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Kyle Bass Was Right: Texas To Create Own Bullion Depository, Repatriate $1 Billion Of Gold

Tyler Durden's picture




 

Most investors have heard Kyle Bass' rather eloquent phrase, "buying gold is just buying a put against the idiocy of the political cycle. It's that simple." However, what few may remember was his warnings in 2011, suggesting the University of Texas Investment Management Co. take delivery of its gold - as opposed to trusting it in the 'safe' hands of COMEX massively levered paper warehouse. Now, as The Star Telegram reports, Texas is going one step further with State Rep. Giovanni Capriglione asking the Legislature to create a Texas Bullion Depository, where Texas could store its gold. The goal is to create a secure facility that would allow the state to bring home more than $1 billion in gold bars that are owned by UTIMCO and are now housed at HSBC in New York.

 

From 2011:

"The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault, according to the fund’s board."

 

The decision to turn the fund’s investment into gold bars was influenced by Kyle Bass, a Dallas hedge fund manager and member of the endowment’s board, Zimmerman said at its annual meeting on April 14. Bass made $500 million on the U.S. subprime-mortgage collapse.

 

“Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services,” Bass said yesterday in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”

And now, as The Star Telegram reports, UTMICO would prefer a Texas depository than a New York one...

“We are not talking Fort Knox,” Capriglione said. “But when I first announced this, 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.

 

“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.” And other precious metals.

 

House Bill 483 would let the Texas comptroller’s office establish the state’s first bullion depository at a location yet to be determined.

 

Capriglione’s changes to the bill must be approved by Monday, the last day of the 84th legislative session.

 

The goal is to create a secure facility that would allow the state to bring home more than $1 billion in gold bars that are owned by the University of Texas Investment Management Co. and are now housed at the Hong Kong and Shanghai Bank in New York.

 

“The depository would be an agency of the state located in the Office of the Comptroller, directed by an administrator appointed by the Comptroller with the advice and consent of the Governor, Lieutenant Governor and Senate,” according to a fiscal analysis of the bill.

 

The depository could also hold deposits of gold and other precious metals from financial institutions, cities, school districts, businesses, individuals and countries.

 

“This will allow for bullion to be deposited here, as well as any other investments that … any state agencies, businesses or individuals have,” Capriglione said.

 

Storage fees will be charged, perhaps generating revenue for the state. For instance, Texas pays about $1 million a year to store its gold in New York, Capriglione said.

 

A fiscal note attached to the bill states that the depository will have “an indeterminate fiscal impact” on the state, depending on the number of transactions and fees, but says it’s too early to determine the extent.

 

“It’s unusual,” said Cal Jillson, a political science professor at Southern Methodist University. “So far as I know, there are no states with bullion depositories.”

*  *  *

Perhasps the fact that Texas doesn't trust New York suggests the unitedness of the states is starting to quake and surely "the idiocy of the political cycle" has only got worse...

"buying gold is just buying a put against the idiocy of the political cycle. It's that simple."

This is Capriglione’s second attempt to create the depository.

Two years ago, then-Gov. Rick Perry was on board, saying work was moving forward on “bringing gold that belongs to the state of Texas back into the state.”

 

“If we own it,” Perry has said, “I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.”

 

In 2013, the Legislature ended before Capriglione could win approval of the bill.

 

Jillson said the bill’s sentiment is consistent with the anti-federal approach that conservative lawmakers have taken this year. “It’s in line with the idea that Texas is exceptional and needs to keep a distance from the federal government that respects individual states’ depositories,” he said.

Sounds like Texas - just like Austria, Germany, Russia, and China to name just four - no longer trusts the status quo.

 

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Mon, 06/01/2015 - 17:16 | 6153157 salvadordaly
salvadordaly's picture

Yeah don't fuck with Texas!

Mon, 06/01/2015 - 17:18 | 6153165 So Close
So Close's picture

Calm in the eye of the storm.

Mon, 06/01/2015 - 17:20 | 6153178 whotookmyalias
whotookmyalias's picture

“If we own it,” Perry has said, “I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.”

 

Not sure why more people are not a big fan of his.  I'd rather Perry is our next POTUS than Bush or Christie or, God help us, Clinton.

Mon, 06/01/2015 - 17:22 | 6153184 So Close
So Close's picture

"So that the Texas economy can thrive in a systematic dislocation in the national financial system." Go Texas!

ftp://ftp.legis.state.tx.us/bills/84R/billtext/html/house_bills/HB00400_...

Mon, 06/01/2015 - 17:24 | 6153190 Achilles Heel
Achilles Heel's picture

Nickles bitchez!

Mon, 06/01/2015 - 17:37 | 6153231 CrazyCooter
CrazyCooter's picture

Screw that. They should melt it down, make a big fucking BEVO out of it, and roll it around to all the games ... and let the fans bring guns!

Anyone that could take that shit home deserves it!

Regards,

Cooter

Mon, 06/01/2015 - 17:58 | 6153286 Citxmech
Citxmech's picture

A big golden cow?  

