Discussion:

Discussion for article #237481

I wonder how much that gold will be worth if we run out of water and food in the not-too-distant future?

““You don’t need as much security because gold is incredibly heavy and hard to liquidate,” he said. “There aren’t many heists of gold bullion…nobody’s going to be able to steal 80,000 pounds of gold.””

Well, technically that’s true. The thieves that hit the Brink-MAT warehouse in London in 1983 only stole 6000 pounds of gold bullion, the vast majority of which has NEVER been recovred. The nature of the market in gold is such that gold is very easy to reintroduce into the smelting market with no way to track the origin of the metal. This Texas law is not only bad policy, it’s bad buisness and even bad science.

I’ve often wondered what use is gold if everything is gone to hell… I would think anything - gasoline, solar panels, firewood, bullets, even vienna sausages and spam would be worth more than a shiny gold paperweight.

So, I’m sorry, I don’t think I followed the article very well. It seemed to indicate that the state of Texas doesn’t actually own any gold. Is that so? Only the University of Texas does, and this bill doesn’t affect them?

I’m hoping the inevitable attempted raid on the reserve by the resident teabaggers is televised live. I’ll bring the popcorn.

This is a vitally important issue that totally makes sense for the governor to drop everything and focus on.

Greg Abbot IN: “Goldfinger II, The Man in the Golden Wheelchair”

A financial advisor friend said recently, “Can’t eat gold.”

Not even chicken-fried…

“keeping taxpayer funds from leaving Texas” There are no funds leaving Texas, they are sucking up federal taxes at a rate faster than water in a drought.

How far will the sane people of Texas let the loonies go before pulling back on the reins and shouting whoa there Trigger?

One word: bitcoin.

Query: What happens when ideologically delusional shitheads think they’re smart enough to beat the existing financial system but turn out to be only half as smart as they think they are?

I would imagine the folks that hit the gold shipment about 3 months ago in NC immediately got smelting for the exact reason you mentioned.

so basically, private stakeholders will place hard gold assets in the Texas depository to be protected by private security paid for by Texas tax dollars. Or will the whole thing eventually become a private depository in Texas. Sounds like another Republican scam to appropriate government to make money for the few at the expense of the many - if the gold holds its value at all.

Perhaps not how you think though. The game is this, I think (to some extent): the wealthy in this country already essentially have their own economy, entirely separate from the one in which the rest of us play, suffer, succeed, get abused, fail, etc. If they can create their own monetary system, one in which they have removed themselves from relying upon the same fiat currency as the serfs, well then…then they can just blow the other one up, can’t they? Instant third-worldism with a 300M person labor market willing to work for food.

Obviously, that’s a bit of hyperbole, but there’s a current of reality undergirding the idea: the wealthy are doing everything they can at all times to further and secure their economic separation from the rest of us so that manipulations of the economy in which we live, which do not affect the economy in which they live, lead to greater control over us.

Of course, the opposite of that was brought up by a guy I knew in college with a very expensive coke habit…“No matter how much I try, I can’t cut up these gold bars and snort them”. His reasoning being, that by buying gold, he wouldn’t blow all of his money on blow.

Bitcoin is basically digital beanie babies.

NICE TRY to defund our country…cut off your nose to spite your face has never been a very good idea. The FED will never let this happen…NEVER.
GAWDS, this is absurd. It’s like the AH rancher in Utah. Just a few days ago the BLM was on Federal land taking water samples and some of the AH’s in Utah approached them asked what they were doing, later six shots were fired, OF course the BLM employee left the area. WHEN is this F’G unlawfulness going to be addressed??? Is it going to take someone else in WH to take action??? A Clinton would NEVER put up with BS…NEVER.

Yea, what’s the value when some smartass like Richard Branson picks up an asteroid or two filled with gold, gems, and other exotics. Not all remember are iron or ice or not very valuable. Watched the TV show a couple of years ago where a couple of guys would search for bits and pieces of asteroids all over the world; even a very small piece was almost as valuable as an ounce of gold.

You TOTALLY read my mind. The whole “bitcoin” farce was the very first thing I thought of.

Rather than build a Fort Knox-type facility in Texas, Capriglione said
“there are commercial vaults not being used or not at full capacity, and
I’ve heard from groups willing to start their own depository and IT
security companies with underground storage facilities for data centers
who can make space available” for gold and other precious metals.

Sounds like they’re gonna do this on the cheap by “privatizing” security and what could possibly go wrong with that??