Wyoming has taken a significant step toward financial diversification with the enactment of Senate File 96 (SF 96), also known as the Wyoming Gold Act, ACCESS Newswire reports.
This new law mandates the state treasurer to allocate at least $10 million in gold and silver bullion as part of the Permanent Mineral Trust Fund, marking Wyoming’s first official investment in physical precious metals.
The decision to establish a strategic gold reserve stems from concerns about financial stability, inflation, and counterparty risks associated with traditional investments. Senator Bob Ide, the bill’s lead sponsor, emphasized that Wyoming previously had no gold holdings, leaving the state potentially vulnerable to economic fluctuations. SF 96 aims to strengthen the state’s financial resilience by integrating gold and silver into its investment portfolio.
Wyoming’s Permanent Mineral Trust Fund, which primarily invests in conventional assets, has historically excluded gold—even as the metal’s value has increased significantly in recent years. By adding gold, lawmakers hope to create a hedge against market downturns, inflation, and potential currency devaluation.
SF 96 passed with strong support in both legislative chambers. However, Governor Mark Gordon allowed the bill to become law without his signature, expressing skepticism about gold’s role in protecting taxpayer funds. His concerns reflect ongoing debates about the role of precious metals in modern state finance.
Wyoming is not alone in integrating gold into state finances. Utah, Texas, and Ohio have all made investments in physical gold, with Utah holding $50 million in reserves. Several other states are also considering similar policies. Additionally, central banks worldwide have been accumulating gold at record levels, highlighting concerns over global financial stability and currency devaluation.
Beyond establishing a gold reserve, SF 96 also requires the Wyoming Department of Revenue to explore how gold and silver can be further integrated into the state’s financial system. This includes evaluating whether the state could accept gold and silver as payment for taxes and fees. A report on these findings is expected by October 1, 2025.
Experts, including Stefan Gleason of Money Metals Exchange and Joe Cavatoni of the World Gold Council, testified in favor of the bill, suggesting that Wyoming’s allocation to gold could be significantly expanded in the future.
Wyoming currently ranks first in the 2025 Sound Money Index, a ranking that evaluates states on their policies regarding precious metals and financial stability. The passage of SF 96 further solidifies its status as a leader in sound money practices.
