Utah To Start Stockpiling Gold & Silver?!

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Although I haven't blogged much about it, something I have been keeping a close eye on is how certain central banks have been stockpiling record amounts of gold and other precious metals. China, India, Russia, Poland, are just some names that pop right out of my mind.

You don't have to take my word for it, just do some Google searches. This is also something @tbnfl4sun recently blogged about here.

Now, the reasons they do that, I don't know. Some may be preparing for a dollar collapse or others in an combined effort to weaken it or whatever.

And it looks like the state of Utah wants to join the fun:

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As of today, Utah’s reserves are mostly treasuries, municipal bonds, corporate bonds, and agency debt. But they want to get their hands on something more tangible:

Utah Governor Spencer Cox signed legislation on Thursday empowering the state Treasurer to secure state funds with a significant allocation to physical gold and silver.

The Utah State Treasurer has limited options for holding, managing, and investing state monies, making this enabling legislation necessary.

You can click here if you want to read more on this story

Apparently, this makes them the third state to start stockpiling gold and silver after Texas and Ohio.

At the end of the day, it looks like many central banks suddenly have a hard on for gold and other precious metals. As if they are preparing for something...

Definitely, makes me want to buy more. Don't get me wrong, I lovr my crypto and I have more than I have ever imagined...

But dunno how they will hold up if the dollar collapses so I am glad I have a decent stack of silver and gold too :)

Maybe you want to get some too ^_^

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42 comments
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There is a reason for the states buying gold. They realize the federal system is headed for failure, eventually all the printed money becomes worthless if you print too much....

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Maybe they just like the shiny 😆

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(Edited)

I've been following this subject and most States do have some form of legislative initiative to do the same thing. In Canada, we don't have a gold reserve, it got sold off decades ago. The government has even claimed that the reserves are still in the ground, unmined. Meanwhile Trudeau sold an Inuvik gold mine to the Chinese the day he got into office. That got some publicity but that hasn't stopped the Chinese from quietly buying up the gold mining stocks.
I find a balance of gold, silver and crypto the best way to hedge against the economic coming shit show.

!BBH

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Trudeau sounds like a genius 😂

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He got a big $$$ donation from the PROC for his Election campaign for that.

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This is a fascinating observation about central banks and their growing interest in gold and silver. The stockpiling trend by China, India, Russia, and now Utah is certainly intriguing. While the motivations remain unclear, it sparks speculation about potential dollar devaluation or a broader shift in global financial landscapes.

Your point about diversifying beyond crypto with physical assets like gold and silver is well-considered. In times of uncertainty, a balanced portfolio can offer peace of mind. It's a topic worth exploring further, perhaps by delving into potential economic analyses or historical precedents.

Thanks for bringing this to light and sparking a valuable discussion!

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Yeah Utah has made precious metals legal tender since 2011. Been waiting for this move.

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It’s to preserve the countries wealth and buying power. If fiat fails which it will at some point they will still have a way to trade with other countries for supplies. Utah is not the only one, New Hampshire has a bill on the table to make silver and gold legal tender as well as them holding it.

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You received an upvote of 100% from Precious the Silver Mermaid!

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Looks to me that no one wants to stock pile the USD 😂

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Yeah, these days it does feel like that 😂

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!DHEDGE
!ALIVE
!PIMP

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U.S. Coinage will have "Legal Tender Status" long after Fiat USD's are a distant memory... U.S. Coinage won't Collapse at all... Even "Physical" Fiat USD's will be the safest Fiat Currency to be holding, because of the 100 to Exchange Rate...

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Well I have a few usd pennies just in case 😂

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Trust me when I write that just 5 Copper Coated Zinc Pennies, will buy you One Pound of Copper...

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That doesn't make sense 😆😄

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It will on the other side of the reset... I keep telling everyone that there will be a 100 Fold increase in the Spending Power of our Common U.S. Coinage... Perhaps you didn't read that part...

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With the economy as it is, I don't blame them for having some reserve assets. I wonder if they will get some crypto down the line too.

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looks like everyone is trying to contribute to make dollar collapse or they're seeing what's coming right ahead.

Gold and silvers are much safer option for all especially nowadays in the weak economy tied to something strong make sense.

Though majority of countries still don't have guts to ditch US dollar.

!PIZZA !LUV

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Utah doesn't collect capital gains tax on gold or silver. They also let people do their taxes in gold or silver.

There are people who do very complex taxes where they do all of their financial calculations in silver dollars and pay local taxes in silver dollars which can reduce one's tax bills.

Last I checked people still had to pay Federal taxes in dollars. So they have to run both a silver dollar book and Federal Reserve Note books.

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