Potentially, $1 billion in gold bullion could be brought back to Texas.
Bullion.Directory precious metals analysis 2 June, 2015
By Christopher Lemieux
Senior Analyst at Bullion.Directory; Twitter @Lemieux_26
Central banks need not apply here, as Texas is the focal point for repatriation. The University of Texas Investment Management Co. could potentially repatriate $1 billion worth of the yellow metal back to Texas, as the Star Telegram first reported.
This comes as State Rep. Giovanni Capriglione is looking to create a Texas bullion depository and is currently seeking approval. The gold is currently vaulted in New York by HSBC.
Despite the depressed spot price, many investment professionals are leaning towards gold as a hedge against all things central bank manipulated. Being the “premier currency,” it cannot be printed to uselessness.
Capriglione expressed that demand for a Texas bullion depository is growing.
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