Tag: gold

TX Gov Signs Law Allowing Texans to Use Gold, Silver as Legal Tender

Texas residents can soon use gold and silver bullion as legal tender in everyday transactions following a bill signed into law by Gov. Greg Abbott (R).

“I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions,” the Texas governor declared on X Sunday after signing House Bill 1056.

“It fulfills the promise of Article 1, Section 10 of the U.S. Constitution,” he added.

Article I, Section 10 Clause 1 of the U.S. Constitution states:

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

The law, which takes partial effect May 1, 2026, and goes into full effect Sept. 1, 2026, authorizes the State Comptroller’s office to establish electronic payment systems “backed by bullion” stored at the Texas Bullion Depository, though it does not require vendors accept the precious metals as payment.

Gold and silver used in transactions must also meet certain requirements, and cannot be minted by governments, but bullion from private minters like Apmex is fine.

Bill author Rep. Mark Dorazio (R-San Antonio) at one point in 2024 said the measure “makes gold and silver functional money in Texas,” adding, “It has to be functional, it has to be practical and it has to be usable.”

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The Truth About Fort Knox and Gold Leasing

Whatever happened to the Donald Trump and Elon Musk visit to Fort Knox?

You’ll recall the buzz from earlier this year. Trump and Musk loudly announced they were going to visit the U.S. bullion depository at Fort Knox, Kentucky to make sure the U.S. gold was actually there. The press was invited to tag along. Musk claimed that his DOGE team was ready to “audit” the gold bars to see that there were none missing. I had my own views on the announcement (described below) but I certainly agreed this would be the mother of all photo ops.

For the record, the U.S. Treasury holds 8,133.5 metric tonnes of gold in the U.S. reserve position. Slightly less than half of this gold is stored in Fort Knox. The remainder is mostly stored in a secure vault at West Point, New York. The exact location of that vault is classified although I happen to know where it is. A small amount is held at the Denver Mint for coinage purposes. Legally the U.S. Treasury owns the gold reserve, but I point out that the U.S. Army actually controls it since almost all of the gold is stored on two Army bases – Fort Knox and West Point.

A Fort Knox Extravaganza

None of this nuance about storage and location deterred Trump and Musk. In the popular imagination, all of the gold is in Fort Knox. That’s where they were headed to prove once and for all that the gold was actually there. Elon Musk planned to livestream the entire visit using his Starlink satellite system. Trump vaguely threatened that if any gold were missing, there would be disastrous consequences for any wrongdoers who removed it. The plot was set. The drama seemed irresistible.

As an aside, I was hoping that Trump and Musk were each reasonably fit and had been lifting some free weights. Gold is heavy! In fact, it’s one of the most dense materials in the periodic table of the elements, leaving aside radioactive elements like uranium and some of the trace elements that only exist in minute atomic-level quantities. A standard 400-Troy Ounce bar weighs 27.4 pounds in the English system. I’ve lifted a few during my visits to secure gold vaults. I always smile for the camera, but inside it takes a lot of strength to keep the gold bar in the air. I was concerned that Trump or Musk might strain their backs putting on a show for the press.

Trump mentioned the proposed visit to Fort Knox in a meeting with French President Emmanuel Macron. He mentioned it to reporters aboard Air Force One. He mentioned his plan again in remarks before the National Governors Association Conference and at the Conservative Political Action Committee (CPAC) annual meeting.

Then suddenly the whole story went away. Trump never mentioned it again after February 26. Musk went radio silent on the topic after April 6. There was no visit to Fort Knox. There was no announcement about why there would be no visit. It was as if the whole story never happened. It just went away.

Now, Elon Musk is leaving his position as head of the Department of Government Efficiency (DOGE). That was always in the cards. Musk’s appointment was as a temporary government employee; he was always going to leave about now. But why not put on a memorable gold show during his time in office? It simply never happened.

The Question Is, Why?

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Bill to Audit U.S. Gold Reserves Introduced in Congress

In a small step toward ensuring transparency and protecting U.S. economic stability, legislation to fully audit U.S. gold reserves was introduced in Congress last week.

H.R. 3795, titled the Gold Reserve Transparency Act of 2025, is sponsored by U.S. Representative Thomas Massie (R-Ky.) and co-sponsored by Representatives Warren Davidson (R-Ohio), Addison McDowell (R-N.C.), and Troy Nehls (R-Texas). According to a press release by Massie’s congressional office, the bill would require “the Comptroller General to conduct and publicly release a full audit of gold reserves held by the United States. The Comptroller General’s audit will include gold held in ‘deep storage’ locations such as Fort Knox, Kentucky.”

The press release continues:

The Gold Reserve Transparency Act of 2025 further requires the Comptroller General to conduct subsequent audits of the nation’s gold reserves every five years. In addition, the Comptroller General is instructed to report on the sufficiency of measures currently in place to ensure the physical safety of the gold reserves, to provide a full accounting of encumbrances against the gold reserves, and to document any sales, purchases, disbursements, or receipts over the past 50 years that have affected the gold reserves.