I'm not so sure that would be such a great idea. . . 

Mon, 06/01/2015 - 18:10 | 6153331 Achilles Heel
Achilles Heel's picture

According to the Torah, that's all the jews could think to do after, finally, they achieved liberation from Pharaoh.

<-- Junking here will only prove your ignorance. Hey - I didn't write the Old Testament, jews did.

Mon, 06/01/2015 - 18:15 | 6153342 Publicus
Publicus's picture

Texas is sovereign.

Mon, 06/01/2015 - 18:21 | 6153356 knukles
knukles's picture

Uh huh ....  Now, the Great State of Texas does not have a State Bank run by the State that is not a part of the FED, etc., and therefore is begging to be invaded by US forces to bring freedom and democracy (As well as disappear the gold, aka Libya, Ukraine, etc.) so to my dear friends in Texas, make sure no foreign troops start to mass amongst you attempting to infiltrate into your society ....
Jade What?

Mon, 06/01/2015 - 18:47 | 6153427 Achilles Heel
Achilles Heel's picture

Hey Jude, don't make it bad...

 

Anyway ^^^ just to be sure

 

EXODUS

32 When the people saw that Moses was so long in coming down from the mountain, they gathered around Aaron and said, “Come, make us gods[a] who will go before us. As for this fellow Moses who brought us up out of Egypt, we don’t know what has happened to him.”

Aaron answered them, “Take off the gold earrings that your wives, your sons and your daughters are wearing, and bring them to me.” So all the people took off their earrings and brought them to Aaron. He took what they handed him and made it into an idol cast in the shape of a calf, fashioning it with a tool. Then they said, “These are your gods,[b] Israel, who brought you up out of Egypt.”

Mon, 06/01/2015 - 19:09 | 6153498 BurningFuld
BurningFuld's picture

Chuck Norris wants his fucking gold back!

Mon, 06/01/2015 - 20:18 | 6153679 Hulk
Hulk's picture

Little known fact that Chuck's real first name is Cecil...

Tue, 06/02/2015 - 01:13 | 6154450 Keyser
Keyser's picture

Hmm, this might explain why Texas was listed as a "hostile nation" for the upcoming Jade Helm 15 exercises... After all, we know the US military needs more practice in "liberating hostile nations" of their gold hoard... 

Tue, 06/02/2015 - 01:54 | 6154494 Gobbler
Gobbler's picture

I've got bad news for the average hillbilly.  Gold's dead.  It's true.  Invest in the dollar.

Tue, 06/02/2015 - 07:52 | 6154761 Arnold
Arnold's picture

I trust Texas, just get rid of Austin and I'm totally cool.

Mon, 06/01/2015 - 21:00 | 6153826 Kirk2NCC1701
Kirk2NCC1701's picture

How come Cecil had his gold taken away in the first place?

Tue, 06/02/2015 - 07:59 | 6154763 Arnold
Arnold's picture

A Team hijinks.

 

Episode 420: Norris Gold.

Mon, 06/01/2015 - 19:12 | 6153515 free_as_in_beer
free_as_in_beer's picture

If there is one thing religion has taught me:  living in the desert will bake your brain

Mon, 06/01/2015 - 19:19 | 6153527 TheGreatRecovery
TheGreatRecovery's picture

When the people saw that Moses had passed away 2,000 years ago, they gathered around themselves and said, "come, make us gods who will go before us."  And they put other people's pennies together, and made them into an idol in the shape of a great bull, and set the bull in a park on Wall Street".

Tue, 06/02/2015 - 06:22 | 6154661 cnmcdee
cnmcdee's picture

Watch it cause a short squeeze in the comdex which causes a spike and subsequent buying frenzy by India, China, and Russia. Who at their next meeting decide to make a gold backed swift alternative, to which Saudi Arabia then joins...

Some banker

Tue, 06/02/2015 - 06:50 | 6154677 Squid-puppets a...
Squid-puppets a-go-go's picture

yea, er, how did all these 'freed slaves' have gold earrings and necklaces etc - enough to make a friggin statue

something tells me that old narrative of jewish history accumulated some 'embellishments'

Tue, 06/02/2015 - 07:38 | 6154728 Blano
Blano's picture

If you ever bothered actually reading it, you'd have your answer. 

Mon, 06/01/2015 - 22:27 | 6154102 NikoBellick
NikoBellick's picture

Egh, I think we all know it'll be Texas that starts the revolution anyways.

Tue, 06/02/2015 - 00:34 | 6154403 azusgm
azusgm's picture

That's because Texas is worth fightin' over.

God bless Texas each and every day...Please.

Mon, 06/01/2015 - 20:43 | 6153766 Not Too Important
Not Too Important's picture

"Hey - I didn't write the Old Testament, jews did."

And there was a lot of plagarism. According to modern law, the Old Testament would be taken off the shelves by the publishers, and every copy burned, with numerous apologies in trade rags and the MSM.

