Texas Governor Rick Perry (R) and Texas State Rep. Giovanni Capriglione (R) have decided to create a “Fort Knox of Texas” in order for the state to start hoarding gold.
Capriglione, who got the idea while attending a tea party rally with Gov. Perry, has introduced a bill to create a Texas Bullion Depository to store $1 billion worth of gold bars that are owned by University of Texas Investment Management Co., reports Star-Telegram.com.
“Something on the scorecards of a lot of these businesses in deciding whether they want to come to Texas is stability and gold as being one of those items,” Capriglione said. “I think it’s been in his consciousness for a while in trying to get some sort of depository in the state of Texas. We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold.”
Capriglione did not mention which businesses are deciding to move to Texas based upon the location of the state's gold.
The Texas gold is currently being kept at the federal reserve, but Gov. Perry recently told Glenn Beck that Texas is in the process of “bringing gold that belongs to the state of Texas back into the state.”
“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,” said. Gov. Perry.
Tangent Capital Partners senior managing director Jim Rickards told Yahoo Finance on Thursday that creating a “Fort Knox of Texas” could be a step in Texas moving to secede.
“This bill contains a provision that says to the federal government that you, the federal government, purport to confiscate this Texas gold, we, the state of Texas, consider that to be null and void,” said Rickards. “And under the 10th Amendment of the United States Constitution, they have that power.”