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Don't mess with Texas' gold: Governor moves to recall bullion stored in New York - Wealth Managers

March 22,2013


"This is a game changer in terms of the way institutional investors are going to look at gold"

Don't mess with Texas' gold: Governor moves to recall bullion stored in New York - Wealth Managers

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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." ...

"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."

Commenting on the news from Texas on Yahoo! Finance's "Daily Ticker" show, Tangent Capital Partners exec Jim Rickards said: "Personally, I think this is a game changer in terms of the way institutional investors are going to look at gold." He noted that large Texas pension funds haven't been allowed to invest in physical gold, but this law would change that.


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