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Texas seeks to relocate $1 billion in gold bars to state depository

April 3, 2013 in Gold, Gold Bullion, News, Precious Metals

April 2, 2013 by Sarah Jackson (http://bankcreditnews.com)

Gov. Rick Perry (R-Texas) is currently working with Texas lawmakers to bring $1 billion in gold bars owned by the University of Texas Investment Management Company back to the state in an effort to promote economic growth.

Republican Texas state Rep. Giovanni Capriglione has proposed legislation that would establish the Texas Bullion Depository, which would be used to relocate the gold currently housed by the Federal Reserve in New York. Perry and Capriglione said holding the gold within state lines would enhance the state’s reputation as financially sound.

“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,” Perry said on the radio show of conservative commentator Glenn Beck.

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