Texas Bullion Depository

At the 84th Legislative Session, lawmakers created the Texas Bullion Depository as a replacement to depositories predominantly located around New York City. This facility allows individuals, businesses, cities, counties and government agencies to store precious metals.

UTIMCO announced it plans to move its gold to Texas if two conditions are fulfilled: it costs less to store there than New York and that Texas depository joins COMEX as a member.

What is the Texas Bullion Depository?

The Texas Bullion Depository is an institution where people can store precious metals like gold and silver safely. Owned by the State of Texas and managed by a private contractor under Comptroller oversight, its team includes experts with expertise in business operations, computer security, physical and vault security, shipping & receiving operations, metal assaying assaying services as well as client service & marketing.

Customers can deposit precious metals at a temporary facility in Austin or ship or deliver them directly. Once a permanent depository in Leander opens, armored trucks will transport metals from Austin’s storage facility directly to Leander for deposit.

The depository provides precious metal owners with peace of mind by offering an insured facility that stands out from others privately-owned in the U.S. For those interested in opening an account at this depository, their website can provide more details.

Why is the Texas Bullion Depository important?

As political and economic turmoil has increased, more Americans have turned to precious metals as an investment vehicle. With its mission of being the country’s first state-run gold depository, Texas Bullion Depository makes it easier for residents of Texas to store their bullion safely, securely, and tax-free.

People began depositing metals at the Texas depository this week after it was established by the state. This facility is insured and boasts complex security measures to safeguard people’s investments, according to Lone Star Tangible Assets executive director Matt Ferris. Glenn Hegar deposited his gold at the depository Wednesday, hailing it for helping Texans feel good about their wealth – though Hegar believes its creation may also serve as a step toward true economic independence; according to Hegar it marked one of the highlights of an otherwise lackluster session in terms of both its achievements and ambition.

Who will use the Texas Bullion Depository?

Texas depository facilities are open to individuals and companies from Texas as well as any other state; providing an alternative solution to depositories around New York City for precious metal owners seeking safe storage for their assets in Texas.

Texas Bullion Depository not only offers convenience for residents of Texas, but mining operators can take advantage of it to store gold and other precious metals safely at an economical rate – eliminating counter-party risk altogether!

Glenn Hegar selected Austin-based Lone Star Tangible Assets (LSTA) as the vendor to build and operate the first state-administered bullion depository in America. Hegar signed a five-year contract with LSTA that includes two one-year renewal options and is working closely with them both to get this facility up and running as quickly as possible; deposits should begin arriving sometime next year though its exact location has yet to be disclosed due to security considerations.

How will the Texas Bullion Depository be operated?

Lone Star Tangible Assets of Austin will manage the depository without incurring additional taxpayer costs. A temporary facility located within their existing warehouse in Leander is currently being utilized, though plans have been unveiled to construct a larger and custom facility in this same area of Texas.

Depository services will also offer depositors insurance against their precious metals; while storing their metals with us may not be required, many investors find this an appealing option.

The University of Texas System currently stores its $861.4 million gold bullion investments with HSBC Holdings in New York for which it pays annual storage fees estimated to total $606,000. UTIMCO has stipulated two conditions before any move can take place: it cannot cost more to store bullion there than New York; and that the depository be a member of COMEX which oversees metal quality transfer between accounts.

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