by Jp Cortez, Lew Rockwell:
(Cheyenne, Wyoming – February 24th, 2025) — A groundbreaking bill to establish a strategic gold reserve has just become law in Wyoming.
Senate File 96 – also known as the Wyoming Gold Act – requires the Wyoming Treasurer to diversify the state’s holdings by acquiring no less than $10 million in “specie and specie legal tender” as part of the state’s Permanent Mineral Trust Fund.
After the bill passed overwhelmingly through both chambers, Governor Mark Gordon – who once held a position at the anti-gold Federal Reserve and previously served as state treasurer – today begrudgingly allowed SF 96 to become law without his signature and wrote a letter expressing his personal skepticism about protecting taxpayer funds with a gold allocation.
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Lead sponsor Sen. Bob Ide said, “At present, Wyoming sadly doesn’t own a single ounce of gold, placing our state’s finances and citizens at substantial risk. This new law forces the Wyoming Treasurer’s office to get off the dime and get itself educated on how to use physical gold to protect the state.”
Wyoming’s Permanent Mineral Trust Fund has been invested in conventional investments but has remarkably never included any physical gold, even as gold has more than doubled in its dollar price during the five years since similar proposals had been floated in the Wyoming legislature – with gold bullion vastly outperforming the state’s existing investments over many years.
Many of Wyoming’s investment holdings, especially its allocation to Third World debt, are exposed to counterparty risks. And several asset classes have seen their value decline in real terms when adjusting for inflation.
SF 96 would integrate gold and silver into the state’s finances and provide a hedge against dollar devaluation, debt default, market drawdowns, and other risks.
A 2018 law defines “specie legal tender” as coin having gold or silver content and defines “specie” as refined gold or silver bullion which is coined, stamped, or imprinted with its weight and purity valued primarily on its metal content and not its form.
“States all over the country are considering and establishing gold reserves. Wyoming will finally now begin to establish a gold reserve and better protect itself against financial turmoil and the corrosive effects of the Federal Reserve’s overt policy of currency debasement,” said Jp Cortez, executive director of the Sound Money Defense League.
Originally Posted at https://www.sgtreport.com