TEXAS - Forget Fort Knox or the Federal Reserve, Texas has decided to start keeping its shiny bullion or gold holdings within in its own borders.
Texas is the only state that owns an actual stockpile of gold, according to public sector and financial industry experts — not just gold futures or investment positions, but approximately 5,600 gold bars worth around $650 million.
The Legislature's decision this summer to bring its gold cache home was hailed by both sides of the aisle who are suspicious of national government.
But for the Texas comptroller's office, which has to implement the policy, the catch is that the new Texas Bullion Depository exists in name but not reality.
The law does not say where the depository would be or how it should be built or secured. No funding was provided for those purposes or for leasing space elsewhere.
After the bill sailed through the Legislature, Gov. Greg Abbott signed it and tweeted: "California may be the golden state, but Texans deserve to keep their gold in-state!"
Texas' state-owned gold is held by the University of Texas Investment Management Company, the nation's second largest academic endowment behind Harvard.
It began gradually amassing gold futures in 2009 as a hedge against currency weakness in the recession. It eventually transitioned to physical bullion, and by 2011 had $1 billion worth.
It is unclear whether repatriating it could be done with an electronic transfer or would require a fleet of planes or armored cars.