Wyoming is quietly betting against the dollar. The state has completed a historic $10 million gold purchase, becoming the first to mandate bullion reserves as the greenback’s global dominance hits a 25-year low.
State officials confirmed the December transaction during a January 9 legislative hearing. Wyoming acquired approximately 2,300 ounces of physical gold under Senate File 96, legislation that requires the state to hedge against federal currency devaluation.
State Sen. Bob Ide, who sponsored the Wyoming Gold Act, framed the mandate as essential protection against reckless federal monetary policy.
“We have to think outside the box,” Ide told Cowboy State Daily. “We have to take measures to protect what we’ve stored. These dollar-denominated investments are priced in dollars, and the dollar’s getting diluted and debased rapidly.”
The move reflects growing state-level revolt against Washington’s fiscal policy. Wyoming joins Utah, Texas and Ohio as states investing in physical gold, with Utah holding $50 million in bullion reserves.
Wyoming’s strategy reflects an accelerating global exodus from dollar assets. Central banks added an estimated 634 tonnes of gold through the first three quarters of 2025, according to World Gold Council data, maintaining aggressive accumulation despite record-high prices.
The sustained buying extends a 15-year streak. Central banks purchased 1,045 tonnes in 2024, marking the third consecutive year exceeding 1,000 tonnes annually — more than double the pre-2022 average.
The dollar’s share of global foreign exchange reserves has plummeted from more than 70% in 1999 to approximately 57.7% by early 2025. Gold now represents roughly 27% of central bank reserves globally — the highest proportion in nearly three decades.
Factors driving dedollarization include geopolitical tensions, inflation concerns, the weaponization of dollar assets through sanctions, and the mounting US national debt, which now exceeds $38 trillion.
Wyoming purchased .999 fine gold bars at $2,600 per ounce. Officials store the bullion at the Wyoming Reserve, a high-security vault in Casper. The holdings have already increased in value by approximately $400,000.
Gov. Mark Gordon allowed the legislation to become law without his signature in early 2025, requiring the state treasurer to maintain at least $10 million in precious metals as part of Wyoming’s Permanent Mineral Trust Fund.
Ide has indicated interest in expanding Wyoming’s gold holdings to $50 million.
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