PodcastMiles Franklin MediaJason Cozens

America Is Quietly Building a New Gold & Silver System | Jason Cozens

Cozens describes state efforts to authorize gold and silver as currency, including legislation passed in six states and work underway in 14 others. He connects that push to concerns about federal debt and inflation, and points to central-bank gold buying and established trading hubs as evidence of demand for an asset governments cannot print. He also outlines his vision for U.S. cities to become major gold hubs, while the discussion raises concerns about AI-driven job displacement and its possible effect on tax revenue.

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Key Takeaways

Cozens says six states have authorized gold and silver as currency, with 14 more working on the issue for the next legislative session; he reports bipartisan support and says the six states together would rank as the world’s third-largest economy by GDP. He links the movement to Article I, Section 10’s provision on gold and silver and to lawmakers’ concerns about federal debt, inflation, national security, and CBDCs.

The state-level measures described by Cozens include practical uses for precious metals: Utah wants to let the state pay suppliers and employees who opt for gold or silver, and nearly every bill he has seen recognizes customers’ right to take delivery of their metals. He also says Florida is creating a gold- and silver-focused money-transmitter license and that its approach abolishes state-level taxes while leaving sales tax on purchases in place; he says the laws could set the stage for IRS discussion of removing capital-gains tax on transactions.

Cozens cites the Dutch central bank’s transfer of 86 tons of gold from the United States and Canada in preparation for what it called a severe crisis, and argues central banks are buying an asset governments cannot print. Separately, the speakers cite $40 trillion in U.S. federal debt, while Cozens says the headline is prompting more people to recognize what he calls an unsustainable mathematical problem; the host cites Brick Rule’s estimate that the dollar loses 8% of its value annually and says that figure is probably generous.

GEO-POLITICS

State Currency Laws — Cozens says Florida, Texas, Arkansas, Missouri, Louisiana, and Utah passed laws authorizing gold and silver as currency. Their combined GDP would rank third globally, behind the United States and China, he says, and may encourage other states to follow.

“And the six who passed laws, of course, were Florida, were Texas, Arkansas, Missouri, Louisiana, and Utah…”—

Legislative Momentum — Cozens says six states passed laws authorizing gold and silver as currency, while another 14 were actively working on the issue for the next legislative session. He says lawmakers were concerned about federal debt, national security, inflation, CBDCs, and potential population control.

“So if if just to recap states were worried about the 40 now 40 trillion dollars of debt matter of national security worried about inflation they're worried about CBDC's and…”—

Constitutional Basis — Cozens says Article I, Section 10 bars states from making their own currencies but permits them to use gold and silver. He links the provision to the Continental currency, which he says ended in hyperinflation and left the government struggling to pay soldiers and supply chains.

“And so under under article one section 10 of the US constitution, it forbids any state to make its own currency because that might be a bit crazy and unworkable…”—

TECHNOLOGY

AI Extinction Risk — Cozens cites a warning that advanced AI could carry a greater-than-10% chance of causing human extinction within the next decade. He argues the concern should be taken seriously.

“They're warning that there's a greater than 10% chance that advanced artificial intelligence could cause human extinction within the next decade…”—

ECONOMY

Gold Transaction Taxes — Cozens says state laws authorizing gold and silver as currency could pave the way for the IRS to discuss removing capital-gains tax on transactions involving the metals. He also says the Florida approach abolishes state-level taxes, while clarifying that sales tax still applies to purchases.

“this legislation by the states once they've made it authorized currency which they have done now that lays the path to the IRS to have a conversation about taking away…”—

UK Borrowing Costs — Cozens reports that the Bank of England stopped selling long-dated government debt after Britain's 30-year borrowing cost reached nearly 6%, a level he says had not been seen since before the 2008 crash. He also cites UK inflation of 3.1%.

“the Bank of England just stopped selling long longdated long-term government debt just just stopped because what it cost Britain to borrow for 30 years hit nearly 6% and of…”—

Federal Debt — The speakers cite $40 trillion in U.S. federal debt. Cozens says the headline has prompted more people to recognize what he characterizes as an unsustainable mathematical problem.

“obviously I think the $40 trillion headline that came up the other day has really cut through the news cycle because, you know, it's been frustrating, hasn't it, for a…”—

MARKETS

Central Bank Gold — Cozens says the Dutch central bank moved 86 tons of gold out of the United States and Canada to prepare for what it described as a severe crisis. He argues central banks are buying an asset governments cannot print.

“and of course as you've mentioned you know the Dutch central bank they just moved 86 tons of gold out of America and Canada to be ready in their words…”—

Dollar Depreciation — The host cites Brick Rule's estimate that the dollar depreciates 8% per year and says that figure is probably generous. The host uses the estimate to argue that cash in a checking account loses purchasing power.

“is akin to holding a melting ice cube. Brick rule cites 8% per year depreciation in the dollar. That's probably generous…”—

FORECASTS

U.S. Gold Hub Potential — Cozens says state legislation and local liquidity infrastructure could help Miami, Austin, or Salt Lake City become gold hubs comparable to New York, London, and Zurich. He describes America becoming the global center of the gold industry and the biggest liquidity engine for gold and silver as his vision for U.S. economic resilience.

“And we believe that with this leg combined with this legislation that you know Miami or Austin or Salt Lake City can become gold hubs comparable to the to what…”—

Coming Up

The episode opens with Jason Cozens citing six states that have authorized gold and silver as currency and 14 more working on legislation, alongside a vision of U.S. cities becoming global gold hubs.

Introduction

Andy Schectman welcomes Cozens back to discuss breaking developments in the UK bond market and state efforts to recognize gold and silver as currency.

UK Gilts Breaking News

Cozens says the Bank of England halted long-dated gilt sales as 30-year borrowing costs approached 6%, while inflation and Dutch central-bank gold transfers underscore financial-system concerns.

Debt Spiral and Bonds

The speakers link rising government debt and weak demand for long-term bonds to financial strain, inflation, and the appeal of gold as an asset governments cannot print.

AI Risk and Disruption

Cozens warns that AI may pose severe risks and disrupt economies; Schectman focuses on potential job losses, pressure on small businesses, and reduced tax revenue.

Why Gold Endures

The speakers describe gold as resilient across wars, crises, and currency collapses, and as money with enduring monetary properties rather than merely an investment.

Constitutional Path for States

Cozens explains that Article I, Section 10 of the Constitution lets states recognize gold and silver as currency, and says six states have passed laws with 14 others considering them.

Florida Rules and Tax Clarity

Cozens says Florida has established rules for authorized gold-and-silver payment providers, clarifies that state-level capital-gains relief differs from sales-tax treatment, and compares Florida's approach with Utah and Texas.

Miami Vault and Delivery Options

Glint has launched an option to store customer gold in Miami, and Cozens and Schectman discuss audited custody, delivery access, fractional holdings, and redemption through Miles Franklin.

Capital Gains and IRS Pressure

Cozens says Glint provides tax reports to help customers calculate gains or losses, while both speakers discuss whether state currency laws could prompt federal relief for transactional gold and silver.

America as Gold Hub Vision

Cozens describes the logistics needed to bring major-bar liquidity to local U.S. markets and argues Miami, Austin, and Salt Lake City could become global gold hubs that strengthen economic resilience.

Wrap Up and Farewell

Schectman and Cozens close by celebrating Glint's U.S. expansion, noting its American team and largest market, and thanking viewers and listeners.

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Important Disclaimers

Not Investment Advice: For education only — not financial, tax or legal advice.

AI-Generated: Made by AI from source transcripts and may contain errors.

No Guarantees: Past performance does not predict future results; investing carries risk.

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