and next so its time to secure your financial future.

Dear Reader

For those of you wise enough to invest already Im sure you have a big grin on your face! For those of you who havent …..read on…

Gold has just soared past its previous all time record and is hitting new highs again today, golds spot price closed yesterday at $1337.10.

Also yesterday the US government announced their brilliant idea of buying $75,000,000,000 of treasury bonds. To you and me thats printing $75 billion of new money and throwing it into the system.

Sound comical? Sound sane? Well if you thought that was bad they declared they were going to do it EVERY MONTH from now till June! Upon which news Gold has soared to $1391.64 a grand total of $54.54 in a day or an increase of over 4%, thats 1489% APR. If you werent sure before you should be by now!

Dear Reader

Yesterday I attended the annual Gold and Silver Summit held in Victoria, London where some of the leading analysts of gold funds, gold mining companies and private investors met. The consensus across the board from the hedge fund managers to the geologists was a Gold & Silver price rising for the next few years.

This was heralded by the announcement that the Gold price broke the $1400 ceiling yesterday during the talks and then continued to climb!

As I write this email it has reached $1420 a climb from $1322 on October 27. Thats $98 in just over 12 days, or an APR of 225%.

Go and ask your bank for that interest rate on your money and if they refuse, come back to me and tell me when and how youd like to invest.

Dear Reader

Wow, what a fantastic year we have had at Zen Gold! Despite the broader UK/Worldwide market issues, such as the world banking and housing recession, GBP/Dollar and inflationary concerns, lack of employment opportunities and poor consumer sentiment, Gold and Silver investments continue to dominate worldwide interest and remain the bedrock of Zen Gold’s short and long term growth and profitability.

Although we have seen Gold and Silver soar to record highs, it has proved to be the driver of our winning business model, with our investors continuing to benefit from rising prices and from our growing distribution network, as we optimize our buying power.

All this further demonstrates why we are continuously striving to keep up with supply and demand from our investor/consumer audience.

Furthermore, we would like to say that we’re very much looking forward to 2011 as we launch into the UK, the “World’s First Gold ATM” which is extremely exciting as we search for Investors and Shareholders.

Further exciting changes are also planned for January next year as we also launch our “Zen Gold Partners” program. This has been in development for six months and will no doubt prove to be an unbeatable addition and an exciting partner for our already winning Gold investment opportunities.

Finally, we would like to take this opportunity to thank all our investors and distributors for their continued support during the year and would like to wish you and your family a fantastic Christmas and a very prosperous 2011.

Dear Reader
The ZEN GOLD to go is the worlds 1st Gold ATM Vending Machine!
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Prices are updated in real-time. All Zen GOLD to go ATM gold vending machines are burglar-proof and tamper-resistant.

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ZEN GOLD to go ATM can hold up to £50000 worth of stock which can be ordered from ourselves. Due to the massive interest and initial orders for the Gold ATM vending machine there is a 3 month waiting list from order to machine placement. All orders are accepted on a proof of funds and first come first served basis.

Dear Reader

• Today they announced that inflation had gone up (again) but it was 60% higher than the Bank Of England target last month,
• That’s 12 months out of 12 this year above their target to maintain control of monetary policy,
• Later this month we have the utility bill hikes to further drain our wallets,
• Next month we have a 2.5% increase in VAT, that’s almost EVERYTHING increasing by 2.5%! Your food, clothes, mobile phone bill, the lot!
• Government spending cuts to all councils will mean fewer services can be provided unless they hike council tax,
• Government funding cuts have caused businesses to freeze or even lower wages,

I generally try to keep these bulletin emails short and sweet but if I was to write the list of issues facing out monetary system in the last quarter of the year Id be several pages on by now.

I hope you’re getting the point, you have less, but things cost more. This is a downwards spiral, one feeding the other. Increasing prices need an increase in wages, lower wages cause protests, protests (if they aren’t ignored) lead to reform, increased wages cause increased prices, etc, etc, etc!

Everything has a repercussion, how do you think our British companies will fare in the future when most people can no longer afford higher education. Currently in the world, for % of GDP spent on education we rank 46th along with Mexico and South Africa, but we are reducing it????

Here is a simple calculation for you to analyse if you are better or worse off. Take the amount you had in savings this time last year divide it by £1.10 (the average cost of diesel then) to work out how many litres of diesel you could have bought. Now take this year’s figure, including all the interest and divide by £1.23 (the
average cost of diesel now). If the figure is less this year you have less ‘money’ even after interest.

Now we will work the other way round, let’s assume you took my advice and invested £10k in gold this time last year, so we divide £10k by the price of Gold (£688) gives us 14.5oz. Then this year you sell it, 14.5oz times £889 gives over £12’915. Even with inflation you’re on to a winner.

I’ve said it before and I’ll say it again, in an unstable economy you can’t beat Gold!