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The value of gold is hitting new record highs as Florida's new gold and silver as legal tender law allows their use in transactions and certain tax payments.
Governor Ron DeSantis signed CS/HB 999 into law in 2025, saying the bill would allow money service businesses like PayPal and check cashers to transmit and accept payments in precious metals.
“We are the first large state to step up and to get this done,” said DeSantis. “This is right out of the Constitution of the United States. This legislation will authorize money services businesses to accept gold and silver coins that meet specific purity standards.”
Key Features of the Law:
Legal Tender Status: Gold and silver coins that meet specific purity standards will be recognized as legal tender, allowing them to be used for paying debts and making purchases.
Sales Tax Exemption: Transactions involving these precious metals will be exempt from sales tax, encouraging their use in commerce.
Implementation Timeline: The law will take effect on July 1, 2026, and requires the Chief Financial Officer to adopt implementing rules by November 1, 2025.
Meanwhile, the price of gold is dropping as investors profit off record highs. Gold hit an all-time peak on Monday at nearly $4400 an ounce, as demand for precious metals increases during times of economic uncertainty. Tuesday, however, gold dropped over five percent, its steepest decline in over five years.
As of Wednesday, two-day losses extend to -8%, erasing over -$2.5 trillion worth of market cap. Gold is on pace for its largest two-day drop since 2013.