Dear Texas Legislators, Lt. Governor, and Governor:

 

We, the undersigned, believe that every American deserves a fair and equal opportunity to protect their finances, especially in the face of economic uncertainties. With rising inflation, and threats to the dollar, Texans and other Americans deserve an alternative to safeguard their hard-earned money. We understand that you have bills before you that would make your existing Texas Bullion Depository more fair, convenient, useful, and accessible for ordinary Americans to own, hold, and spend gold and hopefully silver as well.

 

In 1971, President Nixon suspended the dollar's convertibility into gold, calling it "temporary."[i] Since then, the value of the dollar has significantly decreased,[ii] while gold's value has maintained its purchasing power over that same period.[iii] What cost 15¢ in 1971 now costs more than $1. The wealthy can preserve their wealth owning stocks, bonds, and precious metals, but ordinary Americans struggle to access these opportunities.

 

Your current Texas Bullion Depository is very innovative and helpful but can and should be made even better. You can store gold there, but it isn’t transactional. And it’s not easy to buy gold or spend it. You should make it easy for real people.

 

Article I, Section 10 of the Constitution allows states to establish gold and silver coins as legal tender.[iv] Imagine enabling bullion depository customers to effortlessly convert a portion of their money into gold and silver and subsequently use a debit card for everyday purchases with these valuable metals. While this concept may seem futuristic, it's already a reality in other parts of the world through platforms with gold debit cards, where users can exchange dollars for gold and even pay for their morning coffee using gold via their MasterCard.[v], [vi], [vii]

 

You might wonder why people don't just utilize this existing service. The issue lies in the fact that gold held with the commercial offerings (or anywhere else) is currently viewed as a collectible rather than a currency under tax law.[viii]Moreover, the gold purchased through these platforms is stored in Switzerland.[ix] And people would like the option of a one-stop shop working through a trusted party like Texas. This is where your role becomes crucial. As state legislators and executives, you possess the authority to make this monetary option useful for all. 

 

Please give a fair hearing to the bills written to make the Texas Bullion Depository more convenient, accessible, and transactional. We believe you should offer everyday people the option of a gold-based, state-backed, constitutionally allowed option to buy, hold, transact, and preserve money. The wealthy already have this option. You can make it simple and easy for regular people as well just by essentially adding an ATM and debit card to your Depository.

 

Thank you for your public service. We look forward to you doing your best for our nation! Let's create a brighter financial future for all of us, not just the wealthy.

For more information, go to https://transactionalgold.com/

 
[i] https://www.imf.org/external/about/histend.htm
[ii] https://www.in2013dollars.com/us/inflation/1971?amount=100
[iii] https://fee.org/articles/why-gold-is-such-an-effective-weapon-against-the-governments-monetary-schemes/
[iv] https://constitution.congress.gov/browse/essay/artI-S10-C1-3/ALDE_00001099/
[v] https://nomadcapitalist.com/finance/gold-backed-debit-card/
[vi] https://glintpay.com/
[vii] https://youtu.be/I5ODuZIP7-s
[viii] https://www.investopedia.com/articles/personal-finance/081616/understanding-taxes-physical-goldsilver-investments.asp
[ix] https://glintpay.com/en_us/faqs/where-is-the-gold-stored-and-located/