States Move to Fortify Precious Metals Policies
Legislators in Virginia and Wyoming are taking steps to safeguard gold and silver ownership as part of a broader effort to help citizens preserve their wealth against a weakening dollar. In Virginia, House Bill 2336—introduced by Del. Amanda Batten (96-R)—would extend the state’s sales tax exemption on precious metals purchases until 2032. Currently, Virginia’s exemption is set to end in June. Should the measure fail, local buyers seeking to protect their savings could face immediate taxation, and in-state coin dealers would risk losing business to neighboring states that have eliminated or reduced these levies.
If passed, proposed legislation in Virginia and Wyoming would improve the states’ scores on the Sound Money Index. Source: moneymetals.com
Meanwhile, Wyoming lawmakers have introduced Senate File 96, spearheaded by Senator Bob Ide (R-Casper), a recognized sound money advocate. This legislation follows the Wyoming Legal Tender Act of 2018, which removed all tax liability from gold and silver transactions and affirmed the monetary metals as legal tender. Under Senate File 96, the state treasurer would be required to hold “not less than ten million dollars ($10,000,000) in specie and specie legal tender” across managed accounts, effectively creating a “Wyoming Gold Reserve.” According to Sen. Ide, “Wyoming doesn’t own a single ounce of gold, putting our state’s finances and citizens at risk.”
The drive to hold physical gold at a state level is not unique to Wyoming. Officials hope to hedge against the state’s heavy exposure to Federal Reserve note dollars by investing in gold leases or bonds if market conditions warrant. Moreover, the legislation instructs the treasurer to study the potential role of precious metals in bolstering Wyoming’s economy. The study also includes evaluating ways for the state to accept gold and silver payments, with findings expected by October 1, 2025.
50 years after the private ownership of gold was legalized, these legislative moves mirror a growing trend across the United States. Forty-five states have fully or partially eliminated taxes on precious metals. Leaders in Virginia are emphasizing how taxes on gold and silver are inappropriate, given that these items are stored for long-term value rather than consumed like everyday goods. Meanwhile, Wyoming’s plan addresses both the strategic benefits of metal ownership and the practical steps needed to maintain a robust reserve. This sentiment is echoed in other states, too: New Hampshire, for instance, just introduced House Bill 302, which could authorize up to 10% of public funds to be invested in precious metals and digital assets.
Ultimately, these developments reflect a growing recognition that gold and silver can serve as a reliable store of value for retirees, working families, and investors seeking alternatives to fiat currency. While it remains to be seen how each bill will fare, lawmakers in Virginia and Wyoming seem determined to protect their constituents from the erosion of purchasing power. By pursuing these sound money strategies, both states offer a clear signal: there are prudent, liberty-focused paths to guard hard-earned wealth in a climate of economic uncertainty.
