Gold Depository Could be the First Step Toward a Texas Commodities Exchange

First, state lawmaker Giovanni Capriglione wants to bring state-owned bullion home to Texas. Next up; a trading floor to rival Chicago or New York?

By Michael MarksMarch 17, 2017 12:47 pm

Many don’t know it, but Texas has a gold depository, where bullion belonging to the state is stored. Right now, the gold rests in a vault at a New York bank, but one advocate in the state house aims to bring it home to Texas, and do a lot more, besides.

State Rep. Giovanni Capriglione (R-Southlake) sponsored the law that created the Texas Gold Depository. It passed during the 2015 legislative session. This time around, Capriglione has offered a ‘cleanup’ measure that facilitates the creation of a physical depository, and a gold exchange, where private bullion-holders could trade.

“Frankly, the idea of bringing Texas gold back from New York City sells well. But it will also essentially create this exchange. I’m hoping that it [will be] something like the Chicago Mercantile Exchange, or the New York Stock Exchange or the New York Comodities Exchange. I believe given all the resources and commodities that Texas has – oil, natural gas, cotton, and so on – that Texas can be bigger than New York or Chicago.”

What you’ll hear in this segment:

– What needs to happen to bring the gold depository to Texas soil

– How private citizens could store and trade gold under the auspices of the depository

– How the ‘gold cleanup bill’ would address regulatory issues

– Why Capriglione feels bringing gold back to Texas is important