The bill would establish the Texas Bullion Depository, a secure
state-based bank to house $1 billion worth of gold bars owned by the
University of Texas Investment Management Co., or UTIMCO, and stored by
the Federal Reserve.
"Something on the scorecards of a lot of these businesses in
deciding whether they want to come to Texas is stability and gold as
being one of those items," Capriglione said. "I think it's been in his
consciousness for a while in trying to get some sort of depository in
the state of Texas."
He has also spoken with UTIMCO, which owns the 6,643 gold bars housed underground in New York City.
"We're trying to figure out the right amount of gold to have here in Texas," Capriglione said.
"We don't want just the certificates. We want our gold. And if you're the state of Texas, you should be able to get your gold."
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