Reports from the Monetary Front Lines

Reports from the Monetary Front Lines

Don’t Mess with Texas Gold

The Texas legislature recently passed a bill allowing for the creation of a state-run gold depository. If approved by Governor Gregg Abbot, the facility would enable the state to “repatriate” its $1 billion in bullion, which is currently in the custody of Hong Kong and Shanghai Bank in New York. Interestingly, the bill designates the depository as the final destination for “bullion acquired by and transferred to the state and state agencies“, implying that Texas would consider its gold holdings to …

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