Gold, silver surge as Florida considers legal tender law

Gold and silver prices surged to record levels through the end of 2025, despite sharp price swings along the way. 

Precious-metals dealers in Southwest Florida — along with Gov. Ron DeSantis — attributed the run-up to increased investor demand as a hedge against national and global economic uncertainty. 

In May, DeSantis cited a weakening U.S. dollar and growing national debt as reasons behind gold’s rapid rise. He made those comments at a news conference in Apopka announcing a proposal that would allow — but not require — Florida businesses and governments to accept gold and silver as legal tender beginning July 1, 2026. The Legislature must still approve rules governing the change during an upcoming session. 

“(Gold) is something that is very likely to hold its value, certainly compared to fiat currency,” DeSantis said. “This is our ability to give you the financial freedom to protect yourself against the declining value of the dollar.” 

Precious-metals dealers echoed those concerns and cited additional factors driving demand, including a soft housing market, foreign wars, new global tariffs and fears that heavy spending on artificial intelligence could destabilize financial markets. Silver prices tend to follow similar trends, though they are more closely tied to industrial demand than to investment and retail sales. 

Record prices spurred a surge in selling activity as consumers cashed in jewelry, silverware and other items, dealers said. At the same time, higher prices dampened retail jewelry sales, particularly during the holiday season. 

In December, retail sales fell at Prestige Jewelers locations in Fort Myers and Naples, said owner Mohammed Malik.  

“A lot of people are selling gold because the economy is not going well, and the gold prices are at an all-time high,” Malik said. “But we are down about 25% to 30% at each store for Christmas this month. Customers didn’t expect to pay those kind of prices.” 

Gold closed 2024 at just over $2,640 per ounce. It peaked above $4,550 in late December before slipping to just under $4,350 by year’s end. Silver began the year near $30 per ounce, climbed above $77 in late December and settled near $72 at the end of the year. 

At Gulfcoast Coin & Jewelry in south Fort Myers, owner Mike Joyce said both buying and selling activity has increased as customers look to hedge against economic uncertainty or raise cash. 

“Yes, this is a big deal, and it has increased my volume dramatically,” Joyce said. “We are extremely busy.” 

While the surge has benefited his business, Joyce said he believes the price spike reflects years of rising government debt and fiscal mismanagement. 

“What I read is people are becoming more aware that the dollar is dropping, and debt is going up, and no plans to pay the debt,” he said. 

Clayton Taylor, owner of All American Coin in Fort Myers, said a cooling housing market, fears of a stock-market bubble and online influencers also may be fueling interest in precious metals, which are often viewed as safe-haven assets during periods of uncertainty. 

“Basically, it’s because people don’t know what to do,” Taylor said. 

At Leif’s Coin and Jewelry in North Naples, sellers have outpaced buyers. Owner Leif Metsch said high prices have created a “stalemate,” with many buyers waiting for prices to retreat. He pointed to inflation and rising government and household debt as reasons some investors are turning to gold and silver as protection against broader economic instability. 

“Realistically speaking, owning gold and silver is only good for one thing: chaos,” Metsch said. 

Gold and silver could soon also be used as legal tender in Florida, though many consider that impractical even if allowed. The U.S. abandoned the gold standard in 1971 under President Richard Nixon, shifting fully to a fiat currency system. 

Florida joins a handful of states, including Texas and Missouri, that have passed legislation allowing gold and silver to be used as legal tender. 

“That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy,” DeSantis said.