Florida Considering Legislation to Recognize Gold and Silver as Currency
Florida’s exploration of gold and silver as currency aligns with a return to sound money principles.
Florida’s exploration of gold and silver as currency aligns with a return to sound money principles.
Gold has surged to a new all-time high of over $2,555 per ounce, driven by economic uncertainties, expectations of a Federal Reserve rate cut, and increasing demand as a safe-haven asset. ING projects gold to average $2,700 by 2025, supported by geopolitical tensions, lower interest rates, and rising central bank purchases.
In 2024, China alone offloaded $53.3 billion worth of US Treasury bonds while accumulating substantial amounts of gold.
Central banks across the Global South have been actively bolstering their gold reserves in anticipation of this transition. China, a major player in this shift, has been consistently purchasing gold for 18 consecutive months, with a staggering $53.3 billion worth of U.S. Treasuries being sold off since the beginning of the year.
Earlier this week the Federal Reserve released a report that showed at least 37.5% of foreign central banks are moving away from the dollar as their main reserve currency in favor of gold.
Economist and a member of the Economic Advisory Council to the Prime Minister of India, Sanjeev Sanyal, said on Friday that India will now hold most of its gold in its vaults. Citing the decline in confidence in dollar assets among central banks as one of the prime reasons
The House of Representatives voted to pass the CBDC Anti-Surveillance State Act by a margin of 216 to 192, with 213 Republicans voting in favor. Three Democrats voted for the bill, while 192 Democrats opposed it.
To help battle the latest round of inflation, the Central Bankers and politicians are turning to the oldest form of money known to civilization. This week, Zimbabwe launched a new “structured currency” backed in part by gold.
Currently, the Zimbabwe gold-backed digital currency that was introduced in 2023, is in use as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. According to state-owned media reports, the country’s central bank currently holds roughly 793kgs of gold in reserves valued at roughly $49 million at the current price with plans to grow reserves to around $100m.
It’s been more than ten years since then US Treasury Secretary Jacob Lew announced a new project to redesign the nations currency, beginning with the $10 note.
At the time of the announcement, the designs for the new $10 bill were expected to be unveiled in 2020 to correlate with the 100th anniversary of 19th Amendment, which granted women the right to vote.