Monday, February 6, 2017 | No comments

HB 224: Letting the State of Utah Hold Gold

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Libertas Institute supports this bill.

Several years ago, the Utah legislature passed a law that authorized gold and silver as legal tender in the state. Despite this movement, Utah law prohibits public treasurers from holding gold or silver.

Representative Ken Ivory is sponsoring House Bill 224 to allow treasurers to hold specie legal tender (gold and silver) in a “commercial specie repository” located within the state. Currently there are two: Brinks and the United Precious Metals Association.

Few Utahns are aware that refined gold is the state’s top export, and that Utah is the third largest gold-producing state. It seems quite in line with our state’s rich gold holdings to enable public treasurers to hold and transact in this form of money.