The article mentions "Josh Phair" who is, I think, the president and/or owner of Scottsdale Mint.
The photo with the caption "silver bars being examined" is actually a picture of a person operating a hydraulic press where the bars are being stamped.
I have no issue with a state doing this. The article mentions the price fluctuations in metals as a reason not to place money in them, but don't plenty of states invest money in funds tied to stock values, as well, and we know stock values can move quickly and in both directions, too.
Completely ignoring the issue of whether or not a state should own gold as a reserve, which I have no problem with, take a look at the vault shown in the article. As I understand that picture, whoever does have access to that vault, presumably just the employees of that vault, has access to all of the contents of that vault. Am I correct?
My faith in my fellow human beings has limits. I remember one time when a cashier at a restaurant accidentally gave me back $10 too much change. I naturally gave it back to her, and as she gushed her thanks I joked "Hey, I'm not going to rob you for $10, but give me a million dollars too much and we will see!"
I remember back in the mid 80's there was a private vault somewhere in downtown Denver that had individual locked compartments within. Sort of like a safety deposit box vault at a bank, but only you had your key. When it opened on a Monday morning, every box had been drilled and a certain employee had disappeared.
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Author of "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
@TomB said:
I have no issue with a state doing this. The article mentions the price fluctuations in metals as a reason not to place money in them, but don't plenty of states invest money in funds tied to stock values, as well, and we know stock values can move quickly and in both directions, too.
Pension funds do. I'm not sure most states have anything other than short term money that is probably in cash or short duration bonds. You can't put at risk short term money.
All comments reflect the opinion of the author, even when irrefutably accurate.
@CaptHenway said:
Completely ignoring the issue of whether or not a state should own gold as a reserve, which I have no problem with, take a look at the vault shown in the article. As I understand that picture, whoever does have access to that vault, presumably just the employees of that vault, has access to all of the contents of that vault. Am I correct?
My faith in my fellow human beings has limits. I remember one time when a cashier at a restaurant accidentally gave me back $10 too much change. I naturally gave it back to her, and as she gushed her thanks I joked "Hey, I'm not going to rob you for $10, but give me a million dollars too much and we will see!"
I remember back in the mid 80's there was a private vault somewhere in downtown Denver that had individual locked compartments within. Sort of like a safety deposit box vault at a bank, but only you had your key. When it opened on a Monday morning, every box had been drilled and a certain employee had disappeared.
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The article mentions 72 "phone-sized" bars.
That is likely 72 kilo bars = 2,315 troy oz = about $11.2 million dollars worth (which the article also mentions).
@CaptHenway said:
Completely ignoring the issue of whether or not a state should own gold as a reserve, which I have no problem with, take a look at the vault shown in the article. As I understand that picture, whoever does have access to that vault, presumably just the employees of that vault, has access to all of the contents of that vault. Am I correct?
My faith in my fellow human beings has limits. I remember one time when a cashier at a restaurant accidentally gave me back $10 too much change. I naturally gave it back to her, and as she gushed her thanks I joked "Hey, I'm not going to rob you for $10, but give me a million dollars too much and we will see!"
I remember back in the mid 80's there was a private vault somewhere in downtown Denver that had individual locked compartments within. Sort of like a safety deposit box vault at a bank, but only you had your key. When it opened on a Monday morning, every box had been drilled and a certain employee had disappeared.
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The article mentions 72 "phone-sized" bars.
That is likely 72 kilo bars = 2,315 troy oz = $11.5 million dollars worth (which the article also mentions.
This picture seems to show them:
And there they are:
Is that a few pallets of monster boxes on shelf C-4?
The owner of Money Metals Exchange has lobbied the Idaho Legislature to do something similar - and he would gladly store it in one his newly built vaults. Given the track record of vaults closing without a trace of the gold/silver/coins, I would prefer it be store at a safe and secure government-owned location.
Comments
Nothing wrong here 👍
The article mentions "Josh Phair" who is, I think, the president and/or owner of Scottsdale Mint.
The photo with the caption "silver bars being examined" is actually a picture of a person operating a hydraulic press where the bars are being stamped.
More states should do this.
Nothing is as expensive as free money.
Why would Wyoming (or any other state) publicize this?
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I think all states need to disclose where the tax money is going.
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Heavens forbid a municipal group holds something other than debt
11.5$ Southern Dollars, The little “Big Easy” set
I have no issue with a state doing this. The article mentions the price fluctuations in metals as a reason not to place money in them, but don't plenty of states invest money in funds tied to stock values, as well, and we know stock values can move quickly and in both directions, too.
In honor of the memory of Cpl. Michael E. Thompson
Completely ignoring the issue of whether or not a state should own gold as a reserve, which I have no problem with, take a look at the vault shown in the article. As I understand that picture, whoever does have access to that vault, presumably just the employees of that vault, has access to all of the contents of that vault. Am I correct?
My faith in my fellow human beings has limits. I remember one time when a cashier at a restaurant accidentally gave me back $10 too much change. I naturally gave it back to her, and as she gushed her thanks I joked "Hey, I'm not going to rob you for $10, but give me a million dollars too much and we will see!"
I remember back in the mid 80's there was a private vault somewhere in downtown Denver that had individual locked compartments within. Sort of like a safety deposit box vault at a bank, but only you had your key. When it opened on a Monday morning, every box had been drilled and a certain employee had disappeared.
Nevada stashes gold, it's just that we leave it in the ground for that rainy day..
bob
Pension funds do. I'm not sure most states have anything other than short term money that is probably in cash or short duration bonds. You can't put at risk short term money.
All comments reflect the opinion of the author, even when irrefutably accurate.
Would I trust my State with a stash of gold? Never.
One county allowed tens of millions in fraud by employees. Accountability and restitution? Who knows? The foxes guarding the henhouse. Clown show.
While $11 million is a drop in the bucket, I'm sure the feds will take note of Wyomings stash should the feds ever need it.
USAF veteran 1984-2005
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The article mentions 72 "phone-sized" bars.
That is likely 72 kilo bars = 2,315 troy oz = about $11.2 million dollars worth (which the article also mentions).
This picture seems to show them:
And there they are:
Its your money 💰 😉
Is that a few pallets of monster boxes on shelf C-4?
The owner of Money Metals Exchange has lobbied the Idaho Legislature to do something similar - and he would gladly store it in one his newly built vaults. Given the track record of vaults closing without a trace of the gold/silver/coins, I would prefer it be store at a safe and secure government-owned location.
should be 2 simultaneous keys to unlock the vault, like a nuke launch
Loves me some shiny!
“Often wrong, but never in doubt.”
Would we be able to handle/accept the truth?
2,300 ounces of gold isn't material, even to a small state like WY.
Pretty soon stuffing your mattress will be coming back.
Some individuals in Arizona do the same, they're called placer mining claims
I think many might be already doing that or still have old stuff 🙂
I've been through Wyoming - good luck finding it.