In regional news, Texas has signed a law to establish the creation of a “Texas Bullion Depository,” a vault to hold gold bullion and increase the stability of Texas’s gold reserves. The gold that will be put in the vault, worth more than $660 biillion, is currently being held in a bank in Manhattan, Reuters reports.
In the future, Texas is expected to “repatriate” one billion dollars of gold, to ease concerns of Texas lawmakers who are distrustful of the US Federal Reserve and would like to see a precious-metal backed currency put into place. The Republican Party of Texas has shown a distrust for central bankers, and has called for an end to the U.S. Federal Reserve Banking System.