Texas to recall gold stored at Federal Reserve, open Texas Gold Depository

CaptHenway

What could possibly go wrong?

linky

mhammerman

Maybe UT is thinking that if they don't possess their gold then maybe they don't really have it and...they get to save $1M/yr in storage fees.

Texas gold depository story the way it actually ran

Or maybe Texas doesn't want to be on the losing end of 17 trillion of national debt. "The establishment of a Texas Bullion Depository would allow the state, state agencies and private individuals to store precious metals utilizing a secure Texas-based depository to reduce reliance on out-of-state facilities and to insulate their assets from unstable market forces."

CaptHenway

It will be interesting to see how much it costs the state to

A: Set up the physical depository, and
B: Run it each year.

I assume that each depositor's deposit will be kept segregated from all other deposits so that when the depositor takes the gold back they will get the same physical gold back. Otherwise the depositors could deposit fake coins or bars, wait a while and withdraw their deposit and hope to get somebody else's real gold.

Of course, they could deposit fake gold, withdraw it and scream that somebody switched their real gold for fake gold while their "gold" was in the suppository.

Let's see....how much would it cost to set up an assay office in the building.........

s4ny

What a state! No income tax, low property taxes, no estate tax.

Great universities at very reasonable cost.

Now turns out they have $1 billion in gold too!

OnlyGoldIsMoney

<< <i>What a state! No income tax, low property taxes, no estate tax.

Great universities at very reasonable cost.

Now turns out they have $1 billion in gold too! >>




Indeed. I would retire there if it was not so darn hot.

Weiss

<< <i>It will be interesting to see how much it costs the state to

A: Set up the physical depository, and
B: Run it each year.

I assume that each depositor's deposit will be kept segregated from all other deposits so that when the depositor takes the gold back they will get the same physical gold back. Otherwise the depositors could deposit fake coins or bars, wait a while and withdraw their deposit and hope to get somebody else's real gold.

Of course, they could deposit fake gold, withdraw it and scream that somebody switched their real gold for fake gold while their "gold" was in the suppository.

Let's see....how much would it cost to set up an assay office in the building.........

>>

roadrunner

If Germany could hardly get any of their gold out of the NY bank vaults, it will be interesting to see how Texas fares. Germany was looking for a couple hundred tonnes. Texas only needs around 25-30 tonnes.

HSBC runs the GLD ETF gold trust. There are over 700 tonnes "inventoried" in their system. It's at the lowest levels seen in many years.

ricko

I agree with roadrunner...should be interesting to watch... .Cheers, RickO

Flatwoods

Remind me not to offer to store any gold for the Captain.

guitarwes

Yeah, I don't like suppositories either, the darn tin foil gets stuck all in my teeth.

CaptHenway

Just checking to see if y'all are listening!

ArizonaJack

<< <i>

<< <i>What a state! No income tax, low property taxes, no estate tax.

Great universities at very reasonable cost.

Now turns out they have $1 billion in gold too! >>




Indeed. I would retire there if it was not so darn hot. >>



Very seriously looking into it

TwoSides2aCoin

A lot of work goes in to finding it, processing it, assaying it, refining it, minting it, and shipping it. I had no clue how expensive it is to "house" it.

CaptHenway

<< <i>A lot of work goes in to finding it, processing it, assaying it, refining it, minting it, and shipping it. I had no clue how expensive it is to "house" it. >>



It makes for a tempting target. Back in the 50's or 60's there was a famous bank robber named Willie Sutton. Eventually he was caught and tried. Some reporter asked him why he robbed banks. He replied: "Because that's where the money is."