UTAH (Commodity Online) : The State of Utah took another step forward in bringing around its own additional currency by forwarding the silver and gold coin bill (Substitute Currency Amendments bill (H.B. 317) 16-7) to Gov. Gary Herbert for his signature.

Last week the senate had passed a law to allow silver and gold coins as a legal tender within the state’s borders.

The Utah legislation is touted as a rejection of fiat money and an opposition against tax code that encourages consumption.

The new wave is not restricted to Utah, as a dozen states have proposed such a bill. If they come through, the demand for gold coins and silver coins could significantly increase. There are even arguments that the said legislation may spur the US Congress to consider adopting gold standard.

In Virginia, the legislature there has passed a bill (which is yet to be signed by the governor) that would allow the state to mint gold, silver and platinum coins. This is expected to protect the state from the scourge of high inflation.

In fact, a Virginia delegate tried to initiate a resolution that would allow the state to have its own currency, but fell through.