Arizona Legislator Proposes Securing State Reserves with Gold and Silver
By GCRU Gold News on Wednesday, January 23 2019, 06:47 - Permalink
An Arizona legislator has put forward a bill to de-risk the state’s financial holdings with a modest allocation to physical gold and silver in the state’s reserve fund.
Introduced by Representative Mark Finchem (R-Tucson), the Arizona Sound Money Stabilization Act (HB 2500) requires that at least 10% of Arizona’s Budget Stabilization Fund be held in the monetary metals in a secure depository.
Arizona’s Budget Stabilization Fund has almost $500 million in assets but is currently invested in debt instruments and the stock market. The state owns no gold or silver.