Idaho Bills

Amends existing law to provide for investment in physical gold and silver in certain instances, to provide for storage of physical gold and silver, and to provide for a maximum allowed investment.

RS33781 / S1421 Since the year 2000, the M2 money supply has grown by 380 percent. It has almost quadrupled. A quadrupling of the money supply will eventually accelerate the rate of inflation. By adding physical gold and silver to Idaho Code §57-720 and to Idaho Code §59-1312, the permanent endowment funds authorized by Idaho Code §57-715 and investments into the Public Employee Retirement Funds respectively will be permitted to hold some portion of these funds in physical gold and silver to help secure these assets against the risk of inflation and/or to achieve capital gains as measured in Federal Reserve Notes. The new authority will be confined to holding gold and silver directly and in a manner that does not assume the counter-party risk involved with other current holding, such as corporate bonds, treasury bills, and other debt instruments. This measure does not empower an investment in paper forms of the metal like futures contracts, or other gold and silver derivatives. The authority is confined to physical gold and silver, directly owned by the state and stored in a secure depository or any bank or credit union with a class 1 vault and, if stored in Idaho, licensed by the Department of Finance. The legislation also permits storage in states contiguous to Idaho or in the state of Texas when stored in a precious metals depository.