Texas To Open Gold Reserve

Texas is opening a new bullion depository which was approved on May 31 by lawmakers.

Rep. Giovanni Capriglione, R-Southlake, worked for two years to enable the comptroller’s office to create the depository, making Texas the first state in the nation to do so.

“When I filed it, I just got these letters from literally all over the world,” Capriglione said. “People were saying, ‘I want to put my gold in Texas.’ They just have this image of the wild, wild west.”

Texas plans to make revenue off the fees.

“What that does is create kind of this economic shelter, if you well, for the state of Texas to be able to protect it from an imbalance,” to hedge against an economic downturn or inflation, he said.

The legislation is expected to be signed off by the governor.

As Dallas Morning News Reports:

Another gold bill by Sen. Konni Burton, R-Colleyville, that didn’t get traction this session would have allowed Texans to use gold or silver pieces minted by the federal government as legal tender. However, federal law already treats them as such.

This is big news for gold bugs and we know this at United Coin and Precious Metals. We expect further moves like this by a myriad of not only US states but also nation-states. This will increase demand. Gold and silver might be a soft market these days, but that does not take away from the reality that gold and silver bullion are both here to stay.