Texas wants to store its own gold

Texas to the Fed: we will store our own gold, thank you very much.

Texas is establishing a gold bullion depository, which will hold $1 billion of precious metal to be repatriated from the Federal Reserve in New York. Governor Greg Abbott signed the law, Bill HB 483, on Friday.

The state comptroller will administer the gold.

Abbott says the move will increase ". . . 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."

The move to form the depository is firstly about trust, says State Rep. Giovanni Capriglionete who was interviewed by the Star Telegram. Capriglionete is credited with kicking of the depository idea:

"[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.”

There is no word yet on when the depository will be open.