Gold bugs have been called a little bit nuts at times and often discredited by the "real" market makers since gold doesn't really "produce anything." (Referencing to Buffet and others saying that gold is only a hedge and that it has no productivity value).
No, the shiny yellow metal may not have a lot of productivity appeal (more than that of making a lot of coins, bricks or jewelry). Though, recently, even mainstream publications have been running editorials calling for a return to the gold standard. The mere fact that a blogger for Forbes is saying we need a return to some form of gold standard is telling in and of itself.
I've made no bones about being a fan of the DailyReckoning.com who has made a simple case for years on how "gold takes away the meddlers' ability to meddle." In one of their posts today, they discuss how a man has been convicted of coining his own silver "Liberty Dollars" in an effort to circulate them and have them compete with the Federal Reserve Notes. Obviously, this landed the man in jail but oddly enough the charged levied against him by using "The Constitution – Article 1, Section 8, Clause 5 – gives Congress the power to issue money," disappeared at the trial. As Bill Bonner of the DR notes, "Apparently, it makes it a federal offense to compete."
So, that leads me to the big hitter of this post. While several states have been contemplating coining their own money (too which we are sure the FedGov will backlash), Utah has become the first state to buck Gresham's Law by removing the tax implicating penalties associated with the float of gold's price. (After all, the dollar floats too but only in the devalued form of cotton against the rising cost of goods).
While I am not a personal gold bug (as finances and commerce still have to be conducted in the worthless cotton/linen mix), I would feel far more secure and happier if I had some shiny "dollar" hedge of my own. After all, Warren Buffet is correct, gold is just another store of value that has no productive attributes, it just means that the big .gov and its crony / zombie capitalistic brothers can't stealthily steal from me as much. I think I speak for most of America by saying that we just want the ability to be able to pay our bills and not have to chose between food, heating oil, or mortgage payments, as our wealth is wiped out on the efforts to default the debt.