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Texas gold depository may be the first step toward re-monetizing gold

Jun 14, 2015

When governments give themselves the legal right to lie, it is usually based on the mistaken idea that their lies are “good for the people.” The people can’t handle the truth. The truth would cause a panic. The truth is detrimental to their health.

Despite all of the justifications for their lies, in the end those lies always catch up to the government and bites them in their rear. People eventually learn that the government cannot be trusted to tell the truth. Mistrust has consequences.

In recent years, the nations in the world who had entrusted the Federal Reserve to store their gold and keep it safe have suddenly begun to repatriate their gold. Venezuela, Ecuador, The Netherlands, all got back their gold. But then Germany asked for theirs, but were told it would take 7 years—if they got it back at all.

Suddenly, nations began to feel uneasy about whether their gold was really there or not. The Fed’s assurances did little to relieve their fears, because they know that the Fed’s policy is to lie if it suits them.

Now the state of Texas has become suspicious, too. On June 12, 2015 they took physical possession of their gold (worth $1 billion) somewhere in New York state. Texas just passed a bill authorizing the building of a Gold and Silver bullion depository to house their own gold back in their own state.

This also allows Texas to use silver and gold as money, if they so choose.


This is what the governor had to say: 

“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, 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.”…

HB 483, “relating to the establishment and administration of a state bullion depository” to store gold and silver coins, was introduced by state Rep. Giovanni Capriglione.

Capriglione told the Star-Telegram:

“We are not talking Fort Knox. 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.”…

Effectively, the state of Texas will protect any gold stored in the depository from the federal government.

And free from the threat of confiscation, private citizens can use gold and silver as money, completely bypassing the paper money system.

“People can legally do that with gold contracts. The difficulty is the implementation. Now Texas has set up a mechanism with the depository. We have accounts in that institution and can easily transfer back and forth certain amounts. So we can run our money system a gold or silver basis if we were so inclined,” said Vieira.

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Category: In The News
Blog Author: Dr. Stephen Jones