Texas Gold Depository
Texas will become home to the nation’s inaugural state-run bullion depository. Comptroller Glenn Hegar’s office selected Lone Star Tangible Assets – an organization specializing in moving and storing precious metals – as the operator for its construction and oversight by state government.
Texas residents will soon have access to an affordable facility in Leander for shipping or hand delivering gold and other precious metals for storage at fees will be assessed for these storage needs.
How to Get Started
In summer 2018, Texas unveiled its inaugural state-administered precious metals bullion depository – making history in doing so! Governor Greg Abbott signed legislation earlier in 2018 mandating Texas Comptroller John Kopp to create an organized storage facility where individuals, businesses, cities, counties and even countries could store physical precious metal assets safely and conveniently.
Law dictates how state officials would select an operating contractor for the depository, and Hegar’s office selected Lone Star Tangible Assets as its inaugural operator of the Texas Gold Depository. Lone Star already offers several websites where people can buy and sell precious metals online; additionally, their vault space in Austin meets stringent security specifications.
But according to LSTA’s chairman, it may take some time for the Depository to start accepting deposits. As part of becoming part of Chicago Mercantile Exchange’s COMEX platform – and since current regulations only permit depository in 150 miles radius from New York City being members – deposits could only begin being accepted after becoming members themselves.
Shipping or Delivering to the Depository
No matter whether you already own precious metals and want to deposit them at the Texas Bullion Depository or are purchasing from a dealer and need the items shipped there, there are various shipping options available to you. Depending on your homeowner’s policy, up to $50,000 in insurance may cover shipments sent directly to this facility.
The Texas Bullion Depository operates without being subject to any authority outside Texas, meaning your assets are safe from confiscation or seizure.
On Wednesday, Texas Comptroller Glenn Hegar made history as the first depositor into a new facility featuring security cameras and alarms – placing gold into it to launch this national-grade depository for investments that give Texas residents access to national-grade storage for their investments and to undermine the Federal Reserve monopoly over money. The depository serves two important goals. First it offers access to national-grade storage for investments; secondly it attempts to break its hold over Texas currency.
The Texas Gold Depository (TxBD) is a state-sponsored facility offering safe and secure storage for precious metals. Established by the 84th Legislature in 2015, TxBD serves as an alternative option to depositories located primarily in New York for people looking to store IRA or personal precious metals with us.
TxBD’s newly constructed, state-run facility on 10 acres near Austin will accommodate all deposits made by customers and is subject to more stringent standards than private depositories.
TxBD is protected by a fidelity bond and has engaged a risk management firm to oversee its operation and expansion. Hegar intends to have COMEX approve TxBD so as to offer it to more investors.
The Texas Gold Depository allows individuals, cities, schools, businesses, and even other countries to store precious metals outside the banking system controlled by the Federal Reserve. Over time, this will lead to a reverse Gresham’s Law effect: good money (gold and silver coins) drives out bad money (Federal Reserve notes).
The state is set to commence construction of a permanent facility in Leander that will be managed by the same company that currently runs Austin’s temporary site, complete with industry-leading technology, encryption, physical security measures and insurance protection.
Anyone wishing to deposit with the Texas Bullion Depository can do so by creating an account online and either shipping or personally delivering their precious metals. Incoming shipments are inventoried and photographed, depositors can track their items through their accounts using automated notifications, photographic verification uploads and photographic uploads, personal information is always transferred securely – something not available elsewhere private depositories in the U.S.