The red state gold rush: Why some lawmakers are pushing precious metals
Quick Insights
The Bottom Line
Some red state lawmakers are proposing legislation to allow gold and silver as currency to combat inflation.
How This Affects You
If passed, such laws could allow you to use gold and silver for purchases, potentially hedging against inflation.
AI Summary
Some red state lawmakers are proposing legislation to facilitate the use of gold and silver as currency and establish state gold stockpiles. A draft bill in Georgia aims to authorize "mechanisms" for payments in gold and silver, potentially using prepaid debit cards. Lawmakers advocate for these measures as a hedge against inflation, citing the increased value of gold and silver while the dollar has not. Utah already passed a law earlier this year allowing the state to invest up to 10% of its "rainy day fund" in gold. Similar "transactional gold laws" have also been proposed in Arizona, Oklahoma, and Iowa, with backers planning to reintroduce failed legislation.
What's Being Done
Georgia has a draft bill to authorize mechanisms for paying with gold and silver.
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