Texas To Remove One Billion In Gold From NY Fed’s Vault
During 2011 an endowment which oversees funds held by the University of Texas System and Texas A&M University, had taken possession of physical 6,643 bars of bullion gold, or 664,300 ounces, in a Comex-registered vault in New York owned by HSBC, a London-based bank (as opposed to ‘paper gold’ as in the Exchange-traded Fund, ‘GLD’).
And now, in 2015, Texas Governor Greg Abbott has signed a bill (HB 483) into law on Friday, June 12, that will allow Texas to build a gold and silver bullion depository. In addition, Texas will repatriate their $1 billion worth of bullion from the Federal Reserve in New York to the new facility once completed.
The writing is on the wall – institutions are losing faith and trust – and are transitioning or converting into ‘physical’ ‘real’ money, before it’s too late…
“In a lot of cases with gold you may not have clear title to the metal. You may have a counterparty relationship that makes you a creditor. If the counterparty has a problem unrelated to gold, they can default and then you become an unsecured creditor in bankruptcy,” said Keith Weiner, president of the Gold Standard Institute.
This means you get whatever is left after liquidation, often just a fraction of the initial value of your holdings.
There is so much evidence and examples out there of entities who are positioning themselves for major financial upheaval, that even the mainstream is losing its ‘rosy’ propaganda battle as ‘the emperor fiddles while Rome burns’ (or while the band plays as the Titanic sinks).
Personally, I am admirable of Texas for taking this step of self-responsibility and self-reliance. I’m sure the Fed won’t like this…
(just thought you might want to know)