Over 20 US states moving towards accepting gold and silver as legal tender
As concerns continue to grow over the stability of the US dollar and increasing inflation rates, a growing number of US states are taking steps to recognize gold and silver as legal tender.
According to a recent news article on Invezz.com, 23 states have introduced legislation that would allow citizens to use precious metals to pay for goods and services; bringing back the change by then President Nixon in 1973.
The article, authored by Shivam Kaushik, notes that “Proponents of the legislation argue that gold and silver are more stable forms of currency, as their value is not subject to the same fluctuations as fiat currency.” The states that have introduced the legislation include Arizona, Wyoming, and Texas, all of which have taken slightly different approaches to the issue.
In Arizona, for example, the state Senate has passed a bill that would recognize gold and silver coins minted by the US government as legal tender, and would remove state capital gains taxes on the exchange of precious metals.
In Wyoming, a similar bill has been introduced, which would also allow for the creation of a depository to hold precious metals for use in transactions. Texas has introduced legislation that would recognize gold and silver coins as legal tender and create a depository to allow citizens to store their precious metals in a secure facility.
Despite some criticism of the practicality of using precious metals as currency, the trend towards recognizing gold and silver as legal tender appears to be growing, as is the use of trading platforms in the US. As Kaushik writes, “Only time will tell whether gold and silver will become a more widely recognized form of legal tender, but for now, it seems that a growing number of US states are taking steps towards recognizing precious metals as a legitimate form of currency.”
The potential implications of this shift in the way US states view currency are significant, and it remains to be seen whether other states will follow suit. For now, it seems that the trend towards using precious metals as an alternative to fiat currency is only gaining momentum.
What does this mean for the world markets and the US dollar? It’s yet to be seen.