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Texas Governor Dons Another Tinfoil Hat--Creates Gold Reserve. Texas Pt. 3

Discussion in 'News & Current Events' started by InTheLight, Jun 17, 2015.

  1. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Dec 17, 2010
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    The state of Texas is demanding the Federal Reserve in New York repatriate $1 billion in gold bullion after Governor Greg Abbott signed a bill establishing a state-run gold reserve in the Lone Star state.

    Abbott signed House Bill 483 into law last Friday, stating, “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.”

    Under the terms of the bill, written by Rep. Giovanni Capriglione (R-Tarrant County), the gold will be held in state run depository beyond the reach of the federal government and other any “quasi-governmental authority” should they attempt to access or “confiscate” it.


    Good luck getting the Federal Reserve to open up their vaults and give "Texas gold" back to Texas. Not only would the Fed never do this, but the gold isn't even in the Federal Reserve vaults (according to the LA Times.)

    How much gold does the state of Texas actually own, and where is it? Despite Abbott's assertion that the depository law will "repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas," the state doesn't appear to own $1 billion in physical gold, and what it does own isn't at the Federal Reserve.

    The state's holdings through the University of Texas Investment Management Co., or UTIMCO--UT's $29-billion endowment fund--come to about $500 million or less. it's held not at the New York Fed but a private bank vault in Manhattan