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Sponsor says state already uses high-security vaults for gold; offers site visit
Summary
The sponsor told the committee Utah currently holds roughly $50 million in gold and uses a nearby Brink's vault with Fort Knox–type security; he offered to arrange a site visit and said such arrangements would be part of implementation planning under HB306.
When asked about security risks of storing precious metals, the sponsor told lawmakers the state already holds nearly $50 million in gold and uses a high-security facility operated by Brink's. "Currently, the state holds just under $50,000,000 in gold," the sponsor said, and noted Utah is one of four U.S. locations with a Brink's vault; he offered to arrange a field trip for committee members.
The sponsor framed current vault arrangements as "top of the line world class security" and said custodial, auditing and storage practices included in the bill's design would be part of vendor procurement. He said the RFI/RFP process would identify service providers able to provide immediate storage, security and auditability if the transactional platform moves forward.
