Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals," said Gov. Abbott in a recent statement. The new depository will save Texas taxpayers $1 million annually in gold storage fees required by HSBC. It will also establish an entirely new payment system backed by actual metals - in addition to gold, the Texas Bullion Depository will store silver, platinum, palladium, and rhodium metals as deposits. From this new depository system, Texas residents will be able to make electronic transfers in a normal banking format. Except rather than deal in artificial fiat currency issued by the private Federal Reserve, banking clients will have access to currency backed by the metals in deposit, based on their respective values. An article by Talking Points Memo (TPM) explains that the Texas Bullion Depository will "create a metal-backed money supply intended to rival the paper currency issued by the Federal Reserve." The bill itself details the setup further, explaining that no "governmental or quasi-governmental authority other than an authority of [Texas]" will have the power to freeze an account held at the depository, or confiscate its assets. HB 483 came to be after people all over the country expressed interest in storing their metal assets in a Texas depository, according to Giovanni Capriglione, a Republican House member from Southlake (near Dallas) and author of the bill. Capriglione told the media that demand was so strong for a state-run metal depository in Texas that he couldn't see not introducing this type of bill.
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