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Newsweek
8 hours ago
- Business
- Newsweek
Texans Allowed to Pay Using Gold and Silver
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Texans are to be allowed to pay with with gold and silver for everyday transactions after Governor Greg Abbott signed House Bill 1056 into law. The law, which was championed by Republican state representative Mark Dorazio, designates the precious metals as legal tender in the state. Texans will be able to use their gold and silver holdings, stored in the state's bullion depository, for payments through electronic systems such as mobile apps or debit cards. The provision comes after legislative debate, and takes effect on May 1, 2027, enabling transactions based on the state comptroller's valuation of the metals at the time of sale. Newsweek contacted Abbott and Dorazio for comment - via email and online inquiry form respectively - on Wednesday outside regular office hours. Why It Matters The decision by Texas lawmakers to recognize gold and silver as functional money marks a significant experiment in alternative currency in the United States. For decades, the U.S. has operated on fiat currency, and while federal law already recognizes U.S. gold and silver coins as legal tender, their actual commercial use has been rare and logistically challenging. Supporters, like Dorazio, say the move provides Texans with added protection from inflation and expands financial autonomy beyond federally backed dollars. The Republican also cited the Bible in his efforts. Chron, a Houston-based news outlet, quotes him as saying: "If you go back to the scripture in Genesis 2, it gives you a reason how God intended us to be able to effectively engage in commerce. And that reason was: 'In the land of Havilah, I place the gold.'" Critics, including industry groups and independent observers, warn of substantial costs, legal complexities, and potential consumer risks associated with managing gold- and silver-based transactions. How Will Payments Using Gold and Silver Work? The bill authorizes the Texas comptroller to establish electronic payment systems for gold and silver held in the state depository. Consumers will not spend physical gold and silver coins or bars, but rather use digital systems representing their holdings. The new legislation does not require merchants to accept gold or silver for transactions, not does it eliminate U.S. currency. Consumers may choose to continue standard payments. Stock photograph showing gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. Stock photograph showing gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. DAVID GRAY/AFP/GETTY An earlier version of the bill would have created a new gold- and silver-based digital currency, but this component was removed before it passed the Texas Legislature. According to Chron, the bill was opposed by both the Texas Bankers Association and the Independent Bankers Association due to consumer protection concerns. What People Are Saying On Sunday Governor Abbott wrote on X, formerly Twitter: "I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. "It fulfills the promise of Article 1, Section 10 of the U.S. Constitution." I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. It fulfills the promise of Article 1, Section 10 of the U.S. Constitution. — Greg Abbott (@GregAbbott_TX) June 29, 2025 Article 1, Section 10 of the Constitution states that no American state can "make any Thing but gold and silver Coin a Tender in Payment of Debts." Speaking to the Dallas Morning News, Dorazio said: "In short, this bill makes gold and silver functional money in Texas. It has to be functional, it has to be practical and it has to be usable." Where Else Are Gold and Silver Legal Tender? Other states such as Utah and Arizona have recognized gold and silver as legal tender. However, these measures are largely symbolic; most states do not require or provide the infrastructure for retail transactions using precious metals. The practice remains rare outside Texas. In May, Republican lawmakers in Missouri added an amendment to a broader finance bill that would make gold and silver legal tender in the state. The value of gold soared to an all time high on April 1 amid traders' concerns over President Trump's tariff policy, strengthening the precious metal's reputation as a relative safe haven. What Happens Next? House Bill 1056 is due to come into effect on May 1 2027. On the same day Abbott signed House Bill 1056, he also approved Senate Bill 21, which instructs the creation of a new Texas Strategic Bitcoin Reserve to hold the cryptocurrency among its financial portfolio.
UAE Moments
2 days ago
- Business
- UAE Moments
Dubai Gold Prices Surge Past Dh400—Buyers Are Going Smaller
Gold lovers in Dubai are facing a glittery dilemma as prices surged past the Dh400 mark again on Tuesday, prompting a noticeable shift in shopper habits across the UAE. According to Dubai Jewellery Group data, 24K gold was priced at Dh400.25 per gram, while 22K, 21K, and 18K stood at Dh370.75, Dh355.50, and Dh304.75 respectively. The spike follows a global jump, with spot gold trading at $3,329.84 per ounce—up nearly 1%—due to concerns over looming tariffs and a weakening US dollar. 'Higher prices are definitely impacting how people buy,' said one gold retailer in Deira. 'We're seeing more customers move toward 18K items instead of 22K or 24K. It's about staying within budget, especially with summer travel and wedding season coming up.' The shift is largely driven by residents planning trips back home, often with jewellery gifts in hand. With prices tightening wallets, affordability is leading shoppers to downsize or seek out budget-friendly options. Global market tensions are also playing their part. Former US President Donald Trump voiced dissatisfaction over US-Japan trade talks, and Treasury Secretary Scott Bessent warned of possible tariff hikes—both factors boosting gold's safe-haven appeal. Nicholas Frappell, global head of institutional markets at ABC Refinery, added: 'Weaker dollar and concerns about the impact if Trump's tariff deadline is not extended are supporting gold at the moment." Whether you're eyeing a wedding set or a simple pair of earrings, it might be time to act fast—before gold gets even more golden.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Dubai: Gold prices rise above Dh400, shoppers shift to cheaper variants
Gold prices bounced back above Dh400 per gram again on Tuesday as rates jumped above $3,300 per ounce globally due to uncertainty around tariffs and a weaker dollar. The Dubai Jewellery Group data showed 24K trading at Dh400.25 per gram while 22K, 21K and 18K were trading at Dh370.75, Dh355.5 and Dh304.75 per gram, respectively. According to gold jewellers in Dubai, the volatility in precious metal prices influences the purchasing decisions of UAE residents, as higher prices constrain their budgets, forcing them to shift to smaller variants of 18K due to affordability concerns. This becomes even more important when many residents travel to their homes and spend a handsome amount on buying jewellery for gifts and weddings. Spot gold was trading at $3,329.84 per ounce, up 0.99 per cent in early trade. It was trading below $3,300 in the previous day's session. US President Donald Trump on Monday expressed frustration with US-Japan trade negotiations as US Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs. 'Weaker dollar and concerns about the impact if Trump's tariff deadline is not extended are supporting gold at the moment," said Nicholas Frappell, global head of institutional markets at ABC Refinery.