In a post on X, Massie stated:

In February, President Trump said he wanted to go to Fort Knox to “make sure the gold is there.” This bill provides the full disclosure President Trump seeks.

A full audit of U.S. gold reserves — as well as of the Federal Reserve — is long overdue. In a 2015 article titled “Has the Federal Reserve Sold the Gold at Fort Knox?” The New American reported on indications that the U.S. mint could not account for U.S. gold reserves and that the Federal Reserve secretly misused them, amid calls at the time to conduct an audit. The article reported:

There are many who claim that the Federal Reserve doesn’t want a proper audit because the gold is not there, at least not all of it. Some groups believe that as part of its effort to manipulate the economy, the Federal Reserve has sold the gold.

Not until 10 years later did this issue gain widespread attention, after Elon Musk and U.S. Senators Mike Lee (R-Utah) and Rand Paul (R-Ky.) highlighted the lack of transparency at Fort Knox.

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DeSantis Signs Gold Money Legislation Into Law

Florida Gov. Ron DeSantis signed “transactional gold” legislation on Wednesday, aiming to help Floridians use precious metals in commerce and savings to protect their purchasing power from inflation.

The move can also protect the freedom and privacy of citizens if federal policymakers were to ever revisit Biden-era plans for tools such as a central bank digital currency, the governor said. Those federal proposals were among the key reasons this sort of state policy was pursued in the first place, he said.

The new law, passed unanimously by lawmakers in both chambers, aims to create a system that citizens can use to buy, store, sell, save, and transact with gold and silver.

It creates a framework for precious metals to become a part of everyday commerce, with backing and authorization from the state.

Eventually, the law will pave the way for consumers to use a debit card-style card or app to pay for everyday needs with precious metals held in a depository. Merchants, though, could choose to be paid in dollars if they prefer.

The metals are now considered “legal tender” under state law, too, making them exempt from state sales taxes.

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Gadhafi’s ‘Missing Billions’ Stashed in US and Southern Africa, Officials Say

Billions of dollars stolen by former Libyan leader Moammar Gadhafi are hidden in clandestine bank accounts and secret vaults in the United States and two southern African countries, say intelligence operatives and financial investigators.

The latest news was first reported by online magazine, Africa Confidential, on May 9.

According to the report, Libya’s Asset and Management Recovery Office says at least $50 billion in oil revenues pillaged by Gadhafi between 1994 until his murder in 2011 were invested in “debt instruments”—including treasury bonds—using front companies, nominees, and banks that routed the money via Europe to the United States.

Separately, intelligence agents and a former top government official in Pretoria told The Epoch Times about $20 billion stolen by Gadhafi is spread across banks in South Africa.

They added that $30 million in cash flown by Gadhafi to South Africa in the months before his execution by rebels is now hidden in Eswatini—the small kingdom neighboring South Africa and the continent’s last absolute monarchy that was formerly called Swaziland.

The man leading the hunt for Libya’s missing public funds, Asset and Management Recovery Office Director-General Mohammed al-Mensli, confirmed that hundreds of billions of dollars were stolen during Gadhafi’s brutal military rule.

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Medieval alchemy dream comes true: How physicists made gold from lead

In a breakthrough that would make medieval alchemists envious, scientists at Europe’s Large Hadron Collider have successfully transformed lead into gold, producing 89,000 atoms per second.

The Large Hadron Collider (LHC) is a giant particle accelerator that smashes atoms together at super-high speeds. Scientists there have found a way to knock three tiny particles called protons out of lead atoms, turning them into gold atoms.

The team behind this discovery, called the ALICE collaboration, used a unique way to create gold. Instead of crashing lead atoms head-on, they looked at what happens when the atoms just barely miss each other. Researchers explained that when this happens, powerful electromagnetic fields around the atoms can cause them to change into different elements.

“It’s impressive that our detectors can handle both major collisions that create thousands of particles and these smaller events that make just a few particles at a time,” Marco Van Leeuwen, who leads the ALICE project, said in a press release.

During one period of experiments from 2015 to 2018, the scientists created about 86 billion gold atoms. That sounds like a lot, but when you add up all that gold, scientists said it only weighs about 29 picograms, which is less than a trillionth of a gram. You’d need trillions of times more to make even a tiny piece of jewelry.

The machine can create about 89,000 gold atoms every second, but each atom only exists for a tiny fraction of a second before breaking apart. Recent upgrades to the machine have almost doubled the amount of gold it can make, but it’s still far from practical use.

According to Uliana Dmitrieva, a scientist for the ALICE collaboration, this is the first time scientists have been able to detect and study gold production at the LHC in this way.

“Thanks to the unique capabilities of the ALICE ZDCs, the present analysis is the first to systematically detect and analyse the signature of gold production at the LHC experimentally,” Dmitrieva said in the release.

