Lawmakers introduce SILVER Act to increase precious metals storage sites in US

U.S. Senators Catherine Cortez Masto and Jim Risch introduced the SILVER Act on May 21, 2026, to expand and diversify licensed depositories for precious metals beyond the New York region. The bill would require selecting two approved depositories in each U.S. time zone (Mountain, Pacific, Eastern, Central) to improve access for Western states, bolster market liquidity, and reduce costs and systemic concentration risks. Backed by industry groups (Money Metals, The Silver Institute, A‑Mark, Zions Bancorp, etc.), the measure amends the Commodity Exchange Act and has a House companion. Market impact: broader, regional storage could ease logistical bottlenecks, lower custody costs for silver and other precious metals, and be supportive for silver liquidity and pricing over time.