Texas Bullion Depository (Dallas, Southlake: 2015, mortgages, credit)

[John26]

Texas May Start Hoarding Gold

What do y'all think about this? While I'm somewhat of a Texas nationalist I don't immediately jump to the conclusion that this has anything to do with secession. I think it has much more to do with the fact that lots of people have little faith in the federal reserve.

Several nations have begun the process of repatriating their gold that was being held for storage with them. Many people also question if the federal reserve bank is actually still holding what they claim they are. I think this is a smart idea better for us to hold it ourselves in state rather than keep it in New York.

[jeremy2788]

So, this can be taken as somewhat of a surprise state audit on the feds?

[BCB]

TEXAS IS GETTING ITS VERY OWN BULLION DEPOSITORY
Eric Nicholson
Dallas Observer
June 2, 2015

Lawmakers, their sense of mission suddenly awakened, voted over the weekend to establish a state-run bullion depository, to be called, simply, the Texas Bullion Depository.

The depository, Southlake Representative Giovanni Capriglione's two-year vision quest, will basically function like a bank, minus most of the borrowing and lending functions normally associated with banks. People, corporations, governments — basically anyone or anything who happens to be in possession of significant quantities of gold (or silver, or platinum, or palladium, or rhodium) — will be able to turn their precious metals over to the state Comptroller's Office, which will oversee the TBD, for safekeeping. The TBD will not pay interest. It will not make loans. It can't invest the bullion in sub-prime mortgages, credit default swaps or anything else, as it is statutorily required to keep enough precious metal on hand to satisfy all deposits.

Full Article

and more

Texas set to create a gold depository
Eva-Marie Ayala
Dallas Morning News
May 31, 2015

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.

“When I filed it, I just got these letters from literally all over the world,” Capriglione said. “People were saying, ‘I want to put my gold in Texas.’ They just have this image of the wild, wild west.”

And many want Texas gold to stay in the state to get away from federal oversight.

Full Article

[lonestar2007]

So, one big non-profit security vault? Another project for taxpayers to support is what it looks like to me.

[metroxian]

Considering the holdings of the Texas university systems, I would think this a prudent move by the lege.

From BCB's link, above...

...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.

[Pac_5]

This seems to be the result of having a legislature full of C students and Bible College graduates - a strange combination of evangelical Millenarianism, a talk-radio learned view of basic economics, and a general fear of all organized governments or financial markets that exist beyond the ol' county courthouse.

Texas seemed to work a lot better when they were indifferent as opposed to paranoid.

[texasdiver]

Frankly I don't see the point.

Texas doesn't maintain its own currency so all this would really be is a big vault that private individuals from around the world could use to store their gold. Certainly this is something that the private sector can easily do itself. And, in fact, does do. There are bank vaults all over Texas one can use to store one's own gold. Anyone who has so much gold it requires more than just a safety deposit box can certainly afford to pay for their own storage without getting a state subsidy.

Why are our tax dollars going for this sort of nonsense and not something more productive?

[metroxian]

The links provided have some idea of possibilities...

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.