Texas Gold Depository
The Texas Gold Depository is the nation’s first state-owned and operated vault to offer multiple layers of security to safeguard precious metal assets, with real-time monitoring by armed security specialists as well as being covered by a Lloyd’s of London insurance policy.
Glenn Hegar’s office selected a firm specializing in moving and storing precious metals as the contractor to construct and manage the Depository with state supervision.
Austin recently saw the inaugural state-controlled bullion depository open, near Capital Metro railroad tracks in north Leander. It will house precious metals including gold and silver. Leander can expect national recognition thanks to an economic incentive deal struck between Leander, Williamson County, and the company operating the depository; exact details remain confidential due to security considerations.
The Texas Bullion Depository utilizes multiple layers of security to safeguard the chain of custody for precious metal assets from when they’re deposited to when they are withdrawn and shipped back home or liquidated for cash. Unlike private depositories, however, the Texas Bullion Depository is subject to stringent standards and oversight.
State Comptroller Glenn Hegar was the inaugural user of the new depository facility when he made a deposit from his personal gold to Lone Star Tangible Assets at their Austin facility earlier this week. Lone Star Tangible Assets representatives also assisted, while Southlake Representative Giovanni Capriglione who wrote legislation creating the state agency was present to witness.
Texas Gold Bulion Depository, or TxBD, has opened in north Austin to provide Texas residents with an alternative storage solution similar to Fort Knox. Their fees mirror those charged by banks while accounts can be opened by financial institutions, cities/school districts/individuals alike.
TxBD was established by the 84th Texas Legislature in 2015 as an alternative to depositories located predominantly around New York City for precious metal owners seeking local storage solutions. Comptroller Glenn Hegar made history Wednesday when he deposited his precious metals at this fully insured facility – becoming its inaugural user!
From the outside, TxBD may look like any ordinary office building along a tree-lined country road near a tractor dealership, yet its windows are narrower than usual and boasts multiple-layered security measures. Furthermore, all metals stored within its vaults have individual seals so there are no questions as to who owns what.
This depository will be open to Texans seeking safe storage of precious metals as well as investors from other states or countries willing to pay fees to utilize its services, according to Matthew Ferris, chairman of LSTA. Additionally, state revenue will be shared between both entities according to prepared statements released by LSTA chairman Matthew Ferris.
Lone Star Tangible Assets, which operates the first Texas bullion depository located in Austin, has hired a former Travis County sheriff’s SWAT team leader as its security director to manage operations at this facility.
At first, the depository was planned as a new home for millions of dollars worth of gold investments made by University of Texas Investment Management Company, the nonprofit asset manager overseeing assets for UT System. UTIMCO currently stores its gold at a bank in New York City that charges to store it; however, due to legislation passed during 2015 legislative session which did not compel UTIMCO to move their gold investments there.
The Texas Gold Depository is a state-run storage facility offering private investors and public institutions safe storage solutions that adhere to higher standards than private companies’ depositorys. Offering clients 24/7 online viewing access of their metals stored with TBD ensures 100% client property remains uncommingled or allocated while always remaining 100% client property.
The depository is supported by the state of Texas, and managed by Lone Star Tangible Assets under supervision by its Comptroller’s Office. Lone Star Tangible Assets also undergoes annual audits conducted by an outside auditor before reporting back to them directly.
The Texas Gold Depository stores physical gold, silver, platinum and palladium bullion as well as rare coins held by self-directed IRAs and digital gold wallets held by self-directed IRAs. Their facilities are fully insured with Lloyd’s of London and adhere to stringent “dual control” policies – an integral component of Texas’ effort to diversify its economy while showing their dedication and strong support of their constituents.
Comments are closed here.