Texas wants its gold back from the Yankees, wherever they’re keeping it.
Governor Greg Abbott signed a law last week to build a depository for its 5,600 bars of the precious metal and, as he said in a statement, “repatriate $1 billion of gold bullion from the Federal Reserve in New York.”
The gold, it turns out, isn’t at the New York Fed — it’s in a rented vault in midtown Manhattan — and is worth about $650 million. Regardless, Texas aims to bring it home.
“We want to show off our strength and resilience,” said Giovanni Capriglione, the Republican lawmaker who sponsored the repatriation bill. “This is to be able to say, ‘Hey, listen, Texas is unique, it’s stable, it’s strong and we can show that by letting other states and individuals know that, yes, Texas has a billion dollars worth of gold. Does your state have a billion dollars worth of gold?’”
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