Crossing someone’s palm with gold or silver could soon become more than just a figure of speech. It has already become a reality in one state as Utah legislators became the first in the country this month to legalise gold and silver coins as currency. The law will also exempt the sale of the coins from state capital gains taxes. Craig Franco hopes to cash in on it with his Utah Gold and Silver Depository, and he thinks others will soon follow. The idea is simple: Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings. He plans to open for business June 1, likely the first of its kind in the country. He said: ‘Because we’re dealing with something so forward thinking, I expect a wait-and-see attitude. Once the depository is executed and transactions can occur, then I think people will move into the marketplace.’ The idea was spawned by Republican state Republican Brad Galvez, who sponsored the bill largely to serve as a protest against Federal Reserve monetary policy. Mail Online