Texas Moves to Repatriate its Gold from the Federal Reserve
**excerpt from article* google search title, for entire article.
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 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. From the Star-Telegram:
Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co., or UTIMCO, and stored by the Federal Reserve.
Consider the implications...
.p.s. next up "metals as money" new laws, no doubt.
Good post. I agree. It is funny that it all started with the socialist regime, Venezuela about 2 years ago in August 2011, when Hugo Chavez announced they were repatriating their Gold from London. Although it is considered a drop in the Gold bucket, it has much larger implications.
It is a sort of domino effect for one and other is that sovereigns are becoming more cautious of the status quo systems, i.e. Comex and the LBMA. It is taking the US 7 years to repatriate less than half of Germany's gold. There is something not right with the system when you have your government enforcing pseudo gun control through buying up 1.6 Billion rounds, thereby taking a large percentage stock off the market so private individuals can not procure large amounts for themselves. Aren't we supposed to be more thrifty as a nation in times of profligacy? Yet our government through a quasi-executive branch extension, The Department of Homeland Security, decides it is in their best interest by buying 1.6 billion rounds of ammo, all the while ammo is surging to all time highs in price.
Sorry for the rant, but I wanted to get this out because the signs of the times are that the system is falling much faster than anticipated and the 100 year mark is coming around for the 50% drop in the dow of 1914 just like the crash of 1907 coinciding with the housing crash of 2007. Although history doesn't always repeat, it sure does rhyme.
Stay long and strong, silver will end up tripling in the next 12-24 months and SVM will be a ten bagger..... stocks always go from way undervalued to way overvalued. There is no telling the multiple we will get in such an environment. SVM could be 40 a share in the not too distant future.
The Germans, then The Swiss, and now Texas. It's like at some point when you play enough games with peoples money or their assets, the lights slowly turn on. China and Russia have always received their gold, most other countries typically store in these places hereto fore believed to be "there".
But when the FED acts with your asset the same as they do with conjured money in a banking system (loans on top of loans off the same base new add-we call it expanding the money supply), or if they apply inventions like re-hypothication (re-loan or reinsurance - like the base operation of credit default swaps where everybody gets to collect on insurance against a single default event) to your stored gold hoping that you won't actually take possession, then you know the system is one "ask" away from total collapse. We know fiat was a "fractional reserve" system, now its no reserve and the hard assets are fractional. Wow.
Advice to Switzerland and Germany and Texas, it's worth drilling a few holes in some random samples just to be on the safe side.
.p.s.ever ask yourself why congress fails to vote "yes" on the bill that keeps coming up suggesting an "audit" of fort knox? There is more security in "ignorance" than in real discovery. After-all what would happen if they found nothing there? Even the Queen of England strolled for the cameras around a vault of other peoples gold, what about Barrack posing with Bernanke, among all the bars supposedly in fort knox? yeah...ok.