Sunday, March 24, 2013

State Government Of Texas Moves To Hoard Its Gold

State Government Of Texas Moves To Hoard Its Gold:
Does a Texas legislative session resemble a Yosemite Sam Looney Toons clip? Because that’s what I’m picturing. The Fort Worth Star-Telegram reports:
Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas. A bill from Rep. Giovanni Capriglione would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co. and stored by the Federal Reserve.
The idea isn’t entirely new. Gold-standard-backing Ron Paul has raised repeated concerns about the safety of states’ gold supplies. “If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible,” Paul told The Texas Tribune on Thursday.
“If we own it,” Perry said, “It’s not someone else’s determination whether we can take possession of it back or not.”