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(Tallahassee, FL) – Have you ever tried to pay for something using gold or silver? Well, if that’s something you’re interested in doing, head to Florida. There’s a new law that just took effect in the Sunshine State, and it’s aimed at providing Floridians with a higher level of financial freedom. And that’s exactly how Republican Governor Ron DeSantis described it Tuesday, while signing HB 999 into law.
It mandates that gold and silver be treated as legal tender in Florida. DeSantis says that means residents of his state can safeguard wealth — and guard against financial uncertainty — by investing in inflation-resistant assets. Many financial advisors argue diversification while investing — including via the acquisition of precious metals — can help strengthen a portfolio. And in comparison to other assets, gold and silver may be less prone to inflationary or deflationary pressures.
DeSantis took to X, formerly Twitter, and said minus this step Floridians wealth is at risk. He described the federal government’s spending habits as “reckless” and akin to “addiction” — leaving resident’s financially exposed.
Florida does not stand alone in this pursuit. State lawmakers in Texas have considered a similar move. Legislation being debated in the state capital of Austin would create a debit-card system that would be backed by Texas’ state Bullion Depository. San Antonio State Rep. Mark Dorazio describes the plan as a hedge against both stock market fluctuations as well as inflation.
Still, it’s a controversial and potentially unconstitutional move. US states are not permitted to create their own currency.
Membership-based, bulk retailer Costco is thinking about gold as well. The company has taken steps to limit the amount of gold bars members can buy. And that’s all while the price of those bars been consistently rising since October of last year. The Costco website says each member can only buy one bar at a time — limited to two bars in total over a 24 hour period.