But I digress.

Mon, 06/01/2015 - 18:12 | 6153336 Took Red Pill
Took Red Pill's picture

“I look at gold as just another currency that they can’t print any more of.”

That's a fact, Jack! Real money!

Mon, 06/01/2015 - 18:59 | 6153473 gafgroocK
gafgroocK's picture

 

 

 

They had better hurry on building that Texas Bullion Supository...........not much time left

Mon, 06/01/2015 - 20:52 | 6153787 MonetaryApostate
MonetaryApostate's picture

Globalization & Global Warming will lead to many many bad things, and let me tell you straight the hell up, people will cough up ALL OF THEIR GOLD for resources like Food & Water, of that you can rest 100% assured...

 

The war on Food & Water has already begun, in case you've been missing the report(s) on global warming & droughts everywhere you turn...

(Also the Bees are dying mass, sea creatures & fish are dying large quantities too...)

Tue, 06/02/2015 - 00:54 | 6154428 azusgm
azusgm's picture

You are 100% correct except for the reference to global warming and otherwise in agreement with the Bible.

I drove out to Modesto, California from Texas last week to see for myself what was going on with the drought. I was hoping to be able to attract some good productive farmers to East Texas where we have cheap land, abundant sunshine, and plenty of water. We have bees. I am one of the hobby beekeepers dedicated to maintaining and increasing the honeybee population. Our beekeepers association has outgrown our meeting place. We will be able to produce good food after some of the best irrigated farmland turns to desert.

Y'all come.

Tue, 06/02/2015 - 07:41 | 6154742 Blano
Blano's picture

I'm not a farmer these days, but is love to do something along the lines of what you are, and east Texas sounds like a great place to live and hide (I'm in DFW at the moment).

Tue, 06/02/2015 - 07:53 | 6154764 duo
duo's picture

TX got enough rain in May to cover the state more than 8 inches deep.  Enough water to supply CA, industry, and ag, and all, for 3 YEARS!. All in a month.

Of course our lakes can only hold so much of it, so most of it will wash Roundup, fertilizer, topsoil, and raw sewage into the Gulf.

Mon, 06/01/2015 - 17:57 | 6153247 Captain Debtcrash
Captain Debtcrash's picture

As this indicates precious metals are more likely to replace a portion of the bond market as the preferred safe asset than as the medium of exchange.   That's why I'm investing in gold and silver, because the other safe haven asset is a farce and a Ponzi scheme, not because I think its going to be remonetized.  On the off chance it is remonetized, it will replace both the medium of exchange as well as part of the bond market, win win. 

The ivory tower folks at the Fed may think they are the smartest in the room, but Kyle Bass is the real deal.   

Mon, 06/01/2015 - 18:36 | 6153402 Fun Facts
Fun Facts's picture

Filed under: How to get your state on the JH15 Neo Bolshevik hit list.

Mon, 06/01/2015 - 20:45 | 6153776 Not Too Important
Not Too Important's picture

Interesting that Texas got pummeled by the worst storms in recorded history just before JH takes place. Nothing like softening up the 'enemy' before they're invaded. Only in a drill, of course.

How come all the worst shit happens when .gov drills are taking place? I should consult an astrologist... must be the stars.

Tue, 06/02/2015 - 03:45 | 6154577 Fedaykinx
Fedaykinx's picture

I would posit to you that people who are entirely too credulous and given to hyperbole while see conspiracies around every. single. corner. are actually aiding the enemy.

Tue, 06/02/2015 - 04:18 | 6154605 WOAR
WOAR's picture

Aiding the enemy, or making a fool of themselves?

The first implies there is an "enemy" that is being strengthened, and I'd like to know what that enemy is.

If you say "ignorance", I agree. People who are complete "tin hatters" tend to reduce the credibility of everyone else in the community who can think critically.

That isn't to say that the truth isn't nigh bat-shit unbelievable at this point, but I would like to point out that just because the world has gone completely mad, it doesn't mean the government is going to use alien technology to flouridate the water until our brains turn to mush, to get sucked out by Crazy Clowns from Outer Space with silly straws.

There's crazy, and then there's absurd.

Tue, 06/02/2015 - 06:09 | 6154659 Captain Debtcrash
Captain Debtcrash's picture

Not sure if JH is anything to be concerned about, and certainly don't believe the government is controlling the weather.  That said, the US govt has done things that if someone were to have brought them up at the time would have been called an conspiracy theory, think about the Lusitania.  There are many things that would have be thought of as crazy at the time that are now indisputable, and those are only the things we know about. I feel that we have been conditioned to label things conspiracy theories to blow them off.  It is only prudent to look at what the facts are, history, as well current conditions and make educated guesses as to how the govt will react.  We all make plans and try to make them come to fruition, often without telling anyone.  Why would we think the powers that be, who are more likely to have sociopathic tendencies, would be any different. 

