OKLAHOMA LATEST STATE TO CONSIDER BULLION HOLDINGS
Well this week we're back to a "sort of regular" blogging schedule as I am planning blogs for the 24th, 26th, 28th (Mon, Wed, Fri) plus our usual honorable mentions. And again, thanks to all of you submitting articles and stories.
This one comes courtesy of V.T., and if been following the stories of states passing bullion depositories and/or constitutional money resolutions, this story can be filed in the "more evidence of looming crack-up" category, because now the US State of Oklahoma is considering a bullion holdings bill:
The article is fairly self-explanatory, listing all the (eminently sound) reasons Oklahoma should protect the principal of its public investments from the ravages of federal monetary and fiscal policy. But there's something that caught my eye in this article, and it's the subject of today's high octane speculation:
Additionally, HB 3681 prescribes safekeeping and storage requirements. The State Treasurer would hold the state’s bullion in a qualifying, insured, and independently audited depository, free of any encumbrances and physically segregated from other holdings.
Oklahoma has become a sound money hotspot, already earning 11th place on the 2021 Sound Money Index.
The Sooner State ended sales taxes on purchases of precious metals long ago. This week, Sen. Nathan Dahm introduced two sound money bills to be considered before the Oklaghoma legislature. SB 1717 would establish a depository, governed by the Office of the State Treasurer, to serve as the custodian, guardian, and administrator of certain bullion and specie that may be transferred to or otherwise acquired by this state or an agency, a political subdivision, or another instrumentality of the state. SB 1480 would remove Oklahoma state income taxes from the exchange or sale of gold and silver sales.
Now note, in effect, what this means, should the bill pass. Initially, any bullion purchases and deposits could be held in any "qualifying, insured, and independently audited depository," such as, for example, the Texas state bullion depository. Note also that other bills pending in Oklahoma would establish its own state bullion depository, and presumably further mechanisms would be created for any financial clearing between the two state depositories should they ever begin to function in that capacity. With Oklahoma joining the moves for state bullion depositories, we've crossed the line: Texas is no longer odd man out, but rather, the phenomenon has become regional. If the trend continues one may expect Arkansas and Louisiana to join.
Time will, of course, tell whether these pending bills pass or not. But given the mood of the country I think it's only a matter of time, and only a matter of time before the idea spreads from state depositories, to regional ones owned and managed by several states. It's that "regional step" that I strongly suspect is the ultimate goal, a way out from under the thumb of an out-of-control swampgov. Again, of course, time will tell, but reading these stories over the years I've always come away with the impression that the genie is out of the bottle, and that the course is set.
See you on the flip side...
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