AUSTIN, Texas – Forget Fort Knox or the Federal Reserve.
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Texas has decided to keep its gold holdings within in its own borders. But what makes sense politically in such a sovereignty-loving place is creating a logistical conundrum.
Texas is the only state that owns an actual stockpile of gold. That's not just gold futures, but approximately 5,600 gold bars worth around $650 million. It's currently stored at a New York bank.
The Legislature's decision to bring its gold cache home was hailed by many conservatives who are suspicious of national government.
But the Texas comptroller's office is now trying to figure out how to create a depository, for which no funding was appropriated. The bill's sponsor says he hopes private companies will offer to open one in exchange for charging storage fees.