Tue, 06/02/2015 - 07:44 | 6154748 Blano
Blano's picture

Anybody who thinks Texans got "softened up" by a month of rain is in for a shock. 

Tue, 06/02/2015 - 09:01 | 6154951 mtl4
mtl4's picture

Kyle Bass is a smart gambler for sure but gold and silver are still commodities and will only rise when government confidence collapses in the US......PM still have a bit of a ways to fall before they will rise again.  This whole notion of backing currencies doesn't work either because if confidence falls and people start redeeming then the cycle just becomes a runaway freight train (see Bretton Woods).   Dollar is the least worst currency right now so until that goes in the toilet, gold will not be in a bull market.

Mon, 06/01/2015 - 19:11 | 6153508 Renfield
Renfield's picture

<<"So that the Texas economy can thrive in a systematic dislocation in the national financial system." Go Texas!>>

I notice they keep the door open for other collateral as well. This to me is more evidence of asset-backed (collateral-backed) currency on the way. Good for Texas being so wide awake.

AND -- I can't help noticing that this doesn't sound like bad news for the secession movement, either...

Between their supervision of Jade Helm activities and this bullion depository, you can accuse Texas of a lot of things but lack of spine ain't one of them. They don't seem that good at rolling over to the big bad feds. Respect.

Mon, 06/01/2015 - 20:46 | 6153778 Not Too Important
Not Too Important's picture

Too bad the entry of Texas into the United States was never ratified. Oh, wait...

Mon, 06/01/2015 - 17:39 | 6153244 CrazyCooter
CrazyCooter's picture

Perry is a moron. People like some of the things he says because he says shit REAL Texans want to hear. However, the state is being over-run by ... folks not cut of the same cloth ... and it is rapidly averaging down urban areas. If these locusts didn't destroy their "homes", they wouldn't be moving to Texas looking for another meal.

That said, it is a generalization, but it is also generally true.

One of the reasons I left.

Regards,

Cooter

Mon, 06/01/2015 - 18:50 | 6153443 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Don't lump everyone in that's moving here, I personally know many people who moved here to help strengthen Texas and thier traditional values.  I think the good ones moving here are outweighing the bad ones. Either way there is a shit ton of amazing natural born Texans and new hard core Texans moving here every day.  

Mon, 06/01/2015 - 19:00 | 6153468 CrazyCooter
CrazyCooter's picture

I wouldn't put chips on the balance being in-line with traditional Texas values. There are droves of folks from Kali, Illinois, New Yawk, and so on that are fleeing their high tax progressive governments and choose Texas for the strong property rights and low taxes. Unfortunately they often haven't connected the dots and bring their political dogma with them.

But, it is noted that 100% of everyone isn't a carpetbagger ... thus my comment in my OP:

That said, it is a generalization, but it is also generally true.

Regads,

Cooter

Mon, 06/01/2015 - 19:14 | 6153486 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

I understand, I lived in CALI for 10 years (originally from WI - I know big difference that those born in cali), I know 9 others who are my age (mid-thirties) who moved here from cali and are so right-wing it's amazing.....plenty of good ones moving here, not to mention all the other conservatives moving here from all the other states. It ain't over yet.

 

I can't blame you for leaving it's getting too crowded - I'm hoping to move in the middle of nowhere Texas, have an offer on 10 acres 

 

On another note there are plenty of Texas libs moving to cali so there is a tradeoff - talked to a libtard couple from TX who can't wait to get to cali

Mon, 06/01/2015 - 20:47 | 6153782 Not Too Important
Not Too Important's picture

Tell 'em the bullet train awaits their arrival!

Oh, and bring a case of water, too.

Tue, 06/02/2015 - 07:18 | 6154709 jerry_theking_lawler
jerry_theking_lawler's picture

Texas should enact STRONG laws now that can't be reversed (like state constitutional laws) to prevent it's culture from being changed....or I fear in 20+ years CC will be right and it will be a watered down Texas, eyeballing a left turn....

Tue, 06/02/2015 - 07:55 | 6154766 duo
duo's picture

I wish Californians moving here would stop overpaying for houses and driving up property taxes for the rest of us.

Mon, 06/01/2015 - 22:09 | 6154046 bobdog54
bobdog54's picture

Where the hell did you go?? From the pan into the fire....

Mon, 06/01/2015 - 17:40 | 6153245 OceanX
OceanX's picture

I remember a story that broke right after Perry was elected.  Allegedly, his wife walked in on him giving head to his aide. Story did not stay in the news long, suddenly pulled...

Mon, 06/01/2015 - 18:04 | 6153302 Stoploss
Stoploss's picture

Where's the link?

Mon, 06/01/2015 - 19:38 | 6153578 knukles
knukles's picture

Come to think of it, those thigh high lace cowboy boots held up with suspenders are kinda gay after all.

Mon, 06/01/2015 - 18:05 | 6153304 918pigpen
918pigpen's picture

Soros much?

Male or female?

