Posted on 03/27/2013 5:38:58 AM PDT by SeekAndFind
It would be way overstating things to suggest that there could be a run on the cache of gold that is kept in the basement of the Federal Reserve Bank in New York. But in the wake of reports that Germany is undertaking a program to remove its gold from the Fed and return it to Germany, a bill has been introduced in the legislature of Texas to move the state’s gold bars held at a private bank in New York and transfer them to a depository in the Lone Star State.
The bill has been introduced at Austin by Representative Giovanni Capriglione. It would establish a depository in Texas itself for the state’s specie. It has been endorsed by Governor Perry. And Texas most famous former congressman, Ron Paul, has just sent us a cheerful telegram saying that if the bill passes, he’ll volunteer to go with Mr. Perry to “pick up our gold” — so long as the “governor brought along his body guards and the Texas Rangers.”
The measure introduced by Mr. Capriglione, a Republican of Southlake, is designed to bring back to Texas gold bars that the Texas Tribune reckons would fetch $1 billion. The Tribune reports they are owned by the University of Texas Investment Management Company, or UTIMCO. A report in the Washington Post and of the Gold Anti-Trust Action Committee says the gold Texas wants to bring home is on deposit in New York with a facility of HSBC.
The report in the Texas Tribune says a move to reclaim custody of Texas’ gold started in the legislature last year. “If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible,” the Tribune quoted Dr. Paul as saying last week.
(Excerpt) Read more at nysun.com ...
“It’s in a bank in the middle of Beverly Hills under somebody else’s name”
They had better get their hands on the actual gold before it’s too late.[if it isn’t already]
If there was how would we know?
a couple of big guys like Texas start demanding delivery ... and the whole gold scheme could come crumbling down.
...and all of its banks and any bank? Diversify where your stored time-of-life/value/medium-of-exchange is kept. Possession is 10/10ths in a lawless environment.
BE PREPARED
Ping.
Bump
Can you say ‘rehypothecation’? I thought you could.
Hmmm....
Texas bringing assets home... nice first step toward Independence.
***there could be a run on the cache of gold that is kept in the basement of the Federal Reserve Bank in New York.***
Why would anyone want tons of gold plated tungsten?
The article says that the Texas gold is held by a private bank in New York. So how is that ‘a run on the Fed’?
Goldbug ping.
I’d bring a couple of drills with them if they do this.
The market for gold-plated tungsten isn’t what it used to be.
Since it’s going to take 7 years for Germany to get possession of their gold, how long will it take Texas?
This article is pure BS.
There can be no harmful run on the Federal Reserve gold. The gold on deposit is not the property of the fed and certainly not the property of American tax payers.
Gold is there to effect expeditious international account settlements. The gold is there because there is very secure storage space.
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