Posted on 05/30/2016 7:23:51 PM PDT by 2ndDivisionVet
Last year Texas Governor Gregg Abbott signed HB 483, allowing the creation of the Texas Gold Depository. “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,” he said last June.
This gold bank would allow Texas to recover the gold that it has stored in New York vaults, and give Texan citizens and institutions a chance to store their gold in the facility, and open checking and savings accounts that would be valued in gold rather than dollars. This even opens the possibility of making gold transactions electronically for the very first time.
Now several companies are offering competing plans to build the depository, including Brinks, Anthem Vaults, and Texas Precious Metals. TPM wants to create a sprawling 46,000 square foot facility with 12 inch concrete walls. Brinks would utilize a series of preexisting vaults that they own and operate in Texas, while Anthem vaults would build “multiple vaulting locations throughout Texas to enable all Texans access to their bullion within a reasonable distance from their homes.” They wold also set up coin shops that could accept deposits on behalf of the vault.
According to Representative Giovanni Capriglione, the original sponsor of HB 483, “I am optimistic that the depository will be up and running at the end of this year or the beginning of next year.” What isn’t being said by the original proponents of this idea, is that it would give Texans a solid alternative to the Federal Reserve banking system and the US dollar. And should the dollar ever lose its global reserve status, Texas will be in a financial position that is far more resilient than the rest of the country.
Tennessee has voted to do the same thing. Others will follow.
bfl
If you don’t have it in your possession you ultimately may not own it.
Good luck Texas getting your gold.
Maybe this is why Abbot is so confident in telling the Feds where to stick obungholes decrees for pervision. Texas and other states will just stop sending money back to the Feds. Only a portion of the taxes collected in the heartland are returned. A disporportionate amount goes to the big population centers where the majority of takers live.
Starve the Fed.
I was going to make the same remark.
If Texas had a depository filled with a significant amount of gold and silver and the dollar collapsed then the fedgov would come and take the gold by force of arms if necessary.
They would need the gold (real money) to keep EBT from running out of funds...seriously. The cities would burn if EBT dried up.
If democrats are in power at the time of a financial collapse I believe they would outlaw the possession of gold and silver in any significant amount and make it a crime to buy, sell or barter with gold and silver. They would recall all the Silver and Gold Eagle coins back to the mint and issue some sort of worthless script as reimbursement.
Better for each Texan to take delivery himself.
Didn't work, the rest of the world refuses.
There is always a market.
Right now, someone is trying to figure out how to get Texas their gold back so as not to start a run on the a Fed.
Yup...Germany asked for their gold back, stored in America for safekeeping, and have been told they will get it back in increments over 7 years????????
Careful - the last government to try that in opposition to the Feds was Libya.
Been there, done that. FDR's EO 6012
Are they going to be vaults, or a mint?
Texas should consider using the facility that was called “Medina Base Facility” in the 1960’s, near or in San Antonio. It was part of the NRC, Nuclear Regulatory Commission in the early 1960’s or late 50’s, then part of Lackland/Kelly AFB. There are many igloos there, which were used to store nuclear explosives from Kelly’s B-52’s. They are concrete structures, with massive steel doors, and buried under dirt piled on top (and guarded by rattlesnakes, scorpions and tarantulas). I worked there in the 60’s.
It’s still in use as a training facility.
from 17 June 2015:
But I am not aware of the location of that gold at this time.
Fed meaning the federal reserve (not a federal agency, but the root of our monetary system)
the gold vaults in NY are rumored to be looted. they’re doing what they can to pull the gold from the market to supply the demand from those whose gold was supposed to be held, without being touched, in the vaults
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