Utah Formally Empowers State Treasurer To Protect State Funds With Gold And Silver

Sponsored by Rep. Ken Ivory, House Bill 348 permits – but does not require – the Treasurer to hold up to 10 percent of certain state reserve accounts in physical gold and silver 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.

The Treasurer has limited options for holding, managing, and investing Utah’s state monies, making this legislation necessary in order for gold and silver to be included.

Utah’s reserves are invested almost exclusively in corporate bonds and banking agencies. These debt instruments appear to have low volatility, but they carry other risks – including pernicious inflation and the steady erosion in real value of principal, coupled with interest rates that are often negative in real terms.

https://www.zerohedge.com/markets/utah-formally-empowers-state-treasurer-protect-state-funds-gold-and-silver