Ah, but the $64 question is when Texas asks for its physical gold back, what if the NY Fed says “no”?
This is pretty much what happened to Germany, when it asked for its $141 billion worth in gold back. After an entire year, Germany had only recovered some 5 tons of its gold, or gold *equivalent* to the gold they had reserved. Then with a political change of fortunes, Germany backed off and “decided to keep the rest of that gold in NYC.”
If Texas asks for the physical gold back, the New York Fed will say "Go talk to the people you deposited it with." It isn't with the New York Fed since they don't deal with private companies.