Three years ago, it was hailed as a second coming and the dawn of a new age. Hidden underneath was an appeal to the primal instincts of goldphiles everywhere.
On February 13, 2021, Idaho Bill H0007 was passed by 51-19. The bill states, “Amends existing law to provide that idle moneys may be invested in physical gold and silver in certain instances.” What is most important about this bill is the timing.
It was introduced just after the runup in the price of gold from the late 2015 low.
Whoever the legislator is that proposed such a law is keenly aware of the foibles of followers of gold but also doesn’t have the acumen to know when such a law, in the best interests of the citizens, should have been proposed (2015 or 1999).
The law (found here in PDF format) itself reads as a mockery of the concept of gold as money, go on, read it and laugh…
The costs of maintaining a facility that is either in state, or in an adjacent state, while the price of gold goes nowhere in the face of mounting inflation really begs the question, to whose benefit is this charade?
See also:
-
May 22, 2022 Gold PMI