It’s nearly groundbreaking time on the Texas Bullion Depository with the site chosen and approved. Here’s an update…
Texas is asking for it’s gold back as it constructs a state owned bullion depository. We covered this two over two years ago, and while it is a slow process, progress is being made.
Here’s what we said back then (and a refresher for those who know):
The state of Texas has just passed legislation to build its own gold bullion depository, to repatriate $1 billion dollars worth of gold currently stored by the Federal Reserve in New York and to create a new gold electronic payments system to protect from “national financial or currency crisis”.
The move is being widely perceived as a vote of no confidence in the privately owned, bank owned central bank and the federal government.
Governor Abbott said that establishing this Depository means Texas will be, “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.” (see Governor Abbott Signs Legislation To Establish State Bullion Depository )
The law will go into effect immediately and the new Texas Bullion Depository – soon to be built- will cater to businesses, state agencies and citizens.
Well after two years and a whole lot of planning, the ground is about to be broke. From Community Impact Newspaper:
The nation’s first state-administered gold depository will be located in the city of Leander.
The Leander site was selected by Austin-based Lone Star Tangible Assets, the vendor hired by the State Comptroller’s office to build and operate the depository. The exact location of the site is being withheld for security reasons, but Matt Ferris, chair of Lone Star Tangible Assets, said the facility would be located near the Capital Metro railroad tracks in north Leander.
Leander City Council approved an economic development agreement with Lone Star Tangible Assets for the depository during a Thursday night meeting. According to a press release from the Texas State Comptroller’s office set to be released Nov. 3, construction on the site is expected to begin in early 2018. Lone Star Tangible Assets expects the facility to be completed in late 2018 or early 2019.
Now the clock is ticking yet again for another gold repatriation request, this time from the State of Texas. Recall that Germany asked for it’s gold back, and as it was reported in the mainstream, the repatriation went ahead of schedule and was relatively smooth. But we called out the reporting when we noticed photoshopped serial numbers, which one could reasonably speculate that because if the bars were “allocated” to some other entity, the scandal would blow up in the NY Fed’s face in the modern era of quick internet reporting and independent news outlets. Here’s the pic of the photo-shopped serial numbers when we covered “Germany’s” gold bars:
So now the clock is ticking yet again as more and more people, institutions, sovereign nations, and not states are demanding physical gold.
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.