Texas Gold Depository
The Texas Gold Depository is a secure storage facility built in Leander, approximately 30 miles northwest of Austin. Owned and operated by Lone Star Tangible Assets, it was opened for business on April 18, 2016.
Lawmakers wanted to give Texans an alternative to depositories located primarily in New York City. UT/A&M Investment Management Company stores hundreds of millions in gold investments at banks there where it pays $1 million in annual fees.
Leander
The Texas Bullion Depository is situated on a 10-acre campus just north of Austin and within reach of both the Capitol and Comptroller’s offices, making it the nation’s first state-administered precious metals storage facility.
The project was first proposed during the 2013 legislative session after reading James Rickards’ book about an impending financial collapse and market meltdown. Plans were expanded in 2015 and now fall under the supervision of the comptroller of public accounts.
Lone Star Tangible Assets revealed its arrangement’s vulnerability when they informed the comptroller’s office of their plans to sell Leander site. Although Lone Star currently has a contract with the state through 2019, new ownership may force it to relocate the bullion elsewhere, potentially incurring millions in cost and necessitating moving thousands of segregated client accounts as part of that move.
Dallas
Dallas was chosen as a site for the inaugural state-administered depository due to its advantageous qualities: sales tax-free status, world-class super hub airport with access to 79 major markets overnight and an established network of gold dealers. Furthermore, due to its strategic geographic centrality within the US economy and strong economy. It attracts business leaders from around the globe.
TPMD in Shiner may not look like much from the outside; it’s just another unassuming brick office building on a country road near a tractor dealership – but inside is another world altogether! Clients of TPMD enjoy fully segregated storage of their precious metals that never mix with anyone else’s assets; all backed up by Lloyd’s of London insurance to provide peace of mind during financial crises. TPMD offers secure storage solutions for gold and silver IRAs and ensures your investments will always remain protected
Fort Worth
Texas Bullion Depository will enable citizens to securely store precious metals such as gold, silver and platinum. Their facility is fully insured for peace of mind while storage fees depend on how much gold has been placed into storage. In addition, IRA depository services are also offered by this company.
In January, Leander will welcome its own high-security vault – class 3 vault – while Austin area locations for future facilities containing even higher security ratings are being investigated by LSTA.
While the new depositories will provide some measure of security, they won