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Texas Gold Depository Plans Moving Forward as State to Create Internal Banking System Where Accounts are Backed by Gold

by Kenneth Schortgen, The Daily Economist:

On June 12 the comptroller for the state of Texas finally named a head for its Gold Depository project and are in the process of finding a third party entity to run the new infrastructure.

The Texas Gold Depository will be something much greater than simply a state run institution to house gold and other precious metals. It will be a way for other government agencies, corporations, and even individuals to both store gold, and then use that collateral like a bank account where they can draw and conduct financial transactions using the gold as if it were cash deposits.

Tom Smelker just became one of the most important men in Texas because he’s in charge of protecting the state’s gold.
Texas Comptroller Glenn Hegar on Monday named Smelker, 63, a longtime comptroller employee, to oversee the soon-to-be-developed Texas Bullion Depository.
While it’s geared to give Texans a place to store precious metals, it’s not just for residents.
Financial institutions, cities, school districts, businesses, individuals — even other countries — could do business there as well. And storage fees will be charged to generate revenue for the state.
At the depository, Texans will be able to open accounts similar to checking and savings accounts at traditional banks — and monitor them online.
People will be able to deposit gold and silver and use their account to make payments by using checks or electronic means. Many have likened the depository to a bank that doesn’t do any lending. – Star-Telegram

As trust in traditional banking begins to wane, especially in light of how leveraged fractional banking and central bank monetary policies have destroyed the purchasing power of the dollar, more individuals are looking for ways to store their wealth in hard assets like gold, but still be able to use it as money, just as America once did for the first 160 years.

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1 comment to Texas Gold Depository Plans Moving Forward as State to Create Internal Banking System Where Accounts are Backed by Gold

  • B.M.

    Anyone with half a brain needs to dig deep into the details of the “Texas Gold Depository.” George Soros and others of his ilk are intimately involved and invested in this endeavor. Need I say more.

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