Texas Gold Depository
The Texas Legislature, through the 84th Texas Legislature, passed legislation in 2015 that established the nation’s inaugural state-administered gold depository at Leander, a suburb just north of Austin owned and managed by Lone Star Tangible Assets.
Purpose is to provide individuals and companies a secure location to store precious metals for diversifying portfolios and protecting against economic uncertainty.
The Texas Bullion Depository is a state-owned facility providing storage of precious metals. Adherence to strict security regulations includes 24/7 CCTV surveillance and biometric entry controls; reinforced vaults; team of experts and collaborate with banks/credit unions/other depository partners on transactions efficiency improvement. They may offer gold-backed electronic payment system; as well as education initiatives designed to foster financial independence and economic stability.
This new facility will be twice the size of Austin’s current one and allow Texans to deposit gold and other precious metals closer to home. Lone Star Tangible Assets’ depository will employ more than 300 people when ready for business early 2018. LSTA Chairman Matt Ferris predicts it will open with enough capacity for 300 billion worth of precious metals — more than what Fort Knox can hold!
As economic instability rises, more individuals and financial institutions are diversifying their portfolios by investing in precious metals. At Texas Gold Depository, individuals and financial institutions alike can store their precious metals safely – while also supporting local economies through providing jobs and new investments.
The depository is housed in concrete and features three layers of concentric protection. Armed security monitors the vault 24/7/365; additionally, Texas law enforcement are stationed daily to provide additional back up.
Kaspar Companies of Shiner was established in 1898 and operates The Depository as part of their family business, serving Lavaca County ever since. Tarek Saab, co-founder and President, spoke to KENS 5 about what makes their facility so secure – in addition to being a bullion depositary they also sell and buy precious metals with sales tax exemption in Texas!
Due to economic uncertainties, investors have increasingly turned to precious metals like gold and silver as an insurance against future uncertainties. Unfortunately, finding a place for these precious metals to be stored has become an issue; that is why Texas created a depository which offers peace of mind to investors.
This facility will accept various precious metals such as gold, silver and platinum and is expected to expand in the future. LSTA hopes that by providing storage services they will assist people in diversifying their portfolios and mitigating economic uncertainty.
The Texas Depository will be operated by a private company and charge fees to depositors, with revenues shared among both parties – this allows Texas to keep more of its own funds while protecting it against economic turmoil, while providing depositors with increased security than with privately run depository operations.
When depositing precious metals at the Texas Gold Depository, you can rest easy knowing they will be treated according to stringent regulations and secured storage facilities. Furthermore, you have 24/7 access to account information and market value through an online portal – as well as withdraw and have them shipped back if desired.
The Texas Gold Depository, situated just north of Austin in Leander, provides an ultra-secure facility housing over 350,000 cubic feet of precious metals deposited by depositors – with all deposits insured for their full value and insured up to their worth.
A facility like this one can be an excellent option for anyone seeking a secure location to store their IRA gold, silver, or other assets. Thanks to its transparency and compliance with industry standards, its transparency can help build investor trust while guaranteeing financial stability for investors and supporting local economies by drawing investments; ultimately enhancing economic independence for the state in which the facility resides.