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Old 03-22-2013, 10:17 AM
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Thumbs up Texas bill to create gold repository and move gold out of Fed vaults



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Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.

And he may have legislative support to do it. 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 Company, or UTIMCO, and currently stored by the Federal Reserve.

The idea isn’t entirely new. Some Republican members worked on a gold bill last session that was never filed. And gold-standard-backing Ron Paul, the former Texas congressman, has raised repeated concerns about the safety of states' gold supplies.

"If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible," Paul told the Tribune on Thursday. "Texas is better served if it knows exactly where the gold is rather than depending on the security of the Federal Reserve."

Bringing Texas' gold home has gained more traction this legislative session because of Perry’s vocal support for it. On conservative radio host Glenn Beck’s show on Tuesday, the governor said Texas was “in the process” — the legislative process, he later clarified — of “bringing gold that belongs to the state of Texas back into the state.” He argued that the state was at least as capable as the Federal Reserve of safeguarding Texas’ “physical gold.”

“If we own it,” Perry said, “I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.”
...
Capriglione said he was at a Tea Party event in Tarrant County earlier this year where Perry spoke about the state’s gold investments as an economic development tool. Since then, he has been working with Perry’s office on the bill.

“Something on the scorecards of a lot of these businesses in deciding whether they want to come to Texas is stability and gold as being one of those items,” Capriglione said. “I think it’s been in his consciousness for a while in trying to get some sort of depository in the state of Texas.”

He has also spoken with UTIMCO, which owns the 6,643 gold bars currently housed underground in New York City.

We’re trying to figure out the right amount of gold to have here in Texas,” Capriglione said. “'We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold.”
...
More: http://www.texastribune.org/2013/03/...ld-back-texas/

HB 3505: http://www.legis.state.tx.us/BillLoo...3R&Bill=HB3505

In light of the news about Germany's 7 year repatriation effort and increasingly desperate central banker shenanigans (ie. attempted Cyprus depositor theft) to keep the global fiat ponzi going, this bill represents a prudent investment IMO.
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Old 03-22-2013, 10:23 AM
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Its probably already in China. They will get the runaround from this transparent bozoos.
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Old 03-22-2013, 10:42 AM
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The Texas Tungsten Repository...

Gold wont be transferred out of the fed to texas as the federal government will step in and use their supremacy clause and say the federal needs trump the states or some BS like that.
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Old 03-22-2013, 11:53 AM
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( I was just about to post this myself). The PTB didn't eliminate gold as currency for the citizenry, just to stand idly by and allow it to come back. This is all symbolic posturing that has virtually no chance of coming to fruition.
If the feds do still possess any of Texas's gold, there ain't no chance they're giving it back. No way, no how. Hell, Germany's having trouble getting their gold back.
And even if the gold still exists, this attempt at financial independance will be viewed and treated like insurrection, and not tolerated.
I don't like it, but that's the reality.
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Old 03-22-2013, 12:10 PM
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FYI - the 6,643 UTIMCO gold bars were acquired largely on the advice of Kyle Bass in April 2011.

http://www.bloomberg.com/news/2011-0...gold-bars.html

Last I heard, Kyle/UTIMCO had ensured that the gold was fully allocated, not unallocated.
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Old 03-22-2013, 03:55 PM
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Quote:
Originally Posted by MIL-DOT View Post
( I was just about to post this myself). The PTB didn't eliminate gold as currency for the citizenry, just to stand idly by and allow it to come back. This is all symbolic posturing that has virtually no chance of coming to fruition.
If the feds do still possess any of Texas's gold, there ain't no chance they're giving it back. No way, no how. Hell, Germany's having trouble getting their gold back.
And even if the gold still exists, this attempt at financial independance will be viewed and treated like insurrection, and not tolerated.
I don't like it, but that's the reality.
OP...thanks for posting.

I agree with regards to Germany. Who here thinks Germany will get their gold? What happens when it's not returned? How much longer can the card game continue before our hand is forced and we show we dont have the gold reserves?
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Old 03-22-2013, 04:20 PM
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I happened to be listening to Glenn Beck the other morning on the way to work and he was talking to Texas Governor Rick Perry. When Glenn eluded to the fact that Texas, like Germany, may have some difficulty retrieving their gold from New York he responded with this.

