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Submitted by Michael Krieger of Liberty Blitzkrieg blog,

Texas Moves to Repatriate its Gold from the Federal Reserve

This is one of the most interesting stories I have read regarding the precious metals market in quite some time. It appears that Texas Rep. Giovanni Capriglione has a bill in play that would move the state’s gold from New York (where its under the “safekeeping” of the ultra shady Federal Reserve) to a depository within the state of Texas itself. The reason this would be such a big deal if it happens, is because a lot of the gold bought and sold globally is not very likely not actually owned by those that “buy” it. From my perspective, pretty much the only countries that actually buy gold and bring it within their borders are China, Russia and Iran. Most other nations that claim they “bought” gold, most likely hold a certificate that states they have gold in London or New York. So in other words, they have no gold. It looks like Texas is wising up.

CLINT-THE-GREAT wrote:Like Ray and Neil say.... "You don't own it, unless you hold it".

-The Great

theo wrote:Its sounds interesting but I have a few questions. The article acts like it is common for states to own gold. Why would Texas be holding PMs unless its to issue coins in case of a currency crisis? And if there is this much distrust of our financial system in Texas then why trust the Fed to hold your gold in the first place? Also does this bill have real support or will it be one the thousands of fringe bills that get brought up to grab a few headlines but never go anywhere?

Thogey wrote:

CLINT-THE-GREAT wrote:Like Ray and Neil say.... "You don't own it, unless you hold it".

-The Great

You have misattributed the quote. It's from a a Cuban nickle hoarder(and strong Zionist )

"If you don't hold it you don't own it"

thedrifter wrote:Germany wants its gold also, and was told they would have to wait 5 years. Hum? Why must they wait 5 years for delivery of THEIR GOLD?

xippi wrote:

theo wrote:Its sounds interesting but I have a few questions. The article acts like it is common for states to own gold. Why would Texas be holding PMs unless its to issue coins in case of a currency crisis? And if there is this much distrust of our financial system in Texas then why trust the Fed to hold your gold in the first place? Also does this bill have real support or will it be one the thousands of fringe bills that get brought up to grab a few headlines but never go anywhere?

Its the state of Texas retirement fund. they already own the Gold its just in Paper form , they can not convert it in physical because of Texas laws on hedge funds. They want to change the law so the hedge fund can own physical gold and under there control(build there own Fort Knox). They will also allow private companies and citizens to store there gold in the depository . This will be the first time a State will back(insure/Guarantee) the Gold holdings.

I'm no expert