Texas Gold Depository

Texas lawmakers approved legislation in 2015 creating the country’s inaugural state-run gold depository, making Texas home to its inaugural gold storage bank. Financial institutions, cities, school districts, businesses and even other nations can use this facility to store precious metals such as gold safely – with fees generated from storage fees providing revenue for Texas state government.

Glenn Hegar’s office entrusted Lone Star Tangible Assets with creating and operating its depository. Lone Star is an industry expert when it comes to storage and shipping solutions.

Located in Leander

The Texas Bullion Depository, situated on 10 acres north of Austin in Leander, will hold up to $350 billion worth of precious metals and can expand as more assets come through the door in future years. Due to security considerations, its exact location remains confidential for now; however Lone Star Tangible Assets from Austin operates this vault which employs “latest developments in perimeter detection and protection technology along with time-tested physical and mechanical security methods”.

TxBD stores all gold, silver, platinum, rhodium and palladium with complete segregation and individual sealing for added security. Furthermore, TxBD annually audits their inventory as part of an all-risk policy with Lloyd’s of London, one of the world’s premier insurers of specialized assets.

Governor Greg Abbott signed legislation creating the depository into law in 2015, noting it would ensure Texas’ gold reserves would remain safe while also keeping taxpayer funds from leaving state by paying storage fees to facilities outside Texas.

Opened in June 2018

Lone Star Tangible Assets opened the nation’s inaugural state-administered precious metals depository on June 6, at their Austin facility with assistance from Lone Star Tangible Assets’ current facility and the comptroller’s office. Together they created and operate this depository.

Comptroller Glenn Hegar became its inaugural depositor, depositing part of the $1 billion gold bullion owned by University of Texas/Texas A&M Investment Management Company held at HSBC Bank in New York. Hegar praised the depository, noting it provides Texasans a safe way to store precious metals.

The depository accepts deposits of gold, silver, platinum and rhodium; storage fees from customers generate revenue for the state. Customers can open an account online and choose either ship or personally deliver their precious metals; their account information can be accessed 24/7 using industry-leading technology incorporating encryption, physical security and audit trails so their information never stays unprotected – plus there’s even a UL-rated Class 3 vault and fully-staffed facility as part of the package!

The first state-owned gold depository in the U.S.

State bullion depository systems represent an enormous power shift away from the Federal Reserve’s monopoly over money. Furthermore, it creates an infrastructure which allows individuals, businesses, cities, schools, governments and other countries to use gold and silver payments for goods or services purchased or services received.

Lawmakers first proposed the depository in 2013, when State Representative Giovanni Capriglione of Southlake introduced a bill through the House that called for an independent company to store and trade precious metals on behalf of the state, with storage fees providing revenue for it.

Comptroller Glenn Hegar announced earlier this year that Austin-based Lone Star Tangible Assets (LSTA) would receive the contract to operate his bullion depository, following a two-year review process conducted by his office which sought proposals from companies providing safe storage solutions for bullion.

Hegar states that the LSTA team offers expertise in “all aspects of gold and precious metals operations” including trading and vaulting services for customers that don’t necessarily need to be COMEX members, according to Hegar.

Become a customer

Join the Texas Bullion Depository (TPMD) as a customer and store physical precious metals securely with them! TPMD offers secure storage solutions to individuals, IRA custodians, family offices and larger institutions alike – offering private storage that is segregated physically while fully insured for peace of mind. Each deposit and withdrawal process is digitally verified with multiple layers of security to ensure proper chain of custody.

Lone Star Tangible Assets was selected by the state for this project; an upstart coin dealer. Lone Star signed a five-year contract to run and charge fees per transaction at its facility.

Hegar’s bill does not mandate UTIMCO to move its $647 million worth of gold bullion back to Texas; rather, it imposes two conditions. Storage must not cost more in Texas than New York, and depository facilities must be within 150 miles of COMEX; though that could prove challenging; not all COMEX members operate depository facilities.

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