FOR IMMEDIATE RELEASE
May 21, 2026
Contact:
Madison Hardy
Janessa Tolman
WASHINGTON – U.S. Senator Jim Risch (R-Idaho) and Catherine Cortez Masto (D-Nev.) today introduced the System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act to increase geographic diversity of precious metal depositories.
The vast majority of U.S. storage facilities for precious metals exchanges are currently in the New York City region.
The SILVER Act would require two depositories be selected for approval in the Mountain, Pacific, Eastern, and Central U.S. time zones to improve access to secure storage in Western states like Idaho, strengthen market liquidity, and lower costs.
“The concentration of precious metal depositories in a single region has left Idahoans at a disadvantage,” said Risch. “My SILVER Act broadens the geographic locations of these facilities, which will reduce costs, strengthen our national security, and allow Idahoans to store precious metals closer to home.”
“The West was built on mining, an industry whose innovation is still at the forefront of the Silver State’s development today,” said Cortez Masto. “That’s why it’s critical that we allow mineral and metals depositories to exist outside of just the New York region, including in places like Nevada. The SILVER Act supports our mining industry and reduces the burdens placed on them so they can continue to thrive.”
The SILVER Act is supported by Money Metals Depository, The Silver Institute, Columbia Bank, A-Mark Precious Metals/Gold.com, Zions Bancorp/Nevada State Bank, Frontier Mint, Texas Precious Metals Depository, First Mint/First Majestic Silver Corp, Kilo Capital, and Highland Mint. U.S.
“On behalf of our broad industry coalition spanning all segments of the U.S. precious metals supply chain, I thank Senators Risch and Cortez Masto for taking this important first step in addressing both the national security risks and anti-competitive behaviors caused by geographical concentration in our market,” said Stefan Gleason, CEO of Money Metals.
Representative Russ Fulcher (R-Idaho) introduced the companion bill in the House of Representatives.
About Brian Almon
Brian Almon is the Editor of the Gem State Chronicle. He also serves as Chairman of the District 14 Republican Party and is a trustee of the Eagle Public Library Board. He lives with his wife and five children in Eagle.
