Texas Signs Law Bringing Back Gold-backed Currency

Texas introduced gold-backed currency

The Governor of Texas, Greg Abott, has approved House Bill 483 which establishes the only state-run gold depository belonging to Texas. 

The Bill essentially means that Texans get to keep hold of their gold (worth an estimated value of $1 billion) in case of a national emergency, with no risk of federal government taking it away. reports:

“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” said Gov. Abbott in a recent statement.

“With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.”

Metal-backed money issued by Texas Bullion Depository will challenge fake Federal Reserve currency

The new depository will save Texas taxpayers $1 million annually in gold storage fees required by HSBC. It will also establish an entirely new payment system backed by actual metals – in addition to gold, the Texas Bullion Depository will store silver, platinum, palladium, and rhodium metals as deposits.

From this new depository system, Texas residents will be able to make electronic transfers in a normal banking format. Except rather than deal in artificial fiat currency issued by the private Federal Reserve, banking clients will have access to currency backed by the metals in deposit, based on their respective values.

An article by Talking Points Memo (TPM) explains that the Texas Bullion Depository will “create a metal-backed money supply intended to rival the paper currency issued by the Federal Reserve.”

The bill itself details the setup further, explaining that no “governmental or quasi-governmental authority other than an authority of [Texas]” will have the power to freeze an account held at the depository, or confiscate its assets.

HB 483 came to be after people all over the country expressed interest in storing their metal assets in a Texas depository, according to Giovanni Capriglione, a Republican House member from Southlake (near Dallas) and author of the bill. Capriglione told the media that demand was so strong for a state-run metal depository in Texas that he couldn’t see not introducing this type of bill.

“I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository,” he told The Star-Telegram. “People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”

The facility, which is being built at no cost to Texas taxpayers, will operate through the administration of the Texas Comptroller of Public Accounts. Many are already referring to its establishment as a “game changer” for the economic future of Texas, not to mention a template for other states to follow in unhinging themselves from a corrupt and increasingly tyrannical federal government that no longer regards the U.S. Constitution, nor the people it’s supposed to represent.