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Arizona legislator proposes securing state's financial reserves with gold and silver
By JP Cortez
Sound Money Defense League, Eagle, Idaho
Tuesday, January 22, 2019
PHOENIX, Arizona -- An Arizona legislator has put forward a bill to de-risk the state's financial holdings with a modest allocation to physical gold and silver in the state's reserve fund.
Introduced by state Rep. Mark Finchem, R-Tucson, the Arizona Sound Money Stabilization Act (HB 2500) requires that at least 10 percent of Arizona's Budget Stabilization Fund be held in the monetary metals in a secure depository.
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Arizona's Budget Stabilization Fund has almost $500 million in assets but is currently invested in debt instruments and the stock market. The state owns no gold or silver.
Finchem's past sound money initiatives have been successful. In 2017 Finchem arranged passage of the groundbreaking House Bill 2014, a measure which removed all income taxation of gold and silver at the state level.
Gold and silver do not have the default or inflation risks that bonds and other "fixed income" investments carry. Most importantly, physical gold and silver held in a depository carry no counterparty risk -- or risk of failure or default -- unlike stocks, bonds, and other financial assets. ...
... For the remainder of the report:
https://www.moneymetals.com/news/2019/01/22/arizona-silver-gold-reserve-...
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