Is your gold safe in the Federal Reserve vaults beneath Wall Street?
Of course not.
The number of paper claims against the actual physical gold in the world are vastly greater than the actual amount of physical gold. Germany and Austria know this. That is why they keep repatriating thier actual physical gold from NYC and London. Now Texas is coming to its senses.
Unless you have physical possession of your gold, you will feel like Dustin Hoffman getting a dental checkup with Szell when the shit hits the fan.
A gold rush in Texas?
AUSTIN
Texas — long known for cattle, cowboys and oil — could soon be on the map for something much different.
Gold.
State Rep. Giovanni Capriglione asked the Legislature to create a Texas Bullion Depository, where Texas could store its gold, which is now in New York, and where others could keep their precious metals.
The Southlake Republican must have the golden touch, because the House and the Senate have signed off on his plan and his bill appears headed to Gov. Greg Abbott for consideration.
“We are not talking Fort Knox,” Capriglione said. “But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository.
“People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”
And other precious metals.
House Bill 483 would let the Texas comptroller’s office establish the state’s first bullion depository at a location yet to be determined.
Capriglione’s changes to the bill must be approved by Monday, the last day of the 84th legislative session.
