Learn What SC State Representative Michael Pitts Had To Say About Returning To Gold Coins Directly At Gold-Coin.com
February 22, 2010 – In what could shape up to be an interesting debate, South Carolina State Representative Michael Pitts recently introduced a bill in his state that would ban federal currency and return the state to monetary system based on silver and gold coins. Striking home his point, Rep. Pitts states, “There's only two groups in this nation that can bring attention to the runaway spending in Washington and the printing of currency and the increasing of debt. And that's you, the voters, at the polling place. And Washington is obviously not listening to you. And the other is the states, the 50 sovereign states of this nation.”
Rep. Pitts points out, “in 1964, if you gave me 10 silver dimes, it was worth $1. Those same 10 silver dimes right now are worth $15. But that dollar, the dollar bill, the printed U.S. dollar bill, is only worth about 50 cents.” This train of thought underscores the concerns of many analysts and economists who see the devaluation of the dollar and worry about the rampant spending of the federal government. This lack of confidence in the US dollar is a prime reason why silver and gold coins hold so much appeal for many investors.
Gold and silver have both served as a hedge against inflation and a protection against financial pressures. As the value of the dollar has fallen, gold has increased, allowing people to retain more value in their assets. Since the United States left the gold standard in 1973, the dollar’s value has dropped and the gold has been one of the best investments in the world. While it is difficult to imagine a state or the entire country returning to silver and gold coins, investors can still see the value of these metals for protecting their financial security.
Michael Williams
Senior Staff Writer - Gold-Coin.com
