Daily Gold Market Report

Oklahoma’s Bold Move
Introducing Gold and Silver Depository for Everyday Transactions

(USAGOLD – 12/20/2023) Gold prices are remaining range bound for the time being. Gold is trading at $2035.67, down $4.68 cents. Silver is trading at $24.37, up 32 cents. It seems now that several states within a week are preparing to challenge the Federal Reserve’s monopoly on money and reintroduce gold and silver as viable, everyday currencies. A bill filed in the Oklahoma Senate (Senate Bill 1351) would establish a gold and silver bullion depository in the state. This initiative, modeled after a similar law in Texas, is designed to provide a secure storage for precious metals and to facilitate their use in financial transactions. The bill proposes a system where individuals can deposit gold and silver and use them electronically, similar to cash, through a debit card linked to their bullion account.

“The depository shall make available a debit card, issued upon a request by the depository account holder, in which the depository account holder may make transactions which are debited from the balance of the holder’s account. The balance available to the depository account holder through use of the debit card shall be equal to eighty percent (80%) of the current spot price of the deposits of the depository account holder.”

The bill will be introduced in the Oklahoma legislature in February for further consideration.