Mon, 06/01/2015 - 18:10 | 6153325 buzzardsluck
buzzardsluck's picture

Because he's a fucking moron. He would be a bitch for the real PTB just like any president (is)/would.

 

Texas is massively overrun, especially san antonio.

 

Fuck you jillson

Sun, 06/14/2015 - 09:59 | 6195263 joeyman9
joeyman9's picture

RE:   Not sure why more people are not a big fan of his.

 

How about, he forced teenage girls to take the gardisal shot and said it was Texas Law when there was no such law and he has attended past Bilderberg Meetings;  really do you need to know more?

Mon, 06/01/2015 - 17:21 | 6153174 whotookmyalias
whotookmyalias's picture

That doesn't rhyme.....

Mon, 06/01/2015 - 17:25 | 6153194 Payne
Payne's picture

All States can coin their own Currency but it must be in Gold or Silver.  Fed can outlaw cash and the States will bring it back and people will flock to those States to conduct business.  There are very few State Chartered Banks today but the legal framework is there as well.  

Mon, 06/01/2015 - 17:30 | 6153212 Government need...
Government needs you to pay taxes's picture

I've been urging my SC statehouse reps to make plans for a real currency.  I'm not going down with the Fedcoat ship, and you are spot on.  States that plan ahead will do better than those that choose to believe the Feds will always be in control.  They won't.  They are spending money that isnt theirs.

Mon, 06/01/2015 - 18:54 | 6153459 yellowsub
yellowsub's picture

If they don't have sense to do it w/o you telling them, do you truly think they can lead the people later?  Most of the states lead by the same corrupt people have put the states in dire financial position where the pensions will bankrupt them.

Gov't isn't the solution w/o serious reform as they're all from the same tree producing rotten fruit.

Mon, 06/01/2015 - 17:36 | 6153229 BandGap
BandGap's picture

Didn't Utah begin to make contingencies for this a few years back, as well?

 

 

Mon, 06/01/2015 - 17:53 | 6153273 post turtle saver
post turtle saver's picture

has less to do with mistrust of New York (although correct, we don't trust those yankee sunsabitches) and more to do with mistrust of the money laundering pirates at HSBC...

Mon, 06/01/2015 - 19:45 | 6153599 drendebe10
drendebe10's picture

Except for the additional bureaucracy, sounds like a no brainer....

Tue, 06/02/2015 - 02:06 | 6154508 Farqued Up
Farqued Up's picture

First, PM storage vaults, next, secession, then Lone Star bucks. Piss off Ivy Leaguers. Time to resubscribe to Texas Monthly and go load up on property. Just in case, just sayin'.

Mon, 06/01/2015 - 17:17 | 6153159 kowalli
kowalli's picture

Jade Helm will fix it

Mon, 06/01/2015 - 17:31 | 6153214 Government need...
Government needs you to pay taxes's picture

I hear the food @ the FEMA camps is better than Jean-Georges!

Mon, 06/01/2015 - 17:17 | 6153162 joego1
joego1's picture

I wouldn't trust Rick Perry with my gold either.

Mon, 06/01/2015 - 17:17 | 6153163 Beam Me Up Scotty
Beam Me Up Scotty's picture

Wow, a whole BILLION.  And to think, Warren Buffet and Bill Gates are worth over 70 Billion each......

Mon, 06/01/2015 - 17:18 | 6153167 kowalli
kowalli's picture

it's very large amount of gold, because you can't buy gold with paper money right now, they will not sell it.

Mon, 06/01/2015 - 17:27 | 6153198 BrocilyBeef
BrocilyBeef's picture

Divide By Zero.

Tue, 06/02/2015 - 02:15 | 6154513 Farqued Up
Farqued Up's picture

If I remember correctly, any gold number divided by zero, i.e., a worthless fat fiat paper zero = INFINITY!

Therefore, 70 billion fiats ain't much.

Clever, Brocily. 

Mon, 06/01/2015 - 17:34 | 6153226 HenryHall
HenryHall's picture

>>> And to think, Warren Buffet and Bill Gates are worth over 70 Billion each......

Only in paper gold; not in metal gold.

Mon, 06/01/2015 - 18:04 | 6153301 Citxmech
Citxmech's picture

Hmmm.  

A billion in physical Gold, or

paper IOUs currently worth 70 billion?

 

Think, think, think. . . . 

 

Speaking of which, how much physical gold do you think Bill Gates could actually aquire if he started dumping MSFT stock for bullion before the price collapsed?

Mon, 06/01/2015 - 21:45 | 6153982 logicalman
logicalman's picture

I've had a few beers, so my math may be off.

I've included my calculations so you can check.

$79.3 billion net worth

666,947,014 Troy @ $1188

32,151 Troy per tonne

20,744.2 tonnes.

That's a LOT of shiny!

 

Mon, 06/01/2015 - 18:07 | 6153313 Stoploss
Stoploss's picture

Baby steps.

We had to pass open carry too.

They go together.

Have they begun work on the five new Senatorial seats yet???

