Most states have their gold reserves out of state, housed in the Federal Reserve Bank of New York. The Federal Reserve Bank holds gold for the United States government, foreign governments, and many others. Texas isn’t happy about the idea of having any of their gold outside of the state anymore and they want it back.
Fueling continued secession talk within the state, the governor signed HB 483, which creates the first-ever state-level gold bullion and precious metal depository.
According to Abbot’s statement, the purpose of the law is “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.”
Giovanni Capriglione, a state representative and the bill’s author, expressed that the bill is about more than moving the gold back to Texas to the Star-Telegram.
“We are not talking Fort Knox,” said Capriglione. “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.”
Not too long ago we were hearing about the terrifying reality of the Jade Helm 15 overthrow of Texas. This recent move to take the state’s gold back will undoubtedly only serve to further those fears.