Utah to allow state vendors to be paid in gold and silver.

As it relates to one of our early meetings, ON THE MONEY, where we explored the future of currency and wealth in a digital age.

UPDATE: APRIL 2, 2025 Utah Governor vetos Landmark Gold Bill.

“Every Republican, every Democrat voted for it in the House, and 25 out of 29 senators voted for it in the Senate. Those are veto-proof majorities. So why he would veto it is really kind of inexplicable.”

Landmark Gold Bill Blocked! Mystery Looms Over Gov’s Shocking Veto ITM Trading. VIDEO: https://youtu.be/Z-YUS_-oUA0?si=JWY82Yvr1htxlN6o

March 19, 2025: Kitco News is reporting that Utah Governor Spenser Cox is expected to sign HB306 into law. The bill would allow state government vendors the option of being paid in physical gold and silver by authorizing the state treasurer to issue a competitive procurement for a precious metals-backed electronic payment platform.

Rep. Kenneth Ivory sponsored Bill HB306, and Sen. Keith Grover pushed the legislation through the Senate. The state politicians noted that the legislation is the latest evolution in Utah’s stance in favor of sound money. In 2011, Utah became the first state to recognize gold and silver as legal tender. Now, an electronic payment system will create more flexibility by fractionalizing physical silver and gold.

SOURCE:

https://www.kitco.com/news/article/2025-03-19/new-utah-law-allows-state-vendors-be-paid-gold-and-silver