Abbott Signs Law Creating Texas Depository for State Gold

Gov. Greg Abbott has signed a law creating a Texas Bullion Depository where the state -- and even ordinary residents -- can store gold.

The Republican said Friday that the measure will "repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas."

The state's gold reserves are controlled by various agencies, including investment funds tied to its public universities.

The depository would be a secure facility administered by the Texas comptroller. Its location has yet to be been determined.

Southlake Republican Rep. Giovanni Capriglione first proposed the state depository in 2013, but his idea didn't gain traction until this session.

The law allows state agencies, but also citizens, businesses, nonprofits and banks, to use the depository to hold gold and other precious metals.

Copyright AP - Associated Press
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