In a panel discussion hosted by Money Reserve, a group of experts, including two former Directors of the United States Mint, examine the economic impacts of elections and the potential role of gold as a safe haven investment. The panelists include Philip N. Diehl, the 35th Director of the U.S. Mint and President of Money Reserve, Edmund C. Moy, the 38th Director of the U.S. Mint and Money Reserve's Senior Market Strategist, and Money Reserve's CEO. Money Reserve is one of the largest private distributors of government-issued gold, silver, platinum, and palladium products. The discussion highlights the importance of considering the economic effects of elections and the potential benefits of investing in gold before election results are announced. Money Reserve, based in Austin, Texas, was founded in 2001 and has become one of the world's largest distributors of U.S. and foreign government-issued precious metals.
Utah recently passed HB 348, which authorizes the state to invest a portion of its funds in precious metals. State Representative Ken Ivory sponsored the bill and explains that the new law is needed to preserve a rainy day fund in sound money. The law allows the State Treasurer to invest up to 10% of the state's rainy day funds in precious metals. The Precious Metals Study Group, led by Treasurer Marlo Oaks and Representative Ivory, is studying how to enhance Utah's precious metals economy. They anticipate additional legislation in the future to make investing in and utilizing precious metals more accessible to all Utahns. The goal is to preserve the purchasing power of earnings and savings from inflation and devaluation due to federal fiscal recklessness. The state is also looking into the use of fractional and transactional precious metals payment systems as a continuity of government solution.
The panel discussion and Utah's new precious metals law shed light on the potential role of gold as a safe haven investment in uncertain economic times, such as during election periods. Gold has historically been seen as a hedge against inflation and a store of value. With the economic impacts of elections and the potential for fiscal recklessness, investors may consider diversifying their portfolios with gold and other precious metals to protect their wealth. The new law in Utah further emphasizes the growing interest in precious metals as a means of preserving purchasing power and providing stability in the face of economic uncertainty.
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