Florida Governor Ron DeSantis recently expressed strong criticism regarding the current state of U.S. monetary policy, emphasizing the consequences of dollar instability reflected in historic precious metals price movements. On a public social media platform, DeSantis pointed to silver's unprecedented rise above $103 per ounce as a tangible indicator of fundamental issues afflicting the U.S. currency system.
At the time of his commentary, silver futures for March 2026 delivery (ticker SIH26) had surged to $103.405 per ounce, marking an increase of approximately 7.3% and setting a record high for the precious metal. DeSantis remarked, "If the US actually had a stable currency you wouldn’t see silver setting new records," succinctly connecting the commodity's price surge to systemic currency instability.
This public stance on monetary stability is a continuation of DeSantis's broader policy initiatives concerning precious metals. In 2025, Florida enacted legislation that officially designated gold and silver as legal tender within the state, effective July 1 of that year. Additionally, the new law exempts transactions involving these metals from sales tax, effectively encouraging their use and acceptance as alternative forms of currency.
DeSantis's viewpoint dovetails with a wider trend among some investors and financial commentators who have voiced concerns regarding exposure to U.S. sovereign risk and the stability of the dollar. Notably, billionaire hedge fund manager Kenneth Griffin has articulated unease over rising precious metals prices and the strategies investors employ to "effectively de-dollarize or derisk their portfolios" against perceived fiscal uncertainties emanating from U.S. policy and debt levels.
Further supporting this sentiment, gold advocate Peter Schiff projected a continued decline in the dollar's value. Schiff posited that this trend could drive precious metals such as gold to reach elevated prices in the range of $5,000 to $10,000 per ounce, underscoring the potential attractiveness of metals as a refuge amid currency volatility.
Alongside silver’s record levels, futures contracts for silver closed at $101.33 on the referenced Friday, reflecting a daily gain of 5.15% and a robust advance of 9.73% over the preceding five days. The market's 52-week trading range for silver futures exhibited considerable breadth, spanning from $29.62 to the current high of $103.53, indicative of significant underlying price momentum.
This surge in precious metals pricing translated into notable gains in exchange traded funds (ETFs) focused on gold and silver. Specifically, the SPDR Gold Trust (NYSE:GLD) experienced an uptick of approximately 1.37%, while the US Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) saw an increase of 1.82%. The abrdn Physical Silver Shares ETF (NYSE:SIVR) outperformed these with a substantial daily rise of 6.64%, reflecting investor demand driven by the metals' store-of-value appeal amid currency concerns.
As investors and policymakers alike monitor these developments, the theme of currency stability versus precious metals valuation remains salient. DeSantis's legislative steps and public critiques emphasize a tangible shift toward alternative monetary frameworks at the state level, while market participants respond to broader uncertainties about the federal monetary environment through increased allocations to gold and silver.
Comprehensive data and market dynamics suggest that precious metals may continue to play a significant role in portfolio strategies amidst ongoing discussions about the future stability of the U.S. dollar as a global reserve currency.