The Morgan Report Blog

Texas Lawmakers – Enhance the Gold Depository Legislation

Presented November 2016 by Charles Savoie

“Where An Excess of Power Prevails Property of No Sort Is Duly Respected”
—President James Madison (1809-1817)

Texas officials should loudly tell lame duck President Obama to stop provoking Russia and China because he wants to hold onto power! In regard to Texas owned gold in New York, specifically it’s owned/managed by UTIMCO, the University of Texas Investment Management Company, whose board has stated the gold doesn’t have to be moved to Texas, but in any case, they insist that the gold remain part of the COMEX system! The Governor and the Legislature must oust any UTIMCO board members demanding the gold remain linked to COMEX! There are skeletons in this closet! Section 2116.022 of the bill prohibits leasing, swaps, derivatives et al, and as the COMEX is heavy into all that chicanery, UTIMCO management has set itself at defiance against the Legislature and the Governor! We will detail this as we progress.

On June 12, 2015, Texas Governor Greg Abbott signed into law the H.B. 483 Texas Bullion Depository Act into law, providing for a precious metals bank under the auspices of the State of Texas. The bill, widely trumpeted in pro-freedom and pro-gold sites, tragically contains some offensive flaws and deficiencies as to important matters not addressed! The first flaw is seen twice in section 2116.023 on the all-important matter of “Confiscations, Requisitions, Seizures and Other Actions Void” where we read these words in regard to protection from confiscation or nationalization by Uncle Sam of precious metals owned by depositors—


You don’t have to be an attorney to see what’s wrong. The bill says the Federal government can’t swoop down and seize the gold, but the State of Texas is reserving to itself the right to do just that! Since the Texas Bullion Depository intends to be open to depositors from other States and nations, it would be a severe blow to the reputation of the Depository if Texas started seizing gold from out of state residents. Depositors would do better buying gold chains from a ridiculous clip joint like “ex” Silver Users Association member Tiffany & Company and immediately taking a severe haircut by selling to any of the internet “We Buy Gold” sites! Additionally if the Depository started seizing, or allowing other Texas State agencies to seize gold owned by residents, it would create a tendency to make Texans owning gold who haven’t become depositors to stay away, and discourage persons and businesses out of state from coming in. If a State government, county or city tyrannically steals your property, are you any better off than if the Federal government slits your financial throat? Confront this question; don’t rationalize! The question will persist as long as the underlying problem persists! Some reprobate legislator reading this is snickering at it and thinking, “Well, we’ll give the confiscated some old Texas Redback paper currency issued in 1839 by Governor Mirabeau B. Lamar!” Can’t the people of Texas get better representation than this?

Read the rest of this article here.


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