State Rep. Giovanni Capriglione has filed a bill to create a Texas Bullion Depository to store $1 billion worth of gold bars currently stored by the U.S. Federal Reserve, but owned by University of Texas Investment Management Company.
Rick Perry confirmed the plan to conservative host Glenn Beck earlier this week saying that Texas lawmakers were in the process of “bringing gold that belongs to the state of Texas back into the state.” Perry went on to explain that:
“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.”
As reported by the Daily Ticker:
“As for the Texas proposal, Jim Rickards, senior managing director of Tangent Capital Partners and author of Currency Wars, tells The Daily Ticker you can think of it like the “Fort Knox of Texas.”
And on the legal side Rickards says, “you’ve got the state of Texas standing up for you if the federal government tries to do what they tried to do in 1933, which is take the people’s gold.” Rickards is also a lawyer and has read the legislation.”
You can watch the video below from Yahoo Finance, broadcast March 21, 2013:
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