Posted on 06/17/2015 1:17:50 PM PDT by texas_mrs
The state of Texas is demanding the Federal Reserve in New York repatriate $1 billion in gold bullion after Governor Greg Abbott signed a bill establishing a state-run gold reserve in the Lone Star state.
Abbott signed House Bill 483 into law last Friday, stating, “Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. 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.”
Under the terms of the bill, written by Rep. Giovanni Capriglione (R-Tarrant County), the gold will be held in state run depository beyond the reach of the federal government and other any “quasi-governmental authority” should they attempt to access or “confiscate” it.
Section A2116.023 of the bill states: “Purported confiscation, requisition, seizure, or other attempt to control the ownership … is void and of no force or effect.”
The bill also states “The depository in the case of receiving notice of a purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal,transfer, liquidation, or settlement of a depository account … may not recognize the governmental or quasi-governmental authority, financial institution, or other person acting as the lawful successor of the registered holder of a depository account in question.”
(Excerpt) Read more at conservativerefocus.com ...
I wish people would realize that unless you clone Reagan and raise him exactly the same, with the same influences, in the same time era, he isn’t coming back.
It is the principles he stood for and his unique personhood that attracted us.
There is no other Reagan. No Lincoln. No Jefferson.
It will be someone else.
It’s as if the we have arrested development and live in the past, incapable of moving ahead because we are looking for the closest match we can find to The Man.
Dang! Wrong thread! I hate when that happens!
Strictly speaking, the state of Texas doesn't own the gold. The gold forms some of the endowment of the University of Texas system and actually belongs to the corporation that the university set up to manage the endowment. So the gold really belongs to the University of Texas Investment Management Corporation as manager of the endowment fund.
...and I would think they’d have NONE at the Federal Reserve!
They don't. The New York Fed stores bullion for foreign governments, central banks, and some international agencies. They don't store bullion for private corporations or individuals.
The Bundesbank has removed around 90 tons of gold in the last couple of years and audited their holdings last year. If their gold was missing then I think they would have noticed it.
Let me post the correct links to threads from the past couple of days.
Seems I messed one of them up.
http://www.freerepublic.com/focus/f-news/3300204/posts
BREAKING: Texas Signs Bill to Get GOLD from Fed
http://www.freerepublic.com/focus/f-news/3299938/posts
Writing’s On The Wall: Texas Pulls $1 Billion In Gold From NY Fed, Makes It “Non-Confiscatable”
The very first sentence is a lie. The Fed isn’t involved in this story at all.
The persistence of what is apparently an erroneous explanation of the gold storage can be blamed on Gov. Abbott’s office:
http://gov.texas.gov/news/signature/21038
...The law will repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas...
Has anyone told Bundesbank that? - Bundesbank successfully continues transfers of gold
Just curious, where is the Gold kept? Most large deposits are held at the Fed vault in NYC.
Did they now? Bundesbank successfully continues transfers of gold
No they're not. The New York Fed doesn't have their gold. The New York City branch of HSBC does.
-PJ
Dang. Another one.
Only foreign ones and only gold held by foreign governments, central banks, and international organizations. Just about all the major banks in New York City manage gold for corporations like the University of Texas Investment Management Corporation, and they charge an arm and a leg to do it. HSBC is charging Texas $108 per bar per year to store it. That's over $600,000 a year.
Well gives you an opportunity to educate us freepers. I thank you for sharing your knowledge.
The following snip shows some intent but does have the mistake of saying it is
stored with the fed. You’d think the State Rep would know better. I didn’t but I
wasn’t authoring a bill to create a storage facility.
It isn’t that large in physical size according to snip, about the size of a work desk.
http://trailblazersblog.dallasnews.com/2015/05/texas-set-to-create-a-gold-depository.html/
Texas set to create a gold depository
snip
Rep. Giovanni Capriglione, R-Southlake, has worked for two years on the legislation
that allows the comptroller’s office to create the depository, which would
make Texas the first state in the nation to do so......
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.
Meanwhile, as Texas gets more deposits, it will be able to earn revenue off the fees.
The depository would work more like a bank when the system is fully operational,
handling transactions through gold, silver and the like.
end snip
Thanks for the input.That does make a difference.
But what will the Fed think about the Texas Plan in general? It seem to me that Fed Frowns are more likely than Fed Smiles.
Private ownership of gold is legal in the U.S. so there is no reason why the Fed should frown on it. It's likely that there is as much if not more privately held gold in the commercial banks in New York City than is held in the New York Fed.
Well I work for the Kansas City Fed and have been on business trips to the New York Fed a number of times. I've been in the gold vault a couple of times and I can confirm that there is gold out the wazoo down there.
I can confirm that there is gold out the wazoo down there.
LOL...
Well the ‘wazoo’ will be reduced by about the size of a
work desk according to one article I read.
Suppoedly in this case UT's gold is at HSBC's headquarters building at 450 5th Ave. in NYC.
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