Mon, 06/01/2015 - 18:23 | 6153369 booboo
booboo's picture

Billionaires were a dime a dozen in Zimbabwe.

Mon, 06/01/2015 - 19:01 | 6153479 Shibumi2
Shibumi2's picture

a billion in bullion is different 5han a billion in paper federal reserve notes.

 

One is a real billion and one is a tneory

Mon, 06/01/2015 - 19:06 | 6153487 Salah
Salah's picture

Texas has America's 2nd & 4th largest sovereign wealth funds...maybe this is the start of something else?

http://www.swfinstitute.org/fund-rankings/

Mon, 06/01/2015 - 17:18 | 6153168 negative rates
negative rates's picture

A wearhouse is empty, until proven full.

Mon, 06/01/2015 - 17:23 | 6153187 CarpetShag
CarpetShag's picture

1st nun, in the dormitory:' "Where's the candle?"
2nd nun: "Yes it does rather, doesn't it"

Mon, 06/01/2015 - 17:19 | 6153170 WillyGroper
WillyGroper's picture

I would suggest they start on an Ark asap, should this pass.

Under normal circumstances, gold goes nice with jade.

Mon, 06/01/2015 - 17:19 | 6153171 Bay of Pigs
Bay of Pigs's picture

HSBC has their gold?

Good luck collecting from those crooked fuckers...

Mon, 06/01/2015 - 17:24 | 6153191 CarpetShag
CarpetShag's picture

More likely to find an A-rab at a barmitzvah than gold bars in that vault.

Mon, 06/01/2015 - 18:02 | 6153293 Panic Mode
Panic Mode's picture

HSBC has lead, tungsten and paper.

Mon, 06/01/2015 - 19:47 | 6153608 Max Cynical
Max Cynical's picture

HSBC can't be trusted...hopefully they'll have all the bars melted down and recast before putting them into storage.

Tue, 06/02/2015 - 02:18 | 6154515 Farqued Up
Farqued Up's picture

I hear their buds, the drug lords, trust them.

Mon, 06/01/2015 - 17:20 | 6153176 CarpetShag
Mon, 06/01/2015 - 17:21 | 6153177 falak pema
falak pema's picture

The new Alamo for the Fed to rob?

If they recover their 1 billion $ sack of gold.

Mon, 06/01/2015 - 17:37 | 6153232 Government need...
Government needs you to pay taxes's picture

Hey, loving man, you've been called.

Mon, 06/01/2015 - 17:53 | 6153274 joe6px
joe6px's picture

Easy Ike...

Mon, 06/01/2015 - 18:39 | 6153365 OC Sure
OC Sure's picture

You fool, Wyatt, there is no normal life. There is only life. 

Mon, 06/01/2015 - 17:21 | 6153180 Xibalba
Xibalba's picture

1st step on the way to FREEDOM from TYRANNY

Mon, 06/01/2015 - 18:03 | 6153298 prefan4200
prefan4200's picture

I would just like to have freedom from the TRANNY.  Enough with the Caitlyn Jenner shit already.....

Tue, 06/02/2015 - 10:16 | 6155252 e_goldstein
e_goldstein's picture

When the freakshow gets more attention than what's going on in the big top, you know you are at the wrong circus.

Mon, 06/01/2015 - 17:21 | 6153182 youngman
youngman's picture

Great idea..and time will prove this out....countries are coming around too....the safe haven of yesterday is the ponzi of today...

Mon, 06/01/2015 - 17:21 | 6153183 Meat Hammer
Meat Hammer's picture

Jade Helm and gold repository purely coincidental.

/sarc

Mon, 06/01/2015 - 17:27 | 6153197 One eyed man
One eyed man's picture

The yellow gold of Texas

Is stored by HSBC

No one can ever see it

It's gone as gone can be.

Mon, 06/01/2015 - 17:34 | 6153227 Government need...
Government needs you to pay taxes's picture

You can talk about your 'safety' or sing of 'carbon-free',

But the yellow gold of Texas is the path to liberty. 

Mon, 06/01/2015 - 18:00 | 6153290 Icelandicsaga.....
Icelandicsaga...............................................'s picture

Or the old Larry Gatlin song .. all the gold in Calfiornai .. all the gold in the USA is in the middle of a bank in London in someone else's name .......

Mon, 06/01/2015 - 17:31 | 6153213 zelator
zelator's picture

Wonder if it'll have any windows on the sixth floor.

Mon, 06/01/2015 - 17:32 | 6153219 TeethVillage88s
TeethVillage88s's picture

Build it low maintenance cost like Giza Pyramid. S/

Location is very important for security maybe on a Government Installation.

They spend $100 Million on a building, then the maintenance kills them plus admin & Security.

Mon, 06/01/2015 - 17:39 | 6153241 Bastiat
Bastiat's picture

Loving this!  Give 'em hell, Texas.

Mon, 06/01/2015 - 18:12 | 6153249 Government need...
Government needs you to pay taxes's picture

Range correct.  Fire for effect.

