Jim Rickards interview on Bloomberg regarding bi-partisan support for bill in Texas to take its gold back from the NY Fed.
Some key points:
- Prudent move in light of all the confiscation going on, most notably Cyprus.
- When all else fails, you deflate against gold (gold never changes in value, it’s just currencies go up and down)
- The US Government has a history of gold seizures, Texas doesn’t.
- 13 states have pending legislation to make gold legal tender in the US.
- With physical gold on deposit you can tell the Federal state get lost.
- There is a global re-monetization of gold ongoing.