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Something from Texas for the gold bugs

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March 21, 2013 – Comments (0)

I enjoy watching some of the Breakout and Daily Ticker video clips at Yahoo! Finance and thought this was worth sharing.

The Texas legislature is considering a bill to establish a state gold depository.  The Daily Ticker headline is a little over the top, there's nothing in the interview about secession or hoarding gold.  According to the guy being interviewed - Jim Rickards, it goes along with legislation that makes it easier for state pension funds to own some physical metal.  According to Rickards, there are a couple of interesting twists.  The depository could be opened to private citizens and the legislation has a clause that declares any attempt by the Federal gov't to seize gold as was done in the 30's would be null and void.  

Googled looking for more and turned up a Texas Tribue article.  No mention of the depository opening to private citizens or the nullification clause there.  The article says it's a push to move gold belonging to Texas from NYC to Texas.  

The legislation hasn't passed yet and there's no indication in the video or the aritcle if it's likely to pass.  Just thought it was an interesting development and a good, or at least entertaining, video interview.

Fool on!

Russ

Disclosure:  I have no gold stored in The Republic of Texas at time of posting.

 

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