Gold depository could soon be on its way to Texas

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Texas’ gold depository is still in the works but officials say Texans will soon have a place to store their gold bullion and other precious metals. zentilia Getty Images/iStockphoto

 

 

  • A Texas Bullion Depository could soon be in the works
  • One proposal calls for building a facility in Shiner
  • A depository could be in place by late this year or early next year

Tarek Saab has a golden vision for Texas.

So he, and his company — Texas Precious Metals — set up a booth at the Republican Party of Texas state convention in Dallas to tell Texans about it.

“Texans as a group are some of the largest gold buyers in the world,” said Saab, chief operating officer of the company. “The only options they have to store it right now are in a bank or their home.”

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Texas Launches Gold-backed Bank, Challenging Federal Reserve

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The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching. Continue reading

Texas wants its gold back inside the state’s borders

AUSTIN, Texas (AP) — Forget Fort Knox or the Federal Reserve. Texas has decided to start keeping its gold holdings within in its own borders. But what makes sense politically in such a sovereignty-loving place is creating a logistical conundrum.

Texas is the only state that owns an actual stockpile of gold, according to public sector and financial industry experts – not just gold futures or investment positions, but approximately 5,600 gold bars worth around $650 million. The holdings, stored at a New York bank, for some harken back to century-old fears about the security of currency not backed by shiny bullion. Continue reading