Arkansas Governor Sarah Huckabee Sanders has made gold and silver coins legal tender in the state and tax-free property.
- The act, which comes into effect in July, places Arkansas as the fourth state to designate gold and silver coins as legal tender, following Wyoming, Oklahoma, and Utah.
- The move could challenge the authority of the U.S. Federal Reserve, according to the Tenth Amendment Center, a federalism advocacy organization.
Experts point out that this trend aligns with a clause in the U.S. Constitution that permits states to use gold and silver coins to settle debts.
- The theory suggests that in a multi-currency environment, the stronger currency prevails.
As 23 more states are preparing similar legislation, market analysts predict a coming bull market for gold that could be “spectacular”, a development that would further fuel the multi-currency environment.