Could Texans soon be playing the gold card?

Could Texans soon be playing the gold card?

In 2015, Texas Governor Greg Abbott in 2015 signed into law an act establishing a state bullion depository at no cost to taxpayers. He intends to enter into a public-private partnership with a qualified company to provide a secure, physical depository and an agency of innovation.

A non-banking financial facility will provide Texans with secure resources for a wide range of gold-backed financial services privately sponsored and publicly supervised by the state of Texas.

Through our support of this bill and our ongoing participation with the state comptroller's office, we recently presented our vision at the Texas Republican convention. As you can see from the headlines below, our vision for the Texas Bullion Depository caught the eye of more than just Republican delegates and lawmakers.

Here is coverage from the Austin Statesman:

These days, a “gold card” usually refers to a high-credit piece of plastic used to impress someone on a first date.

But if some Texas entrepreneurs get their way, the term could take on a more literal meaning.

Following a path opened by the Legislature last year, some Texas companies are hoping to get approval to establish a new precious metal depository in Texas — which could also open the door to creating an alternative financial system in which consumers would be able to pay for goods and services not with U.S. dollars, but with their gold.

The concept might seem far-fetched to some people, but many lawmakers and others in the business community believe it is legal and perfectly reasonable.


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