Texas To Remove One Billion In Gold From NY Fed’s Vault

a reply to: HUMBLEONE

Both nations have the option to protest though.
...I don't hear much protesting, and that is a bit lame.

Texas builds vault and plans to take back $1B in gold from NY Feds.

Meanwhile dust collects over in the Feds vault.

originally posted by: xuenchen
The Governor of Texas signed a bill the other day that sets up construction of a special vault to keep gold.

At first I thought this was some kind of joke.

But guess what .... it's apparently true.

And Texas has plans to recall loads of gold from the Federal Reserve vaults !!!!

What IS Texas up to?

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…

Friday, June 12, 2015 • Austin, Texas • Signature Statement

Governor Greg Abbott today signed House Bill 483 (Capriglione, R-Southlake; Kolkhorst, R-Brenham) to establish a state gold bullion depository administered by the Office of the Comptroller. The law will repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas. The bullion depository will serve as the custodian, guardian and administrator of bullion that may be transferred to or otherwise acquired by the State of Texas. Governor Abbott issued the following statement:

Governor's website confirmation

Trust No One !!

edit on Jun-15-2015 by xuenchen because: [__ /- __]

I would say Texas is getting ready to make a few very shrewd financial moves with this one. Perhaps even as far as laying the groundwork for it's own independent currency. Not a bad idea at all considering the dollar may fail in the coming years...

The Gold does not belong to the State of Texas it belongs to the Texas University Investment Fund so that is all it can be used for. The gold is not held by the Fed. It is stored in a private bank HSCB. In the past the same guy tried to get this passed but, it was considered a waste of money because of the money it will take to store and secure it. This time he sold it with a promise they would only build a vault of 20 square feet and that it would be almost as cheap as the fees payed for the bank to secure it. So in the end the Texas University System will get a little less return on its gold and if some thing happens to it the state of Texas has to pay for it instead of a bank. Of course we are only talking about a billion dollars so it is a drop in the bucket to Texas or a big bank but, it is a big deal for the future of higher education in the state. And Texas is a state that needs money for higher education, ranking dead last in High School graduation rates and 30th and 33rd in Bachelors and Advanced degree holders. It is a PR move that will cost the schools. Not sure if that is worth it.

a reply to: KnightFire

They can actually get it and we can only hope its a first step to independence.

a reply to: MrSpad

Show me the source for the graduation rankings you're quoting.

My Source Disagrees: www.washingtonpost.com...

And also, Texas owns the state universities. Also, Texas is known for moving in a forward direction so I believe if it has value to keep our gold here, we will. We'll expand it as needed which judging from current events we'll probably expand it on the drafting table and it will be built larger from the get go. The bill just opened the door.

STM

I was going to post this early on in this thread but then lost interest... mainly because the thread title contains a pretty large error - the gold is not being stored in a fed vault, it is being stored for Texas in a private vault at HSBC bank. The gold in question belongs to the Texas public employee fund for their university system. Honestly the only loser in this would be HSBC, but then Texas has to take on the liability for storing that much gold in a secure facility.

originally posted by: Blackmarketeer
I was going to post this early on in this thread but then lost interest... mainly because the thread title contains a pretty large error - the gold is not being stored in a fed vault, it is being stored for Texas in a private vault at HSBC bank. The gold in question belongs to the Texas public employee fund for their university system. Honestly the only loser in this would be HSBC, but then Texas has to take on the liability for storing that much gold in a secure facility.

But the official Texas Governor's website says Federal Reserve.

a reply to: xuenchen

I called his office for clarification but the switchboard closed a few minutes before I called. I'll check back tomorrow.

STM

originally posted by: xuenchen

originally posted by: Blackmarketeer
I was going to post this early on in this thread but then lost interest... mainly because the thread title contains a pretty large error - the gold is not being stored in a fed vault, it is being stored for Texas in a private vault at HSBC bank. The gold in question belongs to the Texas public employee fund for their university system. Honestly the only loser in this would be HSBC, but then Texas has to take on the liability for storing that much gold in a secure facility.

But the official Texas Governor's website says Federal Reserve.

Well the bank is in New York where some of the Fed is but, still a private bank. And this is the same Governor who is having a very embarrassed State Defense Force follow troops during Jade Helm and deployed the National Guard to the boarder where they spent their time helping the border patrol catch up on paper work. All because these things sound good to his core base. Now do not get me wrong, moving this gold is not going to be a disaster or anything. It is just going to cut down on the return the University's get from their investment. If they can keep expenses down it might not effect much and they come out almost even. If they can not or if it is stolen then it will be a bit of a boondoggle.

Maybe Texas finally decided to stop doing business with a bank that launders drug cartel money. link

originally posted by: MrSpad And Texas is a state that needs money for higher education, ranking dead last in High School graduation rates.

I'm gonna have to disagree with you on that claim. In fact, Texas HS graduation rates are higher than the national average.

88 percent — of students in the Class of 2013 earned their diplomas on time, compared with a national average of 81 percent. Iowa was the only other state that posted a higher rate

source

I thought Texas had previously requested what they considered their "Share" of the gold from Fort Knox and were denied the request?

Likely because there is NO gold in Fort Knox. I think it's one of the biggest secrets the US Government is fighting to protect.

Now, they could ask for their share of Gold back from the Federal Reserve, but I believe the deal with the Feds is that States have to have so much gold on deposit in order to use the Fed ....

If Texas bows out of the Fed, likely will be a death knoll for their economy.

a reply to: VictorVonDoom

Signs of mass graves have been spotted near the Rio Grande.

There ARE mass graves.

a reply to: xuenchen

They're nuts in Texas.

Let 'em become their own nation. Good riddance.

Just wait until TX discovers what was delivered to them by the FRB is all gold plated tungsten bars.

a reply to: ChiefD

That's an awfully large brush to paint 27 million people.

Well..

Texas Politician Says State is Preparing to Become ‘Independent Nation’ In Case Union ‘Falls Apart’

http: //www.theblaze.com/stories/2013/09/07/texas-politician-says-state-is-preparing-to-become-independent-nation-in-case-union-falls-apart/

Well..

Texas Politician Says State is Preparing to Become ‘Independent Nation’ In Case Union ‘Falls Apart’

http: //www.theblaze.com/stories/2013/09/07/texas-politician-says-state-is-preparing-to-become-independent-nation-in-case-union-falls-apart/