Texas' Gold Depository Now Open

[SuingToGetAMessageBoard? 3861]

4 hours ago, bernorange said:

Not that I can find.

https://www.bizjournals.com/houston/news/2018/12/19/texas-fort-knox-dirt-turns-for-states-first.html

 

Sounds like phase one of Operation Secede is coming along nicely.

[NeverMarryAStripper 22191]

Texit

[Neonmoon 38130]

Is this going to be where the Univeristy of Texas stores its gold?

[Brisketexan 106287]

Sorry.  I already invested all my savings in the only thing that will have any real worth when the shit hits the fan: Jim Bakker survival buckets:

[ztejas 44095]

20 minutes ago, Neonmoon said:

Is this going to be where the Univeristy of Texas stores its gold?

There's always gold in the corn dog stands. 

[BottleRocket 659]

the Leander depository will weigh as much as 10 NASA space shuttles

How much is that in cholas?


15 Vic Cholas

[MrPhlegm 3413]

So has aggy claimed that the gold in this is part of their endowment yet?

[luke duke 6438]

the Leander depository will weigh as much as 10 NASA space shuttles

How much is that in cholas?


Three

[bernorange 8380]

2 hours ago, Neonmoon said:

Is this going to be where the Univeristy of Texas stores its gold?

Last I heard on the subject:

Quote

...

The The University of Texas/Texas A&M Investment Management Company, which oversees the assets of the University of Texas and Texas A&M systems, holds $1 billion worth of gold bullion at the HSBC Bank in New York City, according to Karen Adler, a spokeswoman for the organization. When Abbott signed the gold depository bill into law in June 2015, he  declared that the opening of a state-run facility would allow Texas to “repatriate” the nonprofit's gold supply.

Three years later, however, the prospect of UTIMCO moving its gold to Texas appears remote. UTIMCO officials say the new Texas depository would have to become a member of the Chicago Mercantile Exchange’s COMEX platform, where gold futures contracts are traded, for any transfer to move forward. And Lone Star Tangible Assets Chairman Matt Ferris acknowledged on Tuesday that simple geography has prevented the Texas Bullion Depository from joining COMEX, whose rules stipulate that approved depositories must be located within 150 miles of New York.

Still, Ferris emphasized that the firm has found other ways to liquidate gold quickly. “We’ve created some opportunities for major institutional investors to have COMEX-like liquidity through major commercial banks, which we can set up for them,” he said. “They would be able to store in Texas, but also still be able to liquidate at any time.”

The state has also begun “very preliminary” talks with UTIMCO to discuss the possibility of moving the gold to Texas, according to Tom Smelker, the administrator of the state depository. 

And, on Wednesday, Hegar said the Texas comptroller's office will work to get the state depository approved by COMEX, even though it sits outside the platform’s radius.

“We’re not moving Texas to get closer,” Hegar said. “But if the depository is successful, then we will hopefully get to a point where COMEX will want us to be part of their system.”

...

https://www.texastribune.org/2018/06/06/gold-depository-texas-bullion-glenn-hegar-precious-metals/

Also, in that same article:

Quote

...

The long road to the depository's opening began in 2013, when state Rep. Giovanni Capriglione, R-Southlake, proposed a bill to establish the state’s bullion depository, drawing the support of then-Gov. Rick Perry. But the bill floundered, largely due to estimates that it would cost the state $14 million in just the first two years.

Two years later, Capriglione rewrote the bill to allow the state to hire an outside firm to manage the depository, with the expectation that the firm would charge fees to customers to cover the facility's costs. In its revised form, the bill sailed through the Legislature and landed on Gov. Greg Abbott’s desk with little debate.

...

Supposedly, Lone Star Tangible Assets is absorbing all the costs for developing the vault and infrastructure.

[El Diablo 4232]

2 hours ago, luke duke said:

How much is that in cholas?


Three

And that's why we've never put one in outer space.

[Brisketexan 106287]

It's all fun and games till the leprechauns catch on....

[workswithseed 2199]

https://www.cnbc.com/2020/04/03/gold-markets-dollar-us-data-coronavirus-in-focus.html

 

Gold prices edged higher on Friday after gloomy U.S. nonfarm payrolls data magnified the economic toll from the coronavirus, although a stronger dollar capped bullion’s advance.

Spot gold was up 0.4% to $1,619.40 per ounce. U.S. gold futures settled 0.5% higher at $1,645.70 per ounce.

[RDCanecutter 26772]

For anybody wanting to get physical gold or silver, premiums are out the roof-- like more than $100 extra an ounce for gold, and stupid crazy off-its-meds-over-there-by-the-keg for silver. If you can find any.

[bernorange 8380]

Possibly germane to the OP????

Quote

The five banks that clear gold trades in the London market are considering expanding their network of storage locations to other countries if it becomes impossible to fly enough gold in and out of London, said two sources involved in the discussions.

The move would be aimed at reducing the risk of disruption if metal cannot reach London, the world’s most important physical gold trading hub, where trades are underpinned by metal held in high-security vaults.
...
The London Bullion Market Association, which oversees the London trade hub, on Friday said that it was looking with clearing banks and other market participants at “the feasibility of global delivery outside of London”.

The clearing banks are preparing to accept gold at vaults in Switzerland and elsewhere, the two sources said, adding that a final decision had not yet been taken.

The plans could include vaults that the banks operate as well as storage run by other companies, including refineries and logistics businesses, one of the sources said.
...

https://www.reuters.com/article/precious-refining-lbma/update-1-coronavirus-pushes-london-banks-to-consider-additional-gold-storage-sites-idUSL8N2BK64O

There was a lot of poo poo talk about the Texas repository being too far geographically from the Comex to serve as one of it's warehouses.  I wonder if circumstances might have softened that bullshit.  CME/Comex is in a world of hurt right now with respect to delivering physical gold to folks who own paper claims.  They are leaning on the LBMA, but the LBMA has it's own problems with logistics as Covid19 shuts down infrastructure everywhere.

[Rusty Shackelford 414]

Gold at an all time high as measured in all major currencies - except for USD right now.

Edited April 13, 2020 by Rusty Shackelford
scratch CNY

[Nice Guy Eddie 13628]

The gold depository has turned into a complete failure. None of the stated goals have been hit and we're years into the project: https://www.houstonchronicle.com/politics/texas/article/The-Texas-Bullion-Depository-sold-as-a-gold-mine-16416032.php

UT has sold all of their gold without ever using the depository. There are 2 competing private organizations in Texas. And the depository building is for sale, which could mean eviction for the Texas depository.  Zero money is being generated for the state. There are only 2 people that have a job because Texas' involvement. 

But in the opposite of good news, the state is thinking of spending $20 million to buy the building to keep the worthless endeavor going. No reason to admit failure when you can dig that hole a little deeper. 

[Updawg 2365]

Not very surprised

[atomheartbevo 90400]

1 hour ago, Updawg said:

Not very surprised

Nope, least surprising thing ever.  Somebody made a ton of money off of it, just not Texas.

[Nice Guy Eddie 13628]

26 minutes ago, atomheartbevo said:

Nope, least surprising thing ever.  Somebody made a ton of money off of it, just not Texas.

This is what happens when our state leaders get their ideas from commercials during conservative programming.

[Updawg 2365]

This is what happens when our state leaders get their ideas from commercials during conservative programming.

Well they did say there were 100’s of requests for it