The First Alternative to Federal Reserve Dollars is Here.

Texas has passed a bill to create it's own precious metal depository with the intent to have Texans, citizens of other states, other states, and even perhaps foreign countries deposit their gold there. This would be outside of the banking system, outside of the reach of the COMEX so that precious metals held there could not be used to short the metals. The company which will run it for the state is an Austin based company. But, citizens will not have to drive to Austin to interact with the depository as they are planning on having licensed dealers throughout the state and maybe throughout the country. There is an intent for citizens to be able to transact as currency against their deposits. This would be the first currency alternative to the Federal Reserve Dollar.

Texas also has a bill which would allow the direct use of gold and silver in transactions as currency. This would allow a person to make purchases with their bullion. The best part is that they also propose that there would be no tax consequence to the use of gold and silver as currency.

Texas has long been a state advocating a healthy alternative currency to the Federal Note Dollars. In 2013 the state passed a bill removing the tax on purchases of precious metals below $1000. Purchases above that figure were already exempt.

Oklahoma and Utah have already passed similar legislature allowing the use of gold and silver as currency.

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