Mon, 06/01/2015 - 17:44 | 6153256 saldulilem
saldulilem's picture

There's gonna be trouble .....

Mon, 06/01/2015 - 17:47 | 6153264 BandGap
BandGap's picture

States cannot print their own currencies but they can make "gold and silver Coin a Tender in Payment of Debts."

http://money.cnn.com/2012/02/03/pf/states_currencies/index.htm


Mon, 06/01/2015 - 17:50 | 6153270 Government need...
Government needs you to pay taxes's picture

Any town can create a script of sorts (call it Texas-bucks).  If anyone is following Constitutional law, it becomes an argument about what a currency is.  For everyone who thinks the rule of law has failed, Welcome to the Wild West.  I'm planning on selling guns, broads, and whiskey.

Mon, 06/01/2015 - 18:03 | 6153295 post turtle saver
post turtle saver's picture

I'm gonna sell armed broads drunk on whiskey and make it a package deal...

Mon, 06/01/2015 - 17:58 | 6153285 Big Brother
Big Brother's picture

In one hand I have $70 billion federal fiats, in the other, $1 billion in gold bullion (833,333 oz. or 23 1/8 metric tonnes).  Which would you rather have?

Mon, 06/01/2015 - 18:33 | 6153394 tenpanhandle
tenpanhandle's picture

Thats easy.  Give me the 70 B in fiat.  Then I'd offer 2,000 bucks an ounce and buy buy buy.  Physical gold would come pouring in.  Then I'd have a combination of 30 million ounces of gold and tungstan.  Still would aggregate far more than 833,333 0z. of Au.

Mon, 06/01/2015 - 18:00 | 6153289 Panic Mode
Panic Mode's picture

Someone is asking for nailguns.

Mon, 06/01/2015 - 18:06 | 6153310 Infinite QE
Infinite QE's picture

Texas better take stock of it's nuke arsenal as well as it will need it against imminent zio attack.

Mon, 06/01/2015 - 18:09 | 6153326 DiogenesTheCynic
DiogenesTheCynic's picture

Put it in Brady, Texas. It is the geographical center of Texas, close to Ft Hood too. Decent highways nearby, but not too close to I-35, and a lake nearby.

Mon, 06/01/2015 - 18:37 | 6153406 Obamamerica
Obamamerica's picture

Just melt the gold down and overlay Jerry World. That would be SWEEEEET!

Mon, 06/01/2015 - 18:16 | 6153345 KansasCrude
KansasCrude's picture

Find a suitable building and get it the hell out of the hands of HSBC ASAP.  Then concentrate on building the Depositiory  DO NOT WAIT until you build it by that time the whole effing thing will be Kaput.

Mon, 06/01/2015 - 18:16 | 6153346 devo
devo's picture

Gold down.

Mon, 06/01/2015 - 18:17 | 6153347 Dragon HAwk
Dragon HAwk's picture

States could Earn Money....

  what a strange win win concept..,

although I prefer the Prevent Theft.. Win.

Mon, 06/01/2015 - 18:20 | 6153354 bigrooster
bigrooster's picture

Queue dirty nuke in Texas in, 3...2...1

Mon, 06/01/2015 - 18:21 | 6153357 Government need...
Government needs you to pay taxes's picture

The real opportunity is to take a territory within the US, declare it a nation state, form a currency backed by hard assets, and stimulate massive investment/savings inflows by allowing market forces to rediscover the yield curve.  Call it Switzerland plus oil/timber/water/mineral/agricultural wealth.

Tue, 06/02/2015 - 02:24 | 6154518 Farqued Up
Farqued Up's picture

AND, people wealth.

Mon, 06/01/2015 - 18:32 | 6153387 gwar5
gwar5's picture

I see TX as an independent nation if they keep up this kind of common sense.

 

Mon, 06/01/2015 - 18:36 | 6153404 Obamamerica
Obamamerica's picture

They won't let that happen. Expect a nuclear strike before that ever happens. They can blame ISIS and ultimately the failure to re-up the anti-Bill of Rights (Patriot Act)

HAIL OBAMA, MESSIAH OBAMA

Tue, 06/02/2015 - 02:36 | 6154529 Farqued Up
Farqued Up's picture

Referenda are springing up all over, the world is becoming acclimated to that planted seed. Besides, the world can't be brainwashed much longer that some skinny charlatan racist named Abe has set precedent forever.

Buy stock in Rand McNally, the maps are-a-changin'.

Mon, 06/01/2015 - 18:34 | 6153398 Obamamerica
Obamamerica's picture

Obama, the DNC, the RINO RNC, The Chamber of Capital Cronyism, and the NY Banking cartel will not be happy. HARP is about to go into overdrive. 

 

 

Tue, 06/02/2015 - 02:38 | 6154531 Farqued Up
Farqued Up's picture

Sorry to butt in on your excellent post, but it's actually HAARP in case someone wants to research it, highly recommended. 

Mon, 06/01/2015 - 18:37 | 6153407 Meat Hammer
Meat Hammer's picture

What if the gold isn't there?  We may,yet, see our dreams of bankers swinging from lamp posts be fulfilled!

Mon, 06/01/2015 - 18:47 | 6153434 CHC
CHC's picture

Don't tread on me or my gold -  bitchez!

Mon, 06/01/2015 - 18:49 | 6153438 Seasmoke
Seasmoke's picture

Good Luck. So much paper. So little physical. Do we make it until end of the year BEFORE the truth is finally exposed ????

Mon, 06/01/2015 - 18:53 | 6153455 WTFUD
WTFUD's picture

That's Plum Crazy leaving valuables with THIEVES.

Mon, 06/01/2015 - 19:12 | 6153513 kchrisc
kchrisc's picture

A different take for those of us that know that the neocons are still in power and running things, and their home base is Texas.

Liberty is a demand. Tyranny is submission..

Tue, 06/02/2015 - 03:08 | 6154554 RichardParker
RichardParker's picture

If you don't hold it, you don't own it. 

A state owned (Texas or wherever) bullion depository is probably not the safest place in the world to store gold.

 

 

Mon, 06/01/2015 - 19:13 | 6153518 TheGreatRecovery
TheGreatRecovery's picture

When they get the gold into Texas, THAT will make a difference.  As long as it's in a vault in Manhattan, nothing has really changed.

Mon, 06/01/2015 - 19:13 | 6153519 22winmag
22winmag's picture

Repatriate (verb): To get a fraction of your bullion back (years down the road).

Mon, 06/01/2015 - 19:39 | 6153583 Pancho de Villa
Pancho de Villa's picture

Heh, heh...  Don't act surprised when armed "banditos" intercept the wagon train en transit and "repatriate" the gold to the country it was originally stolen from!       Ah, ha!

Mon, 06/01/2015 - 20:00 | 6153637 loveyajimbo
loveyajimbo's picture

The COMEX/HSBC swine will settle in cash.  Then the shit hits the fan.  Finally. 

Mon, 06/01/2015 - 20:01 | 6153640 p00k1e
p00k1e's picture

No wonder troops are massed in Texas.  The Southwest is going to be false flagged.

Mon, 06/01/2015 - 20:06 | 6153653 Lmo Mutton
Lmo Mutton's picture

That is the Republic of Texas to you sir.

Mon, 06/01/2015 - 20:15 | 6153672 GRDguy
GRDguy's picture

I remember when that UofT gold story hit the presses; smart move.

But they didn't take physical delivery then???  dumb move.

Banksters are laughing their asses off.

Mon, 06/01/2015 - 20:56 | 6153810 Omega_Man
Omega_Man's picture

jade helm - hostile 

Mon, 06/01/2015 - 20:57 | 6153816 KittyStix
KittyStix's picture

I think some one is about to secede... 

Mon, 06/01/2015 - 21:24 | 6153916 Government need...
Government needs you to pay taxes's picture

You mean succeed?

Mon, 06/01/2015 - 21:00 | 6153824 NoWayJose
NoWayJose's picture

The only way for Texas to get those bars back is to ask China!

Mon, 06/01/2015 - 21:34 | 6153959 logicalman
logicalman's picture

Let me edit something here....

$1 billion in gold bars that are owned by UTIMCO and are now housed at HSBC in New York.

$1 billion in gold bars that are owned by UTIMCO, who would like to believe, are now housed at HSBC in New York.

HSBC - born out of the opium wars - laundering drug money since it came into existence and continuing to this day.

Nobody, in their right mind, would believe anything the guys at HSBC would say in public.

Mon, 06/01/2015 - 22:14 | 6154061 THE 4th Quadrant
THE 4th Quadrant's picture

"Hey Mr Bass. Anymore of this gold nonsense and you'll get a visit from Ms. Jade Helm."

Mon, 06/01/2015 - 23:43 | 6154290 robertocarlos
robertocarlos's picture

The South shall rise again!

Tue, 06/02/2015 - 00:31 | 6154394 ILikeBoats
ILikeBoats's picture

It will be fine.  They will build the depository in Texas, and then they will hire an Israeli firm to handle security, like they do for USA nuke plants.

Tue, 06/02/2015 - 12:23 | 6155707 Not Too Important
Not Too Important's picture

The Israelis handled the security at Fukushima, too. And certainly wasn't the only site.

Tue, 06/02/2015 - 01:24 | 6154455 Arthur Schopenhauer
Arthur Schopenhauer's picture

Goddamit, I bought 10.000 dollars worth of gold two years ago and buried it in a coffee can somewhere on 20 acres... and now I can't remember where the shit is.

Oh well, phuckit. At least nobody's sticking it to me with storage fees.

Tue, 06/02/2015 - 02:43 | 6154537 Farqued Up
Farqued Up's picture

GPS is our friend.

Do NOT follow this link or you will be banned from the site!