Sounds like it’s actually the University of Texas that is retrieving the gold. It seems unlikely that a supposedly low-tax state would accumulate that much in liquid assets in its general fund.
Specifically it is the University of Texas Investment Management Corporation, a corporate entity established to manage the UT endowment. Which is another reason why the Texas gold is not at the New York Fed. They do not store gold for private corporations.
They best drill it and find out how much tungsten is in the gold.
But they did.
They don’t trust the feds anymore than you or I.
Ever hear of the energy industry? Texas has a 12 mile limit of its coastal waters, more than any other state, because it was an independent country when it entered the U.S. The oil money from these “tide lands” goes into the Permanent University Fund, so it has billions of dollars of revenue, ballooning during the recent oil boom.
Some wonder why Texas students struggle to pay rising tuition at UT and A&M, the only university systems that have access to this fund. Most Texans are clueless as to why they get nothing from their energy resources, while Alaskans get a handsome check every year as their share of Alaska’s oil revenue.
Texas isn’t a low tax state really.
It’s a low income tax and sales tax state.
Real estate taxes and a blizzard of licensing fees make up for that, and this was one of the very first states to computerize automatic driver’s license suspension for people a day late with their car insurance payments.
If someone has tried to convince you that this is a low tax state, turn over the table so you can look under all of the shells all the same time.