SILVER Act aims to broaden US precious metals access

Fri May 22 2026

US Senators Jim Risch of Idaho and Catherine Cortez Masto of Nevada introduced the System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act today, focused on diversifying the country’s precious metals depositories.

The majority of US precious metals storage facilities are currently based in New York. Under the SILVER Act, depositories would be approved for other regions across the Mountain, Pacific, Eastern, and Central US time zones, aiming to improve access, strengthen liquidity, and lower costs.

Senator Risch says that “the concentration of precious metals depositories in a single region has left Idahoans at a disadvantage”.

“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.”

Senator Mastro adds that “the West was built on mining, an industry whose innovation is still at the forefront of the Silver State’s development today”.

“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 has been supported by industry groups and mining companies, including the 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 US.

Source: https://mining.com.au/