Texas wants its gold back. I say help or get out of the way. Texas is not unique in this interest. Germany and others have recently expressed similar intentions to repatriate their gold2. What makes the Texas bill, HB3505 unique3 is a Texas depository is also proposed that both institutions and later the private investors may use to keep physical gold safe in Texas. It is nice to see a State interested in protecting the property of its people and institutions with equal vigor.
I can think of no place better equipped to protect its property than Texas. If I worked for a Texas institution I would feel comfortable knowing that some of my pension was being kept, or could be kept, in gold, thus protected from the kind of currency risks4 built-in to other investments. It would also be comforting to know that those metals were being protected by Texas, in Texas, not some obscure and distant entity like the Federal Reserve in New York.
This is simply another example of the wisdom and leadership shown by the State in matters of business, finance and property rights. It is no surprise that so many people and businesses move to Texas every year.
If this passes and the depository is opened to personal investors, it will be interesting to see how this will change gold investment and storage across the nation, and perhaps the world.
Please checkout the following. They do a great job of explaining the bill and what it means to you.
Please keep in mind that the U.S. currency strength, as defined by the inflation rate, may not be what it seems. See the Growing Liberty article What can you do if you are being lied to about inflation?.
- stock.xchng - Coins (stock photo by iprole) Available at: http://www.sxc.hu/photo/1222895 ↩
- Germany Repatriating Gold From NY, Paris “In Case Of A Currency Crisis” - Forbes Available at: http://www.forbes.com/sites/afontevecchia/2013/01/16/germany-repatriating-gold-from-ny-paris-in-case-of-a-currency-crisis/ [Accessed April 4, 2013]. ↩
- I am not a lawyer or a financial adviser; this article is opinion not professional advice. ↩
- The price of gold, in a particular currency, may change over time, but the intrinsic value seems to stay fairly constant. ↩
- stock.xchng - Lone Star (stock photo by KFleming) Available at: http://www.sxc.hu/browse.phtml?f=view&id=301087 ↩