Texas has planned to keep its gold holdings intact within the borders, which is estimated at whopping $640 million. However, a substantial number of alarming questions have raised up about the logistics and its storage. These questions need to be answered before the state takes an action on the case.
The bill passed in June that required the gold bar stockpiles of Texas to be directed back to the state. These gold stockpiles are currently kept in a bank in New York.
The new law also requires for Texas Bullion Depository to be erected in order to keep the 5,600 gold bars safe. However, an ample of confusion has started regarding the law as it does not indicate as to where, how and what would be the specifications of the depository to be constructed by the state.
The situation has to be handled by the comptroller’s office and a four person task force is to be employed for implementing the policy required by the state.
Chris Bryan, the spokesperson from the comptroller’s office stated, “We are honestly at the phase where the questions we are answering are creating more questions that we have to answer.”
The problem that is clinging to the case is the funding issue for the depository to be constructed in the state. Republican State Rep. Giovanni Capriglione played an instrumental part in framing the bill and he expressed concern on the funding issues. He believes that resolving the funding issue would be a great idea for a private company to construct the depository where they can store the gold in lieu of a fixed service charge paid to the private company.
According to the law, the civilians also exercise a right to use the repository to keep their gold holdings.