Utah Governor Spencer Cox signed HB348, allowing the state Treasurer to allocate up to 10% of certain state reserve accounts to physical gold and silver. This move aims to protect state funds from inflation, financial instability, and counterparty risks while potentially achieving capital gains. Utah’s reserves are currently invested primarily in bonds, which are vulnerable to inflation and declining real value. The bill also mandates a study on the role of precious metals in enhancing the state's economic security, with findings due by October 2024. Utah joins other states like Texas and Ohio in incorporating gold into their financial strategy, reinforcing its commitment to sound money policies.