Daily Gold Market Report
Florida Considers Bills to Recognize Gold and Silver as Legal Tender
Floridians To Use Gold Or Silver In Both Physical And Electronic Form As Money
(USAGOLD – 12/15/2023) Gold prices are flat this morning after a highly volatile week. Gold is trading at $2035.53, down 83 cents. Silver is trading at $24.02, down 16 cents. The Florida House and Senate have proposed bills (House Bill 697 and Senate Bill 750) aimed at treating gold and silver as legal tender, potentially challenging the Federal Reserve’s monopoly on money. These bills define “specie legal tender” as specie coins issued by the Federal Government or other specie designated by the Chief Financial Officer. This legal tender could be used to pay private debts, taxes, and fees. The bills also propose the elimination of state and local taxes on gold and silver sales, thereby treating them more like money than commodities. Additionally, the legislation includes establishing a state-run bullion depository, allowing Floridians to use gold and silver for electronic transactions and daily purchases, similar to using cash. These bills will be formally introduced when the Florida legislature convenes on January 9 and must pass through committee stages to progress. Passage into law would make Florida the 12th state to have passed legislation to recognize gold and silver as legal tender, with varying degrees of implementation and provisions regarding taxation and usage.
