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.”

, , , , , , ,

13 Responses to State Government Of Texas Moves To Hoard Its Gold

  1. Adam Goodwin March 24, 2013 at 10:04 am #

    I bet the governor is parsing through a proposal secession plan right now.

  2. David Duke-Astin March 24, 2013 at 10:12 am #

    I admire the ability of Texans to be so proud about their ignorance.

  3. Charlie Primero March 24, 2013 at 10:41 am #

    Wise move.

  4. BuzzCoastin March 24, 2013 at 11:28 am #

    that’s roughly 20 tons of gold
    and what would Texas do with that gold anyway?
    they’re using it as a hedge against fiat currency inflation

    the only way to profit from the gold is to sell it
    otherwise
    it’s just gold

    • Adam Goodwin March 24, 2013 at 8:08 pm #

      Unless they’re trying to start their own currency which they’ll back with gold. But I doubt it. They just want to call out the Fed for the thieving bastards they are. Ron Paul is from Texas, remember. Strong libertarian calling down there. Blah.

      • BuzzCoastin March 24, 2013 at 8:20 pm #

        yeah, that’s kinda my point
        they’re showboating for the Texas sheeple
        it’s a Media Op that goes nowhere and helps no one except the elites
        but gives some sheeple a chubby

    • Elizabeth Greene March 25, 2013 at 11:09 am #

      I’ll explain. The federal reserve “loans” its gold deposits, including those that Texas is paying to store, out to paper markets. Texas, Germany, and others have a concern that future economic problems will cause a bank run on physical gold. In this case, those without physical possession of their assets will be left with fiat currency and promises instead.

      By taking possession of their physical bullion Texas reduces their market risk and gains the option to make some income by leasing to the paper market. The downside of this is that they increase the risk of someone physically attacking their vaults.

      • BuzzCoastin March 25, 2013 at 8:15 pm #

        In a financial collapse, say like Germany at the end of WW2, the gold will disappear from Texas, say like Germany at the end of WW2. Or like the gold in WTC Bld 7.

        Texans have long cherished the myth that they are voluntary slaves to Uncle Homeland, when in fact Texas is Uncle Homeland’s biggest bitch.

  5. Ted Heistman March 24, 2013 at 11:29 am #

    Yeah, Jacob, everybody that doesn’t live in NYC is a dumb ass cartoon person.

  6. Haystack March 24, 2013 at 1:41 pm #

    If they want their gold back they’ll have to slay our dragon first.

  7. Rex Vestri March 24, 2013 at 3:07 pm #

    Rick Perry is an idiot and an embarrassment to all Texans that are capable of independent thought. Unfortunately, it seems that far far too many Texans aren’t. I’m surrounded by idiots here in Texas.

  8. lazy_friend March 24, 2013 at 4:56 pm #

    Leprechauns.

  9. Geoff Henry March 26, 2013 at 4:56 pm #

    Not a fan of Perry but think it’s actually smart. Why have the gold at the fed anyway. If this goes through it would be funny if they responded by saying they don’t actually have it.

Leave a Reply