In a dozen states, there are bills to make gold legal tender.
Nothing much will come of this. First, the concept of legal tender is anti-free market. A state should not declare anything as legal tender. It should limit itself to declaring the proper currency for the payment of taxes. Second, most of these bills will not become law this year. Third, most voters don’t care. People use plastic or currency.
What is significant is this: there is enough interest in gold today to call forth such bills. It indicates a major shift in the fringes of public opinion. Such bills would have been unthinkable in 2007.
There is a realization that gold coins would be a better investment than Federal Reserve credit. There is a growing awareness that the central bank has too much power.
These bills are the faintest hint of a decline in faith in the Federal Reserve. Ron Paul got the message out in 2007 and again in 2012. The FED has never faced this kind of hostility ever since it opened its doors in 1914.