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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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    Will Texas get its own Fort Knox?

    Lobo
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    • Post n°1

    Will Texas get its own Fort Knox? Empty Will Texas get its own Fort Knox?

    Post by Lobo Sun 05 Jul 2015, 12:41 pm

    Will Texas get its own Fort Knox? Lone Star State takes 5,600 solid gold bars out of Manhattan vault to 'keep them safe'... but doesn't have anywhere to put them

    • Unlike other states, Texas keeps reserve of precious metals in huge vault
    • Currently keeps the stash - worth some $650million - in Manhattan
    • Lawmakers recently voted to repatriate the precious metal to keep it safe
    • But it has nowhere to keep a huge gold reserve - posing a problem
    • Raises prospect of state needing to build a Fort Knox-style safehouse
    • Some have suggested private providers could foot bill then charges fees

    By Kieran Corcoran For Dailymail.com and Associated Press
    Published: 13:19 EST, 4 July 2015 | Updated: 05:30 EST, 5 July 2015





    Texas could build its own Fort Knox to keep its unusual stash of 5,600 solid gold bars - worth $650million - inside the borders of the Lone Star State.
    The state government, unlike any other, owns a huge savings reserve of precious metal, held in physical form underground in Manhattan.
    Its savings reserve has been stashed in a vault owned by HSBC for years - but now lawmakers in the state have decided it all needs to come back to Texas for safekeeping.
    Will Texas get its own Fort Knox? 2A3E340800000578-3149395-image-a-1_1436074333516

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    Lots of gold: Texas, unlike other states, has a saving reserve composed of 5,600 physical gold bars, stored underground in Manhattan. Pictured are around 140 bars in the Federal Reserve - equivalent to one fortieth of what Texas holds
    What is less clear, however, is where the valuable haul will be kept once it makes the 1,200-mile journey from New York to the Texas border.
    Although the laws demanding the gold's return have already been signed into law, the state has no access to a holding facility to keep it safe.


    And Texas officials have yet to spell out a plan for holding the reserves - prompting speculation that it may have to stump up for a secure building like Fort Knox, the heavily-guarded holding place for billions of dollars' worth of gold bullion held by the federal government.
    Estimates suggest that a comparable Texas facility could cost $23million - around 3.5 per cent of what the total reserve is worth.
    Will Texas get its own Fort Knox? 2A3E286200000578-3149395-image-a-2_1436074451474

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    From Kentucky to Texas? The Lone Star State may need to construct its own equivalent to Fort Knox, pictured, which the Federal Reserve uses to store its huge gold reserves
    And the solution would have to be even more complicated than Fort Knox - as Texas has promised that ordinary citizens will be allowed to store their own precious metal reserves there.
    A spokesman for the Texas comptroller's officer, which is in charge of the gold plan, said: 'We are honestly at the phase where the questions we are answering are creating more questions that we have to answer'.
    It has been suggested that private companies could pick up the cost instead, bidding to create a depository in exchange for charging storage and service fees. 
    Will Texas get its own Fort Knox? 2A3E242900000578-3149395-image-a-4_1436074467596

    +4
    Passed it: Texas Governor Greg Abbott, pictured, approved the bill despite there being nowhere to put the gold
    The plan has kicked up chatter outside of Texas that it's a step toward secession, an idea raised now and then on the state's farthest political fringe.
    'Just moving it would be pretty expensive and, unless Texas is anticipating withdrawing from the union, which I suspect is some peoples' want, I don't see what advantage it is...,' said Edwin Truman, a senior fellow at the Washington-based Peterson Institute for International Economics.
    Truman, who has written about gold and monetary policy, asked: 'What are you getting for what you're paying for?'
    But Giovanni Capriglione, the Dallas representative who wrote the bill, said he's just convinced that gold is safer, especially close at hand.
    After the bill sailed through the Legislature, Republican Gov. Greg Abbott signed it and tweeted: 'California may be the golden state, but Texans deserve to keep their gold in-state!'
    Texas' state-owned gold is held by the University of Texas Investment Management Company, the nation's second largest academic endowment behind Harvard. It began gradually amassing gold futures in 2009 as a hedge against currency weakness in the recession. It eventually transitioned to physical bullion, and by 2011 had $1billion worth.
    The price of gold has since mostly slumped amid a soaring stock market. Today, the fund's gold bars represent about 2.5 percent of its total $25.4billion holdings, said Chief Executive Officer Bruce Zimmerman. 
    The Fed declined comment on the new Texas depository, as did HSBC bank, which currently stores the gold bars in an underground vault in Manhattan.
    Will Texas get its own Fort Knox? 2A3E286E00000578-3149395-image-a-5_1436074476383

    +4
    'Safer there': Texas lawmakers have said their gold will be safer in home territory than underground in Manhattan
    Stacked together, the state's gold occupies about 20 square feet. It's unclear whether repatriating it could be done with an electronic transfer or would require a fleet of planes or armored cars.
    One possible effect of the new depository might be more attention to the idea of returning to the gold standard, long a cause of former Texas Rep. Ron Paul.
    The Federal Reserve was founded more than a century ago so that the value of the U.S. dollar no longer had to be anchored to gold, and Richard Nixon formally scrapped the gold standard in 1971
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    Neno
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    • Post n°2

    Will Texas get its own Fort Knox? Empty Re: Will Texas get its own Fort Knox?

    Post by Neno Sun 05 Jul 2015, 12:52 pm

    Some news just doesn't mean anything to some.
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    Lobo
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    • Post n°3

    Will Texas get its own Fort Knox? Empty Re: Will Texas get its own Fort Knox?

    Post by Lobo Sun 05 Jul 2015, 1:00 pm

    Agreed      thumbs2
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    fonz1951
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    • Post n°4

    Will Texas get its own Fort Knox? Empty Re: Will Texas get its own Fort Knox?

    Post by fonz1951 Sun 05 Jul 2015, 5:23 pm

    fact; fort knox holds no gold! hsbc bank in manhattan does, i know this because my former company hauled quite a few truckloads of gold and silver bars there, my wife and i went there with truckloads many times. the u.s. treasury gold is moved to a different location from time to time for security purposes. when the world trade center was hit the u.s. gold supply was in a vault there. about 3 to 5 weeks after they were hit the u.s. gold was moved to another location. my wife and i hauled many a truck load of gold, silver and platinum bars to various locations throughout the u.s. and i am still not at liberty to say where. the average person on the street will never know.as most would well know it's not common knowledge. only a select few people actually know where all the gold reserves are held.


    Last edited by fonz1951 on Sun 05 Jul 2015, 5:25 pm; edited 1 time in total (Reason for editing : put the same sentence in 2 times)
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    • Post n°5

    Will Texas get its own Fort Knox? Empty Re: Will Texas get its own Fort Knox?

    Post by Lobo Sun 05 Jul 2015, 5:33 pm

    Thanks for the info.  Much appreciated.

    badboys
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