Allowing the use of precious metals in transactions will help tame inflation, restore the middle class, and protect the U.S. economy, supporters said.
With gold at record highs and the possibility of Central Bank Digital Currencies (CBDC) and de-dollarization, serious efforts to bring back gold and silver in commerce are proliferating.
From Florida and Texas to New Hampshire, New Jersey, and beyond, lawmakers are working to shake up the monetary system in creative ways. Some states have already made significant moves.
Dubbed “transactional gold bills,” the most far-reaching proposals would create state-backed systems to facilitate commerce in precious metals.
Arkansas lawmakers voted unanimously in the Senate and 89–1 in the House to create just such a system this month. Utah lawmakers did the same last month. More states are expected to do so this year amid a flurry of legislative efforts dealing with precious metals.
Private-sector gold and silver payment options already exist. But advocates say state backing would supercharge public interest and adoption.
Some of the more modest state efforts are removing capital gains taxes on gold and silver, declaring them to be “legal tender,” investing state reserves in metals, or studying the implications of more significant initiatives.
In a series of interviews over multiple months, a wide array of lawmakers from across the country, economists, movement leaders, and other experts told The Epoch Times these state-level efforts are more than just good policy.
Rather, champions of the efforts said, bringing precious metals back into economic use is essential. It will help rein in inflation, restore the middle class, allow everyday people to hedge against the loss of purchasing power, protect the U.S. economy, and even help rekindle liberty.
Growing Support
President Donald Trump has repeatedly given public nods to gold-backed money in the recent past. As The Epoch Times reported in 2023, there is growing interest in Congress as well.
At the state level, more than 60 gold-related bills were introduced in more than half of state legislatures last year. Even more are expected in 2025.
Executive branch officials from numerous states are also involved, with multiple state treasurers publicly announcing their support.
The largely conservative National Association of Christian Legislators has created model legislation for establishing a currency based on gold and silver.
A vote in Texas last year resulted in a landslide victory for creating a transactional gold system, with support from more than 75 percent of Republican voters.
Many Democrats are also voting for major bills on gold, with some of them describing it as an “economic justice” issue since inflation hurts the poor disproportionately.
By Alex Newman
