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Utah has invested $60 million in gold. Here's how the state would use it
By Robert Gehrke
The Salt Lake Tribune, Salt Lake City, Utah
Monday, March 18, 2025
Sitting in a vault on Salt Lake City's west side is a bit of Utah treasure -- $60 million in gold purchased over the course of the last several months, part of a minor gold rush led by state Rep. Ken Ivory.
Legislation that the West Jordan Republican sponsored last year allowed state Treasurer Marlo Oaks to invest up to 10% of the state's rainy-ay funds in gold. Since its passage, the state' gold reserve has grown to $60 million as of the end of this legislative session, according to Oaks.
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Because Utah's rainy-day funds now have about $1.4 billion, Oaks has the authority to buy an additional $90 million in gold, which is intended as a precaution against economic downturns or major emergencies.
Today Utah has more than half a ton of gold stashed inside a Brink' vault in Salt Lake City and, per Ivory, has already realized several million dollars in gains as gold prices have climbed since the initial purchase.
This year Ivory and the Legislature are poised to travel even further down the gold highway. HB306, which passed and is on Gov. Spencer Cox' desk, would have the treasurer hire a company to create a payment system that would make Utah the first state in the nation allowing vendors with state contracts to be paid in gold. ...
... For the remainder of the report:
https://www.sltrib.com/news/politics/2025/03/18/utah-has-invested-60m-taxpayers/
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