Texas building gold depository
Below is a piece of editorial from BullionStar, a bullion dealer based in Singapore which exempted investment grade precious metals from the goods and services tax (GST). Just like BullionStar, one of the the goals of SG Wealth Builder is to educate Singaporeans on the merits of owning gold and silver bullion as a means of wealth preservation.
I found this article about Texas building a state owned gold vault making the gold in it “non-confiscatable” very interesting.
To summarize, the US state of Texas signed a bill into law 12 June that will allow Texas to build a gold and silver bullion depository. Texas is furthermore planning to repatriate USD 1 billion worth of bullion from the Federal Reserve in New York upon completion of the depository.
It thus looks like the state government in Texas are losing faith in the ability of the Federal government and central bank to safekeep bullion.
The law specifically includes a provision stating that a purported confiscation, requisition, seizure or other attempt to control the ownership is void and of no force or effect!
It’s perhaps not strange that Texas politicians are concerned about the financial health of the federal government. What is surprising though is the brazen way of posturing and displaying it with this law basically stating that they will not allow the federal government to confiscate their gold.
If the vault materializes, this is a major step by a western state government to legitimize the importance of holding fully allocated, segregated metal in one own’s possession and may serve as a precedence for other states and to go the same way. This is of particular interest in a time when federal and supranational unions are trying to exert more power and can be viewed as a clear intent to resisting that trend.
