Utah invests $60 million in gold for economic security

Utah has invested $60 million in gold to protect against concerns over a declining dollar. This move is part of a strategy led by State Rep. Ken Ivory. He sponsored a law allowing the State Treasurer, Marlo Oaks, to invest up to 10% of the state's rainy day funds in gold. Since the law was passed, Utah has accumulated more than half a ton of gold, which is stored in a vault in Salt Lake City. The state's current rainy day funds total around $150 billion, allowing for even more gold investments. As gold prices have risen, the state has seen gains from its investments. Further plans are underway to enable vendors with state contracts to receive payments in gold. The proposal, known as HB306, is currently with Governor Spencer Cox for approval. Ivory believes this option will help vendors during changing economic times. The Precious Metals Working Group, formed last year, has explored potential vendors for a system enabling these transactions, with an initial cost estimate of about $1 million. This has been reduced to approximately $177,000, with private donors expected to cover most of the expenses. Some caution has been expressed regarding these investments. Members of the working group have noted the need for safeguards when dealing with taxpayer money. They worry about the risks associated with declaring a potential dollar collapse without sufficient evidence. Utah's interest in gold dates back to 2011 when it became the first state to recognize gold and silver coins as legal currency. The state continues to pursue unconventional investment strategies while balancing economic concerns and fiscal responsibility.