Senate advances Wyoming Gold Act after hour‑long debate on storage, costs and investment role

Summary

Senate File 96, the Wyoming Gold Act, was advanced by the Senate Committee of the Whole after debate over a $10 million minimum purchase of precious metals, storage and insurance costs, whether the purchase is an investment or an insurance policy, and whether the state treasurer already has authority to buy gold.

The Wyoming Senate on Jan. 29 moved forward with Senate File 96, the Wyoming Gold Act, which would direct the state treasurer to hold not less than $10 million in specie and specie legal tender in the Permanent Mineral Trust Fund and requires a study of how precious metals might augment the state's reserves.

Senator Ayde, speaking on behalf of the bill, said the measure was scaled down from earlier versions and is intended as a modest hedge: "The primary concern here is just what it says ... for the purpose of diversifying the state's investment portfolio, preserving capital, and ensuring against inflation." He said the bill directs the treasurer to adopt rules, may allow leases or bonds payable in precious metals if market conditions warrant, and calls for a study to be submitted to the Joint Revenue Committee.

Senate advances Wyoming Gold Act after hour‑long debate on storage, costs and investment role

Summary

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