SILVER Act

The SILVER Act would modernize the nation's precious metals storage framework by allowing approved depositories for precious metals tied to regulated futures markets to operate in regions beyond the Greater New York City area. Currently, these storage facilities are concentrated in the New York region, which lawmakers argue creates concentration risks that could threaten market stability if disrupted by natural disasters, cyber incidents, or security threats.

The legislation aims to address several concerns with the current system. Supporters argue that geographic diversification would improve market resilience, enhance competition, and reduce storage costs for investors, as existing New York facilities often charge maximum allowable rates while comparable facilities elsewhere may offer lower costs. The bill would also expand access to precious metals exchanges for Americans across the country, particularly in the Western United States where much of the nation's mining and refining activity occurs.

If enacted, the bill would represent a step toward modernizing U.S. precious metals market infrastructure by reducing concentration risks and fostering greater competition among depositories.