Texas will repatriate gold from FRS

Discuss anything here

Texas will repatriate gold from FRS

Postby Igor » Mon Jun 15, 2015 8:15 pm

Texas state has plans to repatriate a part of own gold which is now kept in the FRS, New York.

As Epoch Times writes, Texas Governor Greg Abbott signed a bill into law on Friday, June 12, that will allow Texas to build a gold and silver bullion depository. In addition, Texas will repatriate $1 billion worth of bullion from the Federal Reserve in New York to the new facility once completed.
This is what the governor had to say:
“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. 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.”
http://www.theepochtimes.com/n3/1382264 ... ry-system/

Has somebody heared something of this, has this decision prehistory and have other states the same plans.
Posts: 1289
Joined: Fri Dec 16, 2011 2:10 pm

Re: Texas will repatriate gold from FRS

Postby KGB » Tue Jun 16, 2015 4:49 am

I saw this on several sites.

Nothing will come of it. The reason is that it will cost more to build a gold depository than they will store in it. :lol: Then consider it would probably cost another 20+ million or more a year to hire guards and pay for other security.

But it makes for good press signing a bill that the citizens approve of. So he can point to that bill and say he signed it when he wants to be elected again ;)

Posts: 3021
Joined: Tue Feb 16, 2010 12:06 am

Return to Off topic

Who is online

Users browsing this forum: No registered users and 1 guest

Not able to open ./cache/data_global.php