LaCoste-Caputo also said that gold storage fees UTIMCO
pays would have to be cheaper at the Texas depository than it currently pays in New York for the organization to make the switch.
At current prices, it would cost UTIMCO
approximately $1 million to store the delivered bullion -- much less than the $4 million that an ETF provider such as SPDR Gold Trust would charge for that much exposure.
Investment proposals are developed by the UTIMCO
staff without consideration of political affiliations.
A major Bush donor also served as the first chair of the UTIMCO
staff and Board, and everyone associated with the UT and A&M Regents and Systems, are remarkable people contributing so much to the state," Zimmerman said.
With Bush's support and the sponsorship of legislators associated with the governor, the UTIMCO
bill passed through the capitol in 1995 with very few questions asked.
The new law does not require UTIMCO
to move its gold to the state's depository.
The first condition: The cost of storing the gold at the depository must be cheaper than what UTIMCO
currently pays to keep it in New York.
Texas Tribune: How are things at UTIMCO
today relative to how you found them seven years ago?
Capriglione said he was still in discussions with UTIMCO
over the amount of gold that should be stored in Texas.