Texas gold - they want it back
A fun story -- from
The Texas Tribune:
Perry, Some Lawmakers Want State's Gold Back in Texas
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.
The idea isn�t entirely new. Some Republican members worked on a gold bill last session that was never filed. And gold-standard-backing Ron Paul, the former Texas congressman, has raised repeated concerns about the safety of states' gold supplies.
"If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible," Paul told the Tribune on Thursday. "Texas is better served if it knows exactly where the gold is rather than depending on the security of the Federal Reserve."
We are talking about 6,643 bars - not exactly chump change. It will be interesting if this starts a run from other states. The Fed refuses to account for the physical gold in its vaults.
Posted by DaveH at March 27, 2013 1:46 PM