Texas no longer trusts the national central bank in New York City to store our gold. The Lone Star State has kept its $1billion in gold in the hands of the Federal Reserve Bank, along with bullion from the U.S. government, foreign governments and other major organizations, whomever that may be. But, now Governor Abbott has signed legislation to set up a secure facility for the State of Texas and some citizens to store their bullion and other precious metals.
The measure was passed to save the fees charged for storing the gold. But, CBS News thinks that Texas is moving toward seceding from the union and will have to establish a new currency. That doesn’t surprise me that they think that way. Perhaps someone should explain just how far a billion dollars would go in today’s economy. They better hope that Texas doesn’t secede. We have everything we need to live well and no other state can say that.
I am writing to the Governor to tell him I have a spare room if he wants to put the gold here.
PMO
©2015
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