Texas does a lot of things that I think are just for posturing and maintaining their image, but I rather like this:<\/p>\n
On Friday, Gov. Greg Abbott signed legislation that will\u00a0create a state-run gold depository in the Lone Star State<\/a>\u00a0\u2013 one that will attempt to rival those operated by the U.S. government inside Fort Knox and the\u00a0Federal Reserve Bank of New York\u2019s vault<\/a>\u00a0in lower Manhattan.<\/p>\n
\u201cThe Texas Bullion Depository,\u201d Abbott said\u00a0in a statement<\/a>, \u201cwill 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.\u201d<\/p><\/blockquote>\n
There’s the story that when a couple nations approached the US about repatriating their gold from the US depository there was some…concern…that the gold was ‘unavailable’. I’d be very interested to know if Texas gets to take their gold back or if some excuse will pop up about how they have to get it back over a lengthy period of time (if at all).<\/p>\n
This is why I don’t believe in any of this we-hold-your-metals-for-you scams, or any paper representations of precious metals. If you have a certificate that says you own 100 oz. of gold in a repository in California, you don’t own anything except a piece of paper. If you’re going to go down the road of owning precious metals, then own precious metals…not a piece of paper saying you own gold or silver. Promissory notes with questionable redeemability is the whole reason we buy gold and silver to begin with.<\/p>\n
I (usually) get my PM’s from the Metals Pimp<\/a>. You may have your own ‘guy’, but if you don’t you might wanna give the Pimp a holler.<\/p>\n
H\/T to Ryan at TSLRF <\/a>(which apparently is just TS these days).<\/p>\n","protected":false},"excerpt":{"rendered":"
Texas does a lot of things that I think are just for posturing and maintaining their image, but I rather like this: On Friday, Gov. Greg Abbott signed legislation that will\u00a0create a state-run gold depository in the Lone Star State\u00a0\u2013 … Continue reading