Tuesday, June 16, 2015

State of Texas signs into law a bill to repatriate their gold from the Fed

Back in 2011, the University of Texas completed the repatriation of over $1 billion in gold it had stored with the Federal Reserve in vaults underneath their New York City offices.  This money was part of the school’s vast endowment fund, and represented a lack of trust in the central bank at a time when foreign countries such as Venezuela and Germany were also seeking to repatriate their own gold from the U.S..
Fast forward four years later and now the state of Texas is doing the same as its University did by calling for a repatriation of gold that is held at the Federal Reserve.  On June 12, Governor Greg Abbot signed into a law a bill that will lead to the construction of a gold and silver depository, when once completed will then lead to the transfer of over $1 billion in precious metals held currently at the central bank, back into the hands of the state of Texas.


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