Earlier this week, the Texas Senate gave final approval to a pair of bills that that would exempt precious metals stored in the Texas Bullion Depository from certain taxes. By repealing taxes on gold and silver, the state will treat them more like money instead of commodities.
Last week, officials broke ground for construction of the country’s first state gold depository in Texas. The creation of the Texas Bullion Depository represents a power-shift away from the federal government, provides a mechanism for the state to establish a higher level of economic independence, and sets the foundation to undermine the Federal Reserve’s monopoly on money.
The Texas Bullion Depository officially opened for business this week. The creation of the facility represents a power-shift away from the federal government and sets the foundation to undermine the Federal Reserve’s monopoly on money.
Countries that stockpile gold create a foundation of stability for their monetary systems. This is precisely why China, Russia, Turkey and several over countries are increasing their gold holdings. But it’s not just countries looking to gold to provide political clout and economic power. Texas recently laid the groundwork for its own gold depository. The reason? To wrest some economic power from the Federal Reserve by bringing some monetary autonomy to the Lone Star State.
The Texas bullion depository took a major step closer to reality last week when officials formally announced the private vendor that will run the facility. The creation of a state bullion depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately undermine the Federal Reserve and its monopoly on money.