Texas To Build Its Own Fort Knox?

“We’re trying to figure out the right amount of gold to have here in Texas. We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold.”

-Texas State Representative Giovanni Capriglione (R-Southlake), who is carrying a bill to establish the Texas Bullion Depository, a state-based facility in which gold bullion belonging to the State of Texas and its citizens would be stored, on Forth Worth Star-Telegram website, March 21, 2013

Ever since I got back from Dallas, Texas, late Thursday night, people in Chicago have been asking me what I thought about the place since it was my first time in the “Lone Star State.”

“Buzzing” was how I described it. A vibe I hadn’t felt around these parts since the nineties (I was awake enough to see through the housing bubble-induced artificiality of the mid-2000s).

And the intensity of the buzz appears to have grown the last few days with news coming out of the former independent republic that a state-based and protected Texas Bullion Depository- a Texas “Fort Knox,” so to speak- may be in the works. From Aman Batheja and Emily Ramshaw on the website of the Forth Worth Star-Telegram on Thursday:

Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.

And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Company, or UTIMCO, and currently stored by the Federal Reserve…

Capriglione said the bill is not about putting Texas on its own gold standard. Rather, a depository would give the state a reputation as being more financially secure in the event of a national or international financial crisis.

And bolster the perception of stability as the state continues efforts to attract business from other parts of the country.

On Thursday, Lauren Lyster of the Yahoo! Finance show The Daily Ticker discussed the proposed Texas Bullion Depository with Jim Rickards, senior managing director of Tangent Capital Partners. It was a good exchange, which you can watch in its entirety (less than 5 minutes) on the Yahoo! Finance website here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Batheja, Aman and Ramshaw, Emily. “Tarrant lawmaker seeks to create Texas Bullion Depository.” Forth Worth Star-Telegram. 21 Mar. 2013. (http://www.star-telegram.com/2013/03/21/4720491/tarrant-lawmaker-seeks-to-create.html). 23 Mar. 2013.

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Saturday, March 23rd, 2013 Commodities, Federal Reserve, Government, Precious Metals

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Christopher E. Hill, Editor
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