Posted on 06/13/2015 2:12:39 PM PDT by Rockitz
The lack of faith in central bank trustworthiness is spreading. First Germany, then Holland, and Austria, and now - as we noted was possible previously - Texas has enacted a Bill to repatriate $1 billion of gold from The NY Fed's vaults to a newly established state gold bullion depository..."People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold," and the Bill includes a section to prevent forced seizure from the Federal Government.
From 2011:
"The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault, according to the fund’s board."
The decision to turn the fund’s investment into gold bars was influenced by Kyle Bass, a Dallas hedge fund manager and member of the endowment’s board, Zimmerman said at its annual meeting on April 14. Bass made $500 million on the U.S. subprime-mortgage collapse.
“Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services,” Bass said yesterday in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”
And now, after we noted the possibility previously, as The Epoch Times reports, Texas Governor Greg Abbott signed a bill into law on Friday, June 12, that will allow Texas to build a gold and silver bullion depository. In addition, Texas will repatriate $1 billion worth of bullion from the Federal Reserve in New York to the new facility once completed.
....
(Excerpt) Read more at zerohedge.com ...
Absolutely. The way those a scummy whores we elect steal every dime they see, there’s more gold in your mouth than Fort Knox.
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.
Nope, Germany was refused taking possession of it.
Ah, but the $64 question is when Texas asks for its physical gold back, what if the NY Fed says “no”?
This is pretty much what happened to Germany, when it asked for its $141 billion worth in gold back. After an entire year, Germany had only recovered some 5 tons of its gold, or gold *equivalent* to the gold they had reserved. Then with a political change of fortunes, Germany backed off and “decided to keep the rest of that gold in NYC.”
Nope. Germany did transfer some of it back and decided to leave the rest where it was.
If Texas asks for the physical gold back, the New York Fed will say "Go talk to the people you deposited it with." It isn't with the New York Fed since they don't deal with private companies.
Texas has no gold at the New York Federal Reserve Bank. Any gold they have in
New York would be stored at one of the commercial banks.
*****************
Interesting.
From the following article at the Dallas Morning News....
snip
For example, the University of Texas Investment Management Co. has about $1 billion
in gold stored with the Federal Reserve in New York. That’s about the size of a
work desk, Capriglione said.
end snip
Link:
http://trailblazersblog.dallasnews.com/2015/05/texas-set-to-create-a-gold-depository.html/
This isn’t the state of Texas as I understand it but rather
the gold belongs to the University of Texas. Don’t know if
that understanding is correct.
Isn’t there a tunnel under the street from a commercial bank to the Federal Reserve gold vaults to permit movement of gold from the fed vaults to the bank gold vaults?
somewhere I have an old frayed permit for powder actuated tool use
The article is incorrect. The New York Fed stores gold for foreign governments, central banks, and a limited number of international organizations. It does not store gold for the U.S. government, corporations or individuals. Legally it cannot.
Another indication that gold is not stored at the New York Fed is this article which quotes Governor Abbott as saying that the depository will keep "...taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state." The New York Fed does not charge a fee for storing bullion. But corporate banks in New York City do.
Here is info that supports your non Fed holding the gold.
University of Texas Endowment Holds $1 Billion Gold, 5% Of Its Portfolio
snip
Friday, as gold prices hit a new all-time high – $1486 an ounce($1500 is around the corner),
the University of Texas Investment Management Co., revealed that 5% of its $19.9 billion
endowment(it handles Texas A&M as well) was in actual bars of gold bullion in a New York
bank vault owned by HSBC Holdings, the London based global banking institution. Not in
any gold ETF or individual gold mining shares, or in gold futures;l Texas took delivery
of 6,643 actual bars of bullion, or 664,300 ounces– a quite unusual transaction for a
university.
end snip
Not the university per se but the University of Texas Investment Management Corporation which manages the UT endowment. Another reason why the gold can't be at the New York Fed since by law they don't work with private companies, foreign or domestic.
No. The bullion vault is accessible by elevator only. And the stories that there is a tunnel from the vault to the East River that allows the vault to be flooded in the event of a break-in are only stories. Though the vault staff won't do anything to discourage them.
“Any idea what I should do with my 30 silver certificates?”
They have some numismatic value. Get thee to a coin shop.
HSBC stores gold. Chase stores gold. I think Mellon stores gold. J. P Morgan stores gold. A lot of the larger New York banks have gold vaults. They make a lot of money charging to store it, too.
http://www.redflagnews.com/headlines/why-the-us-wont-give-germany-their-gold-back
http://www.globalresearch.ca/u-s-dollar-collapse-where-is-germanys-gold/5321894
In 2012, they tried to get back several hundred tons of gold. They were allowed to get about 5 tons in 2013, and were told they’d have to spread out the repatriation over a number of years. Rumor at the time was that the Federal Reserve Bank of NY didn’t have enough to meet the demand, and would have to pull gold from other locations to meet the redemption. They reportedly managed to get about 85 tons in 2014. The French have been a little more forthcoming.
That's certainly the concern that gave rise to this legislation. Not sure from your other posts if you are trying to argue the technicality that it is the University of Texas Foundation, and not the State Treasury that owns the gold that may or may not exist.
He’ll amend it to read: 6) All 401K Balances.
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