Oklahoma to debate creating its own gold, silver bullion depository

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The urgency of keeping physical gold and silver bullion close at hand has only grown more intense in recent years as central banks race to the bottom to destroy their currencies in order to stay competitive in global trade.

Blanchard and Company has chronicled how central banks, particularly those in Russia and China, are beefing up their bullion reserves. Others, like Germany’s, are recalling their gold from third-party storage, no longer satisfied with having their national treasure locked up thousands of miles away, sometimes across oceans.

Following Texas’ lead: And here in the United States, Texas is moving in a similar direction, last year passing a law to recall the states bullion from vaults in New York. Its storage solution? To build its own depository within its own borders.

Now its neighbor to the north, Oklahoma, also could be casting its vote for precious metals. A bill pre-filed in the Oklahoma House would create a state gold depository, an important first step toward establishing gold and silver as commonly used legal tender in the state, reported the 10th Amendment Center.

Bullion for transactions: The bill would result in the opening of the Oklahoma Bullion Depository, which would serve as the custodian, guardian and administrator of gold, silver and other precious metals transferred or acquired by the state, or an agency, political subdivision or other instrumentality of the state. The depository would also accept deposits of gold and silver by private individuals.

The bill also sets the stage for gold and silver to become acceptable mediums of exchange in financial transactions. In short, a person will be able to deposit gold or silver and pay other people through electronic means or checks in sound money.

Dollars long-term path is down: The bill thus offers a rock-solid alternative to citizens who are worried about the direction of the U.S. dollar as represented by the Federal Reserves currency notes. Although the dollar has strengthened considerably in the wake of a nascent global financial crisis stemming from China’s slow down and the new oil bust, the greenbacks long-term trajectory is down, having lost more than 90% of its purchasing power since the Feds creation in 1913.

The Oklahoma bill going up for debate is a welcome advance toward returning to the gold- and silver-backed currency that our Founding Fathers intended, and its also a vote for state sovereignty by moving to store Oklahoma’s wealth where it belongs: in Oklahoma.