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Texas Contracts To Build Nation’s First State Gold Bullion Depository


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The Texas Comptroller’s Office has begun to receive bidsfrom private contractors interested in building the country’s first state gold storage facility, the Texas Bullion Depository (TBD). When Texas Governor Greg Abbott signed into law the bill providing for it last July, he said it was all about saving fees being paid to store the state’s gold in New York banks:

Today [July 15, 2015] 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.

State Senator Lois Kohlkorst, who sponsored the original bill, told a local radio station that it was all about saving those storage fees: “We have a number of state agencies which have invested in gold and we have to pay for those storage fees. We would like to bring that gold back to Texas.”

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.

What got the Tenth Amendment Center excited was the inclusion of language in the bill that Texas citizens can also use the facility to store their own private holdings if they care to. The bill’s language also included setting up a facility, outside of the Federal Reserve System, that would allow those private citizens to write checks on their precious metals balances. Finally, the language precluded the TBD from loaning any of those reserves out to others. In other words, it eliminated any chance or opportunity for the facility to engage in fractional-reserve banking.

Tenth Amendment Center’s Michael Boldin called the law “an important first step towards gold and silver as commonly-used legal tender in the state. By making gold and silver available for regular daily transactions by the general public, the new law has potential wide-reaching effect.”

In addition, Boldin added that the TBD “would undermine the monopoly of the Federal Reserve system by introducing competition into the monetary system.”

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40 minutes ago, DinarMillionaire said:

Thanks to our Texas government, for making steps in the right direction.

But, I'll bet the PTB are none to happy about the TBD. And New York banks aren't gonna be any happier either. 

And how much do you want to bet NY does not give Texas their gold back.. Poof it's probably gone!!

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