Dateline June 1, 2015: The state of Texas is considering creating a Texas Gold Depository within the borders of the state and in direct competition with federal depositories at Ft. Knox and at the banks in New York, according to a recently published article in the Dallas Morning News. Texas Rep. Giovanni Capriglione has worked for several years on this legislation, which would enable Texas to be the first state in the union to establish such a facility. According to Capriglione, he has received “letters from literally all over the world”, with people saying “I want to put my gold in Texas.”
If this law is enacted, and it is expected to be signed by Texas Governor Gregg Abbott, guidelines will be set up and the state will begin selecting the location for the gold depository.
Update: As of June 12, 2015, Governor Gregg Abbott has signed the bill into law. Texas now has a gold depository. In the governors own words: “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.”
What’s behind this and why is it important?
The Texas Depository is all about two things:
- the True Value of Gold, and
- the Control of that Value.
Gold and other precious metals have always been a storehouse of value, especially in uncertain times. Texas knows this and would like some control over it. If the bill passes and the depository is established, gold and silver deposits from organizations, businesses and private citizens will flock to the state, enabling Texas to earn a revenue stream off the depository fees.
It is estimated that Texas pays about $1 million a year to store its gold in New York. Also, it would provide Texas with ” a kind of economic shelter” to protect the state from “economic imbalance” and a hedge against inflation, according to Capriglione. Many Texans would like their gold to stay in state and away from federal control and oversight.
Is this Obscure Trivia or Does this Impact You?
Perhaps you are thinking this is another hair-brained idea straight out of the Wild, Wild West. Think again. Governments across the globe have been hoarding gold, with the wealthiest countries holding the most. Now at least one state government wants a piece of the action.
At this time of low gold and silver price, perhaps you too should get in on the action. This is a great time to begin or add to your precious metals investment. Don’t hoard gold but instead consider putting a portion of your assets in gold: Physical gold that you can store yourself as a protective hedge against global instability and political shenanigans. As you think this through, consider our preferred broker, Golden Eagle Coins, for your own investments.
Additional Texas Gold News
Oct. 25, 2105 Update: Apparently the new gold depository is commanding some attention. A recent article by Kaitlyn Schallhorn published in The Blaze suggests that Texas could be uniquely prepared for a potential dollar collapse by developing this gold repository. According to the article, “Texas has been quietly preparing in case the dollar collapses — especially as China works to make the Yuan the default currency”.
- November 2, 2015 Update: Plans are proceeding with the development of the Texas Gold Depositiry: Over a dozen companies have answered Texas State Comptroller Glenn Hegar’s request for advice on the new depository, according to an update from Cryptocoinsnews. Indeed, Anthem Vault has submitted a proposal to the state of Texas regarding the building of the new bullion facility.
- May 18, 2016 Update: The process of building the repository is proceeding. According to an article in the New American, “The Texas Comptroller’s Office has begun to receive bids from private contractors interested in building the country’s first state gold storage facility, the Texas Bullion Depository (TBD)”. The article further stated that “Once the facility is completed by the end of the year, the state will demand repatriation of nearly $1 billion in gold and other precious metals presently stored in New York City”.
- August 2, 2106 Update: The depository moves closer to reality: As reported in WFAA.com, Texas state officials recently called on businesses in the state to submit their construction plans for a bullion depository by Sept 30, 2016. The Texas depository is envisioned as an in-state entity where people and businesses can store their gold and precious metals. Work on an actual facility could begin by Dec. 1.“This is an important step along the process,” said Chris Bryan, a spokesman for Texas State Comptroller Mr. Glenn Hegar. “It does show the depository is moving forward”.
Return to Homepage