Texas to Repatriate NY Gold Reserves and Create Unique Bullion Depository

On Friday, Texas Governor Greg Abbott approved a law creating the Texas Bullion Depository – the first state-level precious metals depository in the United States. The bill also calls for Texas to repatriate $1 billion of gold from the New York Federal Reserve back into the state. The law will go into effect immediately, though it is still unknown exactly where and when the Depository will be built...



...However, the bill goes beyond that by laying the groundwork for transactions to occur in gold and silver. The bill includes the following language:

a depository account holder may transfer any portion of the balance of the holder’s depository account by check, draft, or digital electronic instruction to another depository account holder or to a person who at the time the transfer is initiated is not a depository account holder.”

That last clause is key — account holders in the Texas Bullion Depository may eventually be able to cut checks or even use debit cards to draw funds directly from their physical gold holdings.

[link to schiffgold.com]