Utah’s private gold depository just exploded. More than 60% membership growth over the weekend.
The phone could be heard ringing in the background every two minutes as I spoke with the founder of the United Precious Metals Association at 4:30 pm today, a mere half hour before closing. The small Utah based company was bombarded Monday with calls from all across the country from open to close. The calls continued unabated into Tuesday. Over the weekend news of the company’s unique services such as a gold-backed debit card went viral and hundreds have been signing up daily since.
The story began at Popularliberty.com and quickly moved on to Zerohedge.com where it has garnered over a hundred thousand views. When asked what he thought of all of the sudden publicity founder Larry Hilton responded somewhat exasperatedly “You know it has been a good thing. The last couple of days have been extremely busy and it has forced us to streamline some of our processes. We are going to be updating the website and building for all of this growth.” It doesn’t look like it will be slowing down anytime soon either. Mr. Hilton plans on creating more videos and other media explaining clearly how the system works for anyone that may be confused. He is also planning videos to introduce people to the concept of using sound money in daily transactions but for now the immediate task is at hand is managing the sudden 60% growth.
At the time of the first article published last week Larry gave a 30 minute interview answering questions about the service but he has requested that it be published later this week when the calls start to slow down a little. “With the market turbulence this fall there is a growing urgency to get things done. Converting your checking account into something similar backed by gold or silver is a service most people were completely unaware even existed until last Sunday.”
President of Overstock.com and candidate for Utah governor Jonathan Johnson will be the keynote speaker at the monetary summit on October 17th in Salt Lake City. It is an event held annually by UPMA to promote the use of sound money. Johnson is the man that really put bitcoin on the map by becoming perhaps the largest retailer to accept it as payment. “You know…” Larry began, “Last year at the monetary summit we had maybe seventy people show up and a room that could fit two hundred and fifty. It was a little discouraging to see all of the empty chairs. This year we are wondering if the same space is going to be big enough. These past couple of days have truly been a phenomenal experience and we are grateful to those that have spread the message and made it all possible.”