Idaho’s online precious metals dealer Money Metals has opened up an advanced 37,000-square foot gold depository in the state’s small city of Eagle. It is the second-largest within the continent.
The bullion exchange’s new facility is substantially larger than the Fort Knox gold repository in Kentucky, but not as big as the Federal Reserve’s underground gold vault in Manhattan. It took three years of planning and construction to complete, costing US$28 million.
“The need for this massive new depository is a testament to the significant and growing demand for physical gold and silver coming from Americans who seek refuge from the deliberate federal policy of currency debasement,” Money Metals chief executive, Stefan Gleason, said in a press release on Monday.
It is capable of housing up to US$100 billion dollars worth of gold and silver, Money Metals claims. The facility is equipped with advanced security systems. It will be patrolled by former military and police with firearms at the ready, like Fort Knox.
“Our new state-of-the-art depository is truly one of a kind,” Director Mike Gleason said. “This project was years in the making and has finally come to fruition.”
Money Metals says it has completed almost US$5 billion worth of transactions to date.
In addition to gold, the exchange trades silver, platinum, copper, palladium and rhodium. It was established in 2010.
Congratulations to Stefan Gleason, #GEMC’s largest shareholder, and the @MoneyMetals team on opening its state-of-the-art 37,000 sq ft vaulting and fulfillment facility with a capacity to hold upwards of $100 billion in #gold and #silver in Eagle, #Idaho.https://t.co/fbQCSy0v6y pic.twitter.com/5u5zxhcd07
— Global Energy Metals Corp. (TSXV:GEMC|OTCQB:GBLEF) (@EnergyMetals) August 13, 2024
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Idaho: a gem & gold producing state
The “Gem State” is particularly known for its abundance of crystals and gemstones. Idaho produces vast amounts of amethysts, diamonds, rubies and dozens of other jewels.
It hosts multiple gold and precious metals mining companies like Perpetua Resources Corp. (TSX: PPTA), U.S. Gold Corp. (Nasdaq: USAU) and Hercules Silver Corp. (TSX-V: BIG). Hercules kicked off its largest-ever drill program in Hayden a couple months ago.
Furthermore, Idaho is one of the top silver-producing American states, surpassed only by Nevada and Alaska.
The Gem State increased its investment attractiveness score by 7 points in the Fraser Institute’s most recent mining report. It currently sits in spot number 20 out of 86 mining jurisdictions throughout the world, according to the Canadian think tank.
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rowan@mugglehead.com
