Texas may demand $1B worth of gold back from Federal Reserve
In response to the Cyprus thingy, Governor Perry is considering legislation that would "return the state's $1 billion in gold reserves currently stored by the Federal Reserve at a vault in New York," WorldNetDaily is reporting. Not certificates, but the actual gold. Rather than transport it, they would sell it and repurchase it in Texas. Selling a billion dollars worth of gold might temporarily depress the price, but then buying it back should help (if physical means anything), shouldn't it? I recall that a private university there in Texas a couple of years ago took physical possession of some silver for its retirement plan. One South American country (Argentina, I think) also demanded their gold back, and Germany made a threat. Wonder if the current take down has anything to do with that? I mean, what if everyone got the same idea at the same time? Where would they get the gold ...Ft. Knox? lol
Can you imagine what would happen to the price of gold if the Fed tells Texas it doesn't have it? I believe it was Germany who already asked for theirs back, but they gave I believe 20 years for them to get it together. Did I remember that correctly?