Bullion Backed Transaction System

A Star-Telegram article from September 2015 titled "Where will Texas' gold rush be?" stated that the plan for a Texas Bullion Depository, signed into law by Gov. Greg Abbott, drew attention on a national scale. The depository, which would be the first of its kind, would provide a secure option for storing personally owned precious metals and would also establish an opportunity to bring home over $1 billion in gold bars stored in other states. 

A Texas Bullion Depository could also create an opportunity to implement a bullion backed transaction system. Mark P. Jones, a political science professor at Rice University in Houston, was quoted saying, "[It would] allow private citizens and companies to exchange goods and services based on their deposits, in some respects [creating] a mini-gold standard here in Texas." 

The article stated that the details of the Texas Bullion Depository are not finalized, saying, "State officials still have to hammer out the details — figuring out where it will be, ensuring the safety and security of the assets and developing rules and regulations to guide the service."

United States' first gold-based transaction system
Private Companies and the Precious Metal Depositor...


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