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Treasure Hunter Claims to Have Found Legendary Lost Nazi Gold Train

An anonymous treasure hunter claims to have found the location of the legendary ‘Nazi gold train’ said to have been filled with riches from World War II and hidden in Poland. The subject of countless searches in the past, the apocryphal cache of pilfered priceless pieces is thought to have been buried in the Polish city of Wałbrzych. Talk of the treasure has been rekindled this week after a local media outlet revealed that community officials received a mysterious missive earlier this year wherein a man asserted that he found three WWI railroad cars hidden in a sizeable tunnel in a forested area of the city.

Sharing details on the letter, Wałbrzych spokeswoman Kamila Świerczyńska described the man’s claims as “substantive and concrete.” She also noted that the missive included several attachments with maps, geodetic data, and a witness account from a resident who lived in the area when the train was allegedly hidden. While the treasure hunter asked that his name be withheld from the public, Świerczyńska noted that city officials met with the man, who explained how he determined the location of the lost gold train by “analyzing various sources and documents.”

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Biden Illegally Snatched Up Public Land, But SCOTUS Can Give It Back

There’s something undeniably American about searching the American Southwest for gold. As a young man, Mark Twain traveled to the Nevada Territory and, among other adventures, became a gold and silver prospector.

He wrote about the thrill of a strike: “You sweat and dig and delve with a frantic interest — and all at once you strike it! Up comes a spadeful of earth and quartz that is all lovely with soiled lumps and leaves and sprays of gold.”

Like so many throughout history, Twain’s search for gold wasn’t about the riches—it was about adventure. One of Twain’s contemporaries, Ralph Waldo Emerson, put it this way: “The desire of gold is not for gold. It is for the means of freedom and benefit.”

If you ask Dan Torongo, that’s it exactly. 

Most of the time, Torongo is an engineer with his own firm in Brighton, Michigan. He specializes in gas and diesel aftertreatment systems and components, in clean air. But his family caught the gold bug as far back as the 1970s and has long held claims in the Chuckwalla Mountains of California.

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The Danger of Traveling with Gold

Two men were pulled over while driving on I-20 in Texas, carrying $250,000 worth of gold bars. US law permits and encourages law enforcement to confiscate assets. Civil asset forfeiture enables the government to simply seize assets and declare that the owner is guilty of money laundering before any due process occurs.

“We have to be able to prove what that criminal activity was, in other words how they got the money that they laundered. A lot of times that’s hard when your case starts with a traffic stop,” DA Tonda Curry said. Officers and drug sniffing dogs searched the men and their vehicle but found nothing aside from the gold. Curry initially attempted to pin the men with money laundering charges but could not make a case. The DA then determined that the men were involved in some criminal organization “that defrauds the elderly with investment-type scams.”

Since they were instantly charged with a crime, the law permitted the officers to confiscate the gold. “So he can’t give it back to them and let them go on down the road, it’s not theirs,” the DA explained, saying that charging the men with a civil case would be easier to prove than an actual criminal investigation.

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The Gold At Fort Knox Was Stolen From Americans

In recent days, President Donald Trump, Elon Musk, Senator Rand Paul, and some others have pressed for an audit of the US gold reserves, with a special focus on the gold at Fort Knox. This is perfectly reasonable given that the US gold reserves – which are the property of the US Treasury and not the Federal Reserve – have not undergone even a partial audit in at least forty years.

Part of the reason for the audit is to discover if any of the gold has been stolen. The US Mint, the government agency that acts as custodian of the gold, has reported for many years that the official size of the gold reserve is 8,133.46 metric tons of gold. Since there has been no audit in so many decades, though, the Mint’s position is essentially “trust us, bro.” Trusting federal bureaucrats has never been a particularly wise policy, and this is why there are ongoing demands for some sort of transparent audit.

If the total size of the US’s gold holdings is revealed to be a number below the official number, then it will just be the latest reminder that there a great many thieves and incompetents among the people running the US federal government. After all, if there is less gold than reported in the US gold reserves, it was presumably stolen at some point.

This would be a fitting destiny for the US government’s gold since much of that was stolen to begin with. When I say “stolen,” I don’t even mean in the sense that “taxation is theft” and that the US bought the gold using tax dollars. In truth, the way the US Treasury acquired much of its gold hoard is even more underhanded than ordinary taxation.

Rather, it is likely that most of the gold at Fort Knox, as with the US regime’s gold in general, is gold stolen from ordinary Americans as a part of Franklin Roosevelt’s efforts to end the gold standard and confiscate private gold holdings in the United States. That is, the US gold reserves are a legacy of the way the US government reneged on its promises to redeem US dollars in gold. Rather than pay out the gold that was owed to holders of US dollars, the US government hoarded it instead. That stolen gold is what the auditors will be counting if the US government ever allows an honest accounting of the Treasury’s gold reserves.

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