Texans to Store Their Gold In-State Under New Law

Texas may want more independence after the legislature passed a bill to allow gold owners to keep their stash at home.

The law was passed because up until now, people could only store their gold out of state.

State Rep. Giovanni Capriglione, of Southlake, sponsored the bill paving the way for a gold bullion depository in Texas.

He said he felt the need for the new law after the recession in 2008 and recent monetary problems like what happened with the currency in France.

"It is all based on consumer confidence. You have to have confidence when you go to your bank your money will be there, so I am just trying to bolster that confidence," said Capriglione.

More than 10 companies have responded to a request for information from the State Comptroller and are interested in building or maintaining the depository.

NBC 5 looked at the bids. One submitted by a company called PMB&V said, "We are here in full support of Texas and their efforts to restore and defend our Constitution of this Republic to these United States of America."

Another from Texas Precious Metals offers, "A monument to the state of Texas."

Capriglione responded to the view some might have that this is a move for Texas independence.

"I am interested in Texas stability and economic growth. Those are the two things that matter," he said

Still, Texas independence is once again the spotlight. A group is gathering petitions to have a succession vote on the ballot.

Cal Jillson, political science professor at Southern Methodist University, said this whole idea of a depository is unnecessary simply grandstanding.

"It is simply grandstanding. It's the idea of Texas exceptionalism, that the whole country is going to hell and we may be the last ones standing, so we need to have our gold here at home," Jillson said.

Grandstanding or not, the gold depository bill had almost unanimous support from the legislature and received the stamp of approval from the governor.

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