Florida Governor Ron DeSantis has enacted a new law, opening the doors for transactions using gold and silver in the state. This move is seen as a nod to the original “gold standard.”
What Happened: DeSantis signed the bill, HB 999, into law, allowing Floridians to use gold and silver for transactions. DeSantis hailed this as a “landmark piece of legislation,” offering residents “more independence” from a fiat currency, reported First Coast News.
Under the new law, gold and silver are now exempt from sales tax, and money services businesses like PayPal (NASDAQ:PYPL) are allowed to send and receive payments using these metals.
DeSantis expressed that the metals will serve as “real currency again” and not just “investment vehicles for the wealthy.” He believes that the law would enable Florida residents to safeguard themselves against “the declining dollar.” As of now, fewer than a quarter of all states—including Louisiana, Texas, South Carolina, and Utah—recognize gold and silver as legal tender. The new law is scheduled to go into effect on July 1, 2026.
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Why It Matters: This move comes at a time when the U.S. dollar’s confidence is wavering. The recent slide of the U.S. dollar has reignited investor interest in gold. Factors such as geopolitical uncertainty and concerns over the long-term sustainability of American fiscal policy have been driving this trend.
Moreover, the U.S. dollar was trading 15–20% above its long-term fair value. Analysts at KKR & Co. Inc. predicted the era of dollar-fueled outperformance in U.S. assets was likely nearing its end. According to them, the greenback may gradually fall below its fair value and stay weak for years, correcting its overvaluation through a prolonged, steady decline rather than a sharp crash.
SPDR Gold Trust (NYSE:GLD) surged 39.56% over the past year, while the US Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) soared 36.78%.
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