Business Recorder
2 days ago
- Business
- Business Recorder
Gold rises on weaker dollar, tariff uncertainty before deadline
Gold rose on Tuesday, supported by a weaker dollar and heightened uncertainty over US President Donald Trump's tariff policies ahead of the July 9 deadline, driving investors toward safe-haven assets. Spot gold was up 0.4% at $3,315.26 per ounce, as of 0229 GMT, while US gold futures rose 0.6% to $3,326.50. 'Weaker dollar and concerns about the impact if Trump's tariff deadline is not extended are supporting gold at the moment,' said Nicholas Frappell, global head of institutional markets at ABC Refinery. The US dollar index fell 0.1% to a more than three-year low, making bullion more affordable for holders of other currencies. Trump expressed frustration with US-Japan trade negotiations on Monday as US Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs, as a July 9 deadline approaches despite good-faith negotiations. Meanwhile, Trump continued to press the Federal Reserve on Monday to ease monetary policy, sending Fed Chair Jerome Powell a list of global central bank interest rates, annotated with handwritten comments saying US rates should be between Japan's 0.5% and Denmark's 1.75%. 'I think (Trump's call to lower interest rates) is also having an impact on the market although I am a bit surprised that the market is that optimistic about rate cuts,' Frappell said. Gold gains on dollar weakness, US jobs data awaited Bessent said the administration is considering using the next expected Fed Board of Governors vacancy in early 2026 to appoint a successor to Powell. Investors are closely monitoring a series of US labour market reports in this holiday-shortened trading week, culminating in Thursday's government payrolls data, for insights into the Fed's monetary policy direction. The market is currently anticipating a 67-basis-point rate cut beginning in September. Spot silver fell 0.8% to $35.80 per ounce, platinum was down 0.7% to $1,343.61, while palladium gained 0.9% to $1,107.25.
Mint
2 days ago
- Business
- Mint
Gold rises on weaker dollar, tariff uncertainty before deadline
(Reuters) - Gold prices rose on Tuesday, supported by a weaker dollar and heightened uncertainty over U.S. President Donald Trump's tariff policies ahead of the July 9 deadline, driving investors toward safe-haven assets. Spot gold was up 0.6% at $3,322.55 per ounce, as of 0430 GMT, while U.S. gold futures rose 0.8% to $3,334.80. "Weaker dollar and concerns about the impact if Trump's tariff deadline is not extended are supporting gold at the moment," said Nicholas Frappell, global head of institutional markets at ABC Refinery. The U.S. dollar index fell 0.2% to a more than three-year low, making bullion more affordable for holders of other currencies. [USD/] Trump expressed frustration with U.S.-Japan trade negotiations on Monday as U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs. Tariff rates ranging from 10% to 50%, announced on April 2, are scheduled to take effect on July 9 following a 90-day pause implemented by Trump, unless bilateral trade deals are reached. Meanwhile, Trump continued to press the Federal Reserve on Monday to ease monetary policy, sending Fed Chair Jerome Powell a list of global central bank interest rates, annotated with handwritten comments saying U.S. rates should be between Japan's 0.5% and Denmark's 1.75%. "I think (Trump's call to lower interest rates) is also having an impact on the market although I am a bit surprised that the market is that optimistic about rate cuts," Frappell said. Bessent said the administration is considering using the next expected Fed Board of Governors vacancy in early 2026 to appoint a successor to Powell. Investors are closely monitoring a series of U.S. labour market reports in this holiday-shortened trading week, culminating in Thursday's government payrolls data, for insights into the Fed's monetary policy. Spot silver rose 0.2% to $36.16 per ounce, platinum was steady at $1,352.49, while palladium gained 1.4% to $1,113.18. (Reporting by Anmol Choubey in Bengaluru; Editing by Harikrishnan Nair, Rashmi Aich and Mrigank Dhaniwala)
