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.
Confiscation is no longer a realistic threat. Jewelry was exempted and will never be confiscated. And in 1933, that was a one trick pony that would only work in that world.
Most Americans never met a foreigner. Most Americans had no chance of foreign travel. Today is a different ballgame. Got a Chinese or Indian or Vietnamese restaurant in your town? They smuggle in people, you think they cant handle a coin or two... or ten?
And then for real pros, it isn’t meant for you to run out and spend. It’s meant as a store of wealth until the drama ends. 10 years later, you’ll have your gold.
Just never use a safe deposit box or a bank.
The New York Fed does indeed hold roughly a billion dollars of Texas gold bullion in storage. Texas is moving it. And you know they hold it. You will use some kind of sophistry to explain yourself.
But the reality, is that Texas owns some gold billion, and it is stored in New York at the Fed. (unless they pulled a Germany on Texas too)
The Federal Reserve isn't holding any gold that belongs to Texas.
the gold vaults in NY are rumored to be looted
The vaults of HSBC have been looted?
I believe you are mistaken.
As far as I know, the Fed only holds gold for governments, not for investment funds of State Universities.
Yes, I am mistaken. And so is Texas. That must be why they are funding and building this. And it must be why the Wapo and CBS reported that Texas officials including the governor said it was there.
Silly Texas, building a vault to reclaim it when they don’t even have any in storage there./s
Indeed.
And so is Texas.
How's that?
“As far as I know, the Fed only holds gold for governments”
Texas is under the impression that it is a government. And the state university trust fund is simply an explanation for why they have it. But it doesn’t change the fact that it is Texas governmentally owned money.
But you knew that....didn’t you? If you dislike gold as an investment, as a basis of money, etc... then cool, argue your point. Fair enough. But you look dumb when you say things like that.
Too bad they couldn't convince the Fed to hold their gold, instead of HSBC.
https://www.newyorkfed.org/aboutthefed/goldvault.html
Not HSBC, the British bank started to service the narcotics industry. the New York Fed reserve bank. There is the link to their website describing their gold vault.
The governor said they were going to repatriate their gold being stored in New York. So clearly Texas and the legislature thinks it’s stored there. You’re just being childish and offering no argument or proof. If you have anything serious to say.... i’ll go from there sport.
Maybe you should learn about the industry.
“with 12 inch concrete walls”
Uh, yeah. Right. Ordinary bank safe deposit vaults are generally thicker than that.
Governor Abbott says it is there. Take it up with him sport, you’ll be famous as the guy who showed him he was simply wrong.
They said New York, not the Federal Reserve.
The gold bullion at issue is actually worth only $647 million and is owned by the University of Texas Investment Management Company, which oversees the assets of both the University of Texas and Texas A&M systems. UTIMCO currently pays about $647,000 a year to store the gold at the HSBC Bank headquarters in New York City, according to UT System spokeswoman Jenny LaCoste-Caputo.
https://www.texastribune.org/2015/10/30/gold-firms-hope-help-texas-build-gold-depository/
"Says UTIMCO CEO Bruce Zimmerman: The gold holdings now are down to about $725 million. He was not immediately sure how many gold bars that is. They're stored in Manhattan at HSBC Bank, which charges an annual fee of less than one-tenth of 1 percent per year. "HSBC is a British multinational bank that started as the Hong Kong and Shanghai Banking Corp."
HSBC, that sounds familiar......
Well, gosh, a politician who doesn't know what he's talking about.
I guess that'll be the first time, eh?
Texas also has a printing press in Fort Worth, just in case :).
The gold bullion at issue is actually worth only $647 million and is owned by the University of Texas Investment Management Company, which oversees the assets of both the University of Texas and Texas A&M systems. UTIMCO currently pays about $647,000 a year to store the gold at the HSBC Bank headquarters in New York City, according to UT System spokeswoman Jenny LaCoste-Caputo.
...
It doesn’t sound to me that UTIMCO has any intention of moving their gold to Texas according to the Tribune article.
“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”
I read the same thing and that is why it is taking seven years for the Germans to get back one-third of what is stored. When the run from the dollar begins only those with real, tangible assets will have a chance to rebuild.
“It’s meant as a store of wealth until the drama ends. 10 years later, you’ll have your gold.”
Good money line!
Gold is a way to restart after the calamity, or any other tangible product that people value, gold just happens to be very small and portable.
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