The Lone Star State Repatriating Gold from NY to Texas Depository

DjPe5h Mon, 12/28/2015 - 12:48


texas state gold depository will be a haven from a shaky financial system

The Lone Star State is well on the way to repatriating its gold from a New York bank vault to its own Texas Gold Depository.

The first batch of gold destined for the new depository likely will be about 5,600 gold bars owned by the University of Texas Investment Management Company. The bars, valued at about $600 million, currently are stored in a vault at HSBC Bank in New York.

The State also plans to use the Texas Gold Depository to create an alternate currency system – a system that will operate outside the jurisdiction of the U.S. Federal Reserve. This state-based system will allow Texans to use their deposits to pay for things, most likely by using Bitcoin‘s blockchain technology.

This alternative monetary system will exist outside the control of the Federal Reserve and the U.S. government. It’s a “Plan B” in the case of another major financial crisis, and could be the first of many such state-run systems.

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Debbie's picture

Thank you!

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