Texans Demand Gold Back From New York Fed

It's not only foreign nations demanding that the New York Federal Reserve return the gold bullion to the actual gold owners. Now, precious metals owners here at home are demanding that the Fed return gold bars to the state of ownership.

According to the Texas Tribune, Rick Perry is trying to gain legislative support to pass a bill creating the Texas Bullion Depository – a secure state-based bullion bank house that will house the $1 billion worth of gold bars owned by the University of Texas Investment Management Company, or UTIMCO, but currently locked inside the New York Federal Reserve vaults.

It is plausible that Perry's decision to push for this gold bill was mirrored in response to Ron Paul's – the former Texas congressman – emphatic concerns regarding the safety of states' gold supplies.

From The Texas Tribune:

"If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible," Paul told the Tribune on Thursday. "Texas is better served if it knows exactly where the gold is rather than depending on the security of the Federal Reserve."

Bringing Texas' gold home has gained more traction this legislative session because of Perry’s vocal support for it. On conservative radio host Glenn Beck’s show on Tuesday, the governor said Texas was “in the process” — the legislative process, he later clarified — of “bringing gold that belongs to the state of Texas back into the state.” He argued that the state was at least as capable as the Federal Reserve of safeguarding Texas’ “physical gold.”

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

Capriglione asserted that it simply wasn't good enough for them to have just the gold certificates anymore. With all the gold manipulation conspiracies and limited Federal Reserve audits, people no longer trust the Fed to be true to their word. Texans want their gold and they feel it is their right to get their hands on their physical gold and store it more safely in their state of residency.