Gold’s Biggest Drop in 30 Years Fails to Deter Advocates

Summary: The bloodbath in gold last month marked the metal’s biggest two-day drop in over 30 years. Many took this as a sign that gold had lost its luster, but many advocates of the metal have not been deterred. More specifically, advocates of a gold-backed currency still believe the metal is an excellent store of value, despite any big drops in the price, which they see as temporary. Many states across the U.S. are considering bills to legalize gold and silver for tender. Even though Arizona’s governor vetoed the legislation, advocates of creating gold/silver backed exchanges have seen victories in the political arena, with similar measures passing the lower chamber in Missouri and South Carolina. Kansas, Indiana, Oklahoma and Louisiana are considering similar measures. As of this writing, Utah remained the only state to fully pass a bill allowing gold and silver for legal tender. Read more…