The State of Texas have decided to keep its gold holdings within its own borders.
The stockpile of gold in Texas is worth approximately $650 million and is currently held at a New York bank. The decision to bring the gold “back home” has been welcomed by many conservatives who are suspicious of the federal government.
“There will always be the exact same amount of gold in there as the amount that was put in,” no matter what happens to the financial system, said Republican state Rep. Rep. Giovanni Capriglione, a former tea party organizer from the Dallas suburbs who authored the gold bill.
But for the Texas comptroller’s office, which has to implement the policy, the catch is that the new Texas Bullion Depository exists in name but not reality