Governor Abbott Signs Legislation To Establish State Bullion Depository.

[Balu]

Governor Greg Abbott today signed House Bill 483 (Capriglione, R-Southlake; Kolkhorst, R-Brenham) to establish a state gold bullion depository administered by the Office of the Comptroller. The law will repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas. The bullion depository will serve as the custodian, guardian and administrator of bullion that may be transferred to or otherwise acquired by the State of Texas. Governor Abbott issued the following statement:
“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state."

http://gov.texas.gov/news/signature/21038

[Surf Fishing Guru]

Great idea, I hope more states do this.

Actually this initial gold that will be stored there isn't the "state's" gold. It is the product of a 2011 purchase by the University of Texas Investment Management Co., the nation's 2nd largest education endowment and now being stored in New York at Hong Kong & Singapore Bank . . .

It is best to get it out of any bullion bank's vaults because the physical bars are leveraged in the paper market 100 times over. This multi-layered encumbrance on ownership is what the delay has been satisfying the demands by foreign nations wanting the re-repatriate their bullion from the NY Fed. Between the bullion banks leasing gold owned by others to the scramble to make good delivery bars out of coin melt bars, the USA is dragging its feet on giving up what it was supposedly holding for safe keeping (LOL).

When the fiat charade comes crashing down it will be proven; if you don't hold physical gold, you don't own any gold.

Good for Texas.

[Balu]

Great idea, I hope more states do this.

Actually this initial gold that will be stored there isn't the "state's" gold. It is the product of a recent purchase by the University of Texas Investment Management Co., the nation's 2nd largest education endowment and now being stored in New York at Hong Kong & Singapore Bank . . .

It is best to get it out of any bullion bank's vaults because the physical bars are leveraged in the paper market 100 times over. This multi-layered encumbrance on ownership is what the delay has been satisfying the demands by foreign nations wanting the re-repatriate their bullion from the NY Fed. Between the bullion banks leasing gold owned by others to the scramble to make good delivery bars out of coin melt bars, the USA is dragging its feet on giving up what it was supposedly holding for safe keeping (LOL).

When the fiat charade comes crashing down it will be proven; if you don't hold physical gold, you don't own any gold.

Good for Texas.

The Texas must be very careful not to get golden plated tungsten instead of golden bricks. Once Americans tried to play this trick with Chinese. I can only wonder how much this attempt cost them. http://www.kolobok.us/smiles/standart/smile3.gif