Business · Axios
First, the creation of gold ETFs, or exchange-traded funds, has made it much easier to buy and hold the asset
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Gold has also gotten a boost from everyday investors.
Key facts
- Gold is currently trading around $4,800 a troy ounce, that's less than where it was earlier in the year, but is still $1,000 more than it was this time in 2025
- Utah also passed a bill in 2024 that allows the state to invest up to 10% of its "rainy day fund" in gold
- People have been obsessed with gold for centuries, says Jacob Goldstein, author of "Money: The True Story of a Made-Up Thing," a history of currency
- It's giving people another way of being paid," Utah state treasurer Marlo Oaks tells Axios
Summary
Some red state lawmakers are floating legislation that would make it easier to use gold and silver as currency and to establish gold stockpiles. Lawmakers say that the commodities are a good option for dealing with the burden of rising inflation because the value of gold and silver has increased, while the dollar has not. Lawmakers emphasize that they want to give people more options. And no one is being forced to use gold or any gold-backed product instead of dollars.