Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Wyoming is set to become the first state to incorporate physical precious metals into its official holdings. Following the passage of the Wyoming Gold Act in February 2025, the state must invest $10 million in tangible gold and silver products. The legislation also requires the government to explore the acceptance of these metals as a medium of payment. Wyoming’s official adoption of safe-haven assets reflects rising institutional gold demand amid widespread uncertainty.
The Wyoming Gold Act
Senate File 96, commonly known as the Wyoming Gold Act, instructs the state treasurer to allocate at least $10 million into gold and silver bullion and related assets. The funds will come from and be held in the Permanent Wyoming Mineral Trust Fund (PWMTF)—the state’s oldest and largest sovereign wealth fund. The PWMTF’s nearly $12 billion in assets has been built up over decades from Wyoming’s wealthy mineral extraction.
What are the goals?
According to the law, this historic move has three main objectives:
1. Diversification
The first stated aim of the Wyoming Gold Act is “diversifying the state’s investment portfolio,” referring specifically to the PWMTF. Historically, the fund has been heavily overweight in conventional assets such as US and international equities, hedge funds, real estate, and cash equivalents— assets that share similar risk factors. The introduction of precious metals is designed to move the state in the direction of proper portfolio diversification.
2. Wealth Preservation
Notably, the PWMTF is only permitted to invest the return on its investments. The principle remains untouched. This built-in wealth maintenance leads the state to its second goal with the act: “preserving capital.” Although dollar-linked assets such as stocks and hedge funds are recognized for their growth potential, they’re also subject to equally steep losses. On the flip side, precious metals are recognized for their ability to maintain steady value throughout different economic climates, helping preserve base investments.
3. Inflation Protection
“Insuring against inflation, debt defaults, and other risks” is the final aim of Wyoming’s golden bill. It’s no coincidence this move comes as inflation remains high above the Federal Reserve’s target range and the national debt stands above $36 trillion. States have little influence over federal fiscal policy but still feel its impact, leading to growing concerns about their financial health. In effect, Wyoming is using gold and silver as shields against the consequences of national-level decisions.
Gold & Silver Focus
The Wyoming Gold Act says the state treasurer needs to put a minimum of $10 million toward:
- “Specie” — Physical gold and silver
- “Specie Legal Tender” — Gold and silver recognized as legal tender such as certain bullion coins
Additionally, the legislation allows (but doesn’t require) investments in:
- Precious metal leases — Agreements where the state could lease out its gold or silver holdings for a return
- Bonds payable in precious metals — Public bond holders could repay in gold or silver instead of cash
These alternatives are only available “if market conditions warrant.”
Studying Precious Metals for Official Payments
Another crucial part of the bill that’s flying under the radar tells the government to “conduct a study that reviews methods for the state to begin accepting gold and silver as a payment medium.” In other words, officials are exploring how the state could accept gold and silver for transactions.