Friday, 10 January 2025

Could GOP-Led State Soon Use Gold And Silver As Legal Tender?

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Could gold and silver soon be legal tender in Florida?

Jimmy Patronis, Florida’s chief financial officer, launched a study to analyze the use of gold and silver to purchase goods and services in the Sunshine State.

“I’m launching this study to determine the best way to get it done,” Patronis said, according to News4JAX.

“I’ve also included in the framework of the study that gold and silver cannot be taxed as property for the purposes of using them as money. Families and businesses don’t need higher taxes; they need innovative solutions to help them grow,” he added.

News4JAX reports:

Officials said it could create a currency competition that would reduce the effects of “ongoing financial abuses” like “de-banking.”

Keef Jones, the manager of Jacksonville Gold Exchange likes the idea.

“Gold and silver used to back our currency so doing that again seems like a great idea…give people a sense of calm and confidence,” Jones said.

Abdel Missa, a finance professor at the Jacksonville University Davis College of Business, is hesitant about the idea.

“I’m skeptical about the initiative, I think there are a lot of challenges in it,” Missa said.

He added that the value of gold and silver fluctuates frequently.

“Gold can, in a few weeks, lose 20% or 30%, [in value] it’s something that is volatile, and that will create a huge issue from an owner’s perspective,” Missa said.

“Gold and silver have been trusted assets for thousands of years; it makes perfect sense to use them as legal tender. This proposal would also result in protections against monetary failures and abuses, like the Bidenflation nightmare and attacks on Floridians’ financial freedoms,” Patronis said.

“Florida families & businesses need growth, not higher taxes. Gold and silver as legal tender offers a trusted, time-tested solution while protecting against the Biden-Harris inflation nightmare and financial overreach out of DC,” he added.

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Per FOX 13 Tampa Bay:

The study, which will be conducted by the Florida Department of Financial Services, will focus on physical gold and silver in the form of bars and coins.

Supporters of making gold and silver legal forms of currency argue that precious metals serve as a viable alternative to the U.S. dollar and other “fiat currencies,” or money that is not pegged to a physical commodity to determine its value.

“This is an exciting initiative that has the potential for enormous growth in our state. Gold and silver have been trusted assets for thousands of years, and it makes perfect sense to use them as legal tender,” Patronis said in a statement released Wednesday.

The proposal includes certain tax exemptions, as well, including making sure gold and silver are not taxed as personal property.

Shawn Clark, a financial advisor with Mosaic Financial Group, says gold-backed currency has benefits and drawbacks.

“I think a lot of Americans have been looking for some more independence,” Clark said.

Clark says gold and silver currency could help with inflation.

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