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Little Tich

(6,171 posts) Thu Jun 25, 2015, 09:39 PM Jun 2015

Texas wants its gold back and promises to build it a safe home [View all]

Source: Yahoo! News / Reuters

AUSTIN, Texas (Reuters) - Texas has a new law to set up a depository for gold that is backed by many in the state's Republican leadership who have expressed distrust of the U.S. Federal Reserve and feel more comfortable with a precious-metal backed currency.

"The law will repatriate $1 billion of gold bullion from New York to Texas," Republican Governor Greg Abbott's office said, adding that the facility would increase "the security and stability of our gold reserves."

The bullion in question is part of a portfolio for a Texas university-linked investment fund, is currently worth about $660 million and is at a private bank in midtown Manhattan, state officials said.

The law for the "Texas Bullion Depository" was signed on June 12, and Texas lawmakers said it would be the first vault of its kind by any state.

Read more: http://news.yahoo.com/texas-wants-gold-back-promises-build-safe-home-220638896.html

38 replies

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Texas wants its gold back and promises to build it a safe home [View all] Little Tich Jun 2015 OP

People in Texas are flipping crazy. R Merm Jun 2015 #1

Fuck them. onehandle Jun 2015 #2

They just want their gold Travis_0004 Jun 2015 #3

States Rights, right? onehandle Jun 2015 #4

Ummm, noooo. In this case sounds like its actually the states gold assuming I am not misreading it. cstanleytech Jun 2015 #5

another great option! Phlem Jun 2015 #7

Actually, the Fed does not insure the banks. Psephos Jun 2015 #17

Whatever, the point is if texas wants their gold because they are scared then let them cstanleytech Jun 2015 #31

yep. Phlem Jun 2015 #6

It's theirs. Igel Jun 2015 #29

It is not the United States gold. It is Texas gold. hack89 Jun 2015 #24

Figures, if it's not senseless gun lunacy you are defending, Darb Jun 2015 #34

Is there anyway to start fracking around the Texas Border? Phlem Jun 2015 #8

Not cool man! Do the Republicans here happen to be nuttier in Texad? Yes they are, but Dustlawyer Jun 2015 #14

You're right denvine Jun 2015 #15

All states have their Red districts LompocDem Jun 2015 #19

Yes, saw the article Phlem Jun 2015 #16

Persistent DU Mythology kentauros Jun 2015 #32

It's a looneytarian idea that we should return to the gold standard Major Nikon Jun 2015 #9

Because fiat has such a sterling record vs. precious metals, right? Psephos Jun 2015 #18

I'd feel more comfortable with Texas lawmakers who could read the Constitution jmowreader Jun 2015 #10

That clause does NOT apply to the Federal Government. happyslug Jun 2015 #12

When we invode , we will just take it back! Cryptoad Jun 2015 #11

I would not trust Flatpicker Jun 2015 #13

What type of leverage? Igel Jun 2015 #30

Hmmm..... are they 'anticipating' a big event? More info here > Lodestar Jun 2015 #20

I suppose next they'll appoint Glenn Beck as their new state treasurer.... Spitfire of ATJ Jun 2015 #21

Alex Jones contends the gold no longer exists. It has been sold to Kip Humphrey Jun 2015 #22

you forgot Benghazi egold2604 Jun 2015 #23

There was a law that was enacted in 1978 to reduce America's gold stockpile Art_from_Ark Jun 2015 #33

Next - Texas will begin issuing its own currency packman Jun 2015 #25

This message was self-deleted by its author sinkingfeeling Jun 2015 #26

Gone in a New York minute HassleCat Jun 2015 #27

First, repatriate all of your state territory to the nation of the United States of Mexico. Aristus Jun 2015 #28

The gold in question doesn't belong to the State of Texas yellowcanine Jun 2015 #35

our U.S. Federal Reserve should sell off ALL gold while the price is still inflated. Sunlei Jun 2015 #36

The gold arrives in Texas!! Sancho Jun 2015 #37

I don't want the crazies here to have the gold. Texas Blues Jul 2015 #38