House Appropriations Committee advances Wyoming Gold Act, orders $10 million physical gold hold and a study

Senator Wright presented Senate File 96, the "Wyoming Gold Act," to the House Appropriations Committee and the panel voted to pass the bill as amended, requiring the state to hold a minimum of $10,000,000 in physical gold and directing a study on accepting gold and silver as payment.

The bill would require the state treasurer to hold not less than $10,000,000 “in specie and specie legal tender in the permanent Wyoming mineral trust fund” for purposes the sponsor described as diversifying the state’s portfolio and preserving capital against inflation and related risks. Senator Wright told the committee the statute also would allow the treasurer to contract with established precious-metal firms to assist with acquisition, storage and related services and would require a study and interim report on how the state could begin accepting gold and silver as a payment medium.

The fiscal and operational implications drew the sharpest questions. Don Williams, Deputy State Treasurer, told the committee the treasurer’s office opposed the bill. “In short, Mr. Chairman, the treasurer’s office is opposed to this bill,” Williams said, explaining that professional investment advisors do not favor physical gold for the state’s funds because…