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Utah approves putting state money into gold and silver to protect state reserve funds
From Money Metals News Service
Money Metals Exchange, Eagle, Idaho
Friday, March 22, 2024
Utah Governor Spencer Cox signed on Thursday legislation empowering the state treasurer to secure state funds with a significant allocation to physical gold and silver.
Sponsored by state Rep. Ken Ivory, House Bill 348 permits the treasurer to hold up to 10% of certain state reserve accounts in precious metals to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in Federal Reserve Notes.
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Utah's state treasurer has limited options for holding, managing, and investing state money, making this enabling legislation necessary.
Utah's reserves are invested almost exclusively in U.S. treasuries, municipal bonds, corporate bonds, and agency debt. ...
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