Dear editor:
In your article of February 13, 2025, entitled “Wyoming Would Buy $10 Million In Gold Under Plan Approved By Committee” written by Leo Wolfson, I take umbrage at the way the article was written to dismiss the usefulness of gold in the marketplace and which, maybe inadvertently, casted aspersions on my business partner and employer Josh Phair.
First, I wish to address the comment attributed to Mr. Fleming which Mr. Wolfson decided to let slide without any analysis. In the article he mentions the S&P 500, a stock index, in which the companies that are being tracked are inserted and removed on a regular basis.
This makes mentioning the S&P 500 in comparison to gold, a disingenuous comparison as gold has been and always will be one thing. The most beautiful and interesting useful element on the periodic table that has been a driving factor of the global economy for centuries.
In the article, the journal is downplaying the importance of an asset that has been around for over 5,000 years and is mentioned hundreds of times in the Bible.
A fact to consider is that Central Banks own gold not stocks, as an asset that is a form of surety against all calamities because it is the only known form of exchange that has retained value in all recorded human history.
In the article Mr. Wolfson quotes Mr. Josh Phair, he then goes on to state that Mr. Phair stands to make $25,000 if Wyoming stored $10mm of gold in The Wyoming Reserve.
He fails to mention that there are costs involved such as employees, security and insurance.
Additionally missing is the fact that this is the business of The Wyoming Reserve, whose focus and purpose in vaulting is to service banks, government, trading companies and investors.
The company is a private stock corporation with currently over 70 shareholders. The earnings would benefit the shareholders and the employees which would drive growth in the Casper community.
Ancillary to the business, is the amount of steady construction work for the development of the property and the increased number of travelers coming into Casper. These are certainly important benefits these new Wyoming based businesses have brought to the growth of the local community.
To make things clear, Mr. Phair has invested significantly in the State of Wyoming moving his family and company.
Between the two business’s he brought into the state, The Scottsdale Mint and The Wyoming Reserve, he employs over 40 people and as these businesses grow so will the number of jobs created in Casper.
In ending, Mr. Phair is not only my employer, but he is my friend. He is the rare, good man of totally upright character and it pained me to see the poor treatment he received in this article.
I must mention that Cowboy State Daily had previously written an article that was favorable on January 14, 2024.
G. Miguel Perez-Santalla
President- The Wyoming Reserve, Casper