Quote:
If we own it, I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.
http://www.opposingviews.com/i/money...ard-gold-video

It was an interesting interview. You can't argue with the points he was making. Unleash business from regulation, allow Texans to create jobs for Texans, etc.
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Old 03-22-2013, 04:38 PM
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It will be very interesting to see where this all leads. I see guys all the time buying precious metals and letting someone in a NY office store it for them. STUPID. When I buy metal it is a form I can hold in my hand. When the time comes you don't want to hear that the vault is empty and always has been.

The same thing goes for state governments. If you don't control it you don't have it. GB
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Old 03-22-2013, 04:54 PM
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I do not see the fed letting go of anything like this. They want to control everything and GOLD? More than most things they want all they can get. Long ago gold was replaced as curency. It can still be used but it's use is discouraged. And that is because the fed wants control.

With that said, even if Texas can not get it's gold back, it does send a message. As with many states lately, showing the states are getting tired of the fed and all their unconstitutional dealings is a first step to working towards getting the fed back under control.

Or maybe I am just dreaming.
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Old 03-22-2013, 08:00 PM
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I think the bulk of all of the gold held by TPTB have been rehypothecated, leased, sold or stolen by the bankers and politicians. Why else would Germany have to wait 7 years for several hundred tons of it's own gold which is only a portion of what is supposed to be held in NY. The NY bankers would not even let German officials view their physical gold.

The banks have probably used gold just like they use the dollar in a fractional reserve format so they can extend their profits from fraudulent practices. They haven't allowed an audit for decades and even if they did we would more than likely be viewing only tungsten plated bars.

As a California resident I have for years been disappointed (more likely disgusted) by the politicians my state has sent to DC. I am every bit as disappointed by the politicians and bankers who are the leaders of our country.

Good luck Texas.
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Old 03-22-2013, 09:26 PM
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Hah, yeah right.

They would be much smarter to start their own depository with the surplus from their oil boom. Then they can weather the dollar drop and be a rallying point for Constitutional reconstruction.
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Old 03-22-2013, 09:33 PM
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If Texas pulls this off, I might move there. It'll be the smartest move ever. Of course, while there, all the residents better prepare for a war. The federal government does not like it when you don't depend on them.
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Old 03-22-2013, 09:57 PM
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Good luck Texas.
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Old 03-22-2013, 11:04 PM
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I think the only way Texas will have it's own stockpile is if they start buying some now, anything they had a claim to in the past is in the feds hands and we all know that they won't let it go.
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Old 03-22-2013, 11:10 PM
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Quote:
Originally Posted by Zlotych View Post
If Texas pulls this off, I might move there. It'll be the smartest move ever. Of course, while there, all the residents better prepare for a war. The federal government does not like it when you don't depend on them.
And you think a good portion of us aren't already?
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Old 03-22-2013, 11:13 PM
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I have a dumb question...why wouldn't they be able to get their gold back? Couldn't they get it done with the court system?
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Old 03-24-2013, 12:58 PM
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Quote:
Originally Posted by swamp frog View Post
I have a dumb question...why wouldn't they be able to get their gold back? Couldn't they get it done with the court system?
Theoretically yes. But, have you ever had personal experience with a court case? it's not like they set a trial for two weeks from now, the trial takes a day and then the result is final. It would take the state of Texas years and years and years and years and years to get that back from the feds. This is because the federal lawyers will tie it up in court at the behest of the administration.

The administration does not want to look as though the economy is tanking and that individual states want their property back for "safekeeping". The economy is currently running on the illusion that our currency is still stronger than everyone else's. Shatter the illusion and the economy will take a big hit.
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Old 03-24-2013, 03:02 PM
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The economy is going to take the hit regardless of whether the NY vaults give back Germany or Texas their gold. I'm not sure the courts could tie up the gold from demand for very long.

It is just a matter of time before things go south and I know I would rather have my tangibles in hand where I can provide the necessary security and have them where I need them when I need them.
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Old 03-25-2013, 12:14 PM
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Quote:
Originally Posted by swamp frog View Post
I have a dumb question...why wouldn't they be able to get their gold back? Couldn't they get it done with the court system?
Court system didn't help MF Global customers recover the gold they owned.

Court system likely won't be helping customers of ABN either.

Court system won't help customers of Cypriot banks either.

Possession is 9/10's of the law. Bird in the hand is worth two in the bush.
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Old 04-09-2013, 06:01 PM
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