On June 12 the comptroller for the state of Texas finally named a head for its Gold Depository project and are in the process of finding a third party entity to run the new infrastructure.
The Texas Gold Depository will be something much greater than simply a state run institution to house gold and other precious metals. It will be a way for other government agencies, corporations, and even individuals to both store gold, and then use that collateral like a bank account where they can draw and conduct financial transactions using the gold as if it were cash deposits.
Tom Smelker just became one of the most important men in Texas because he’s in charge of protecting the state’s gold.
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