When Gov. Greg Abbott signed a bill last month to create the state’s own bullion depository, he prompted national speculation that the state was preparing to launch its own currency and setting the stage for secession. Adding to the intrigue was Abbott’s declaration that the state would “repatriate” $1 billion of gold bullion being stored in New York to Texas.
The actual goals of the depository are far less dramatic than secession, and any movement of gold from New York to Texas is less certain than Abbott originally conveyed. Yet if all goes according to plan, supporters say, the depository could make Texas an international destination for people investing in gold, silver and other precious metals.
“I would like to see this all come together so we become a commodities hub for the continent,” said state Rep. Giovanni Capriglione, R-Southlake, the author of House Bill 483. “I think we’re just perfectly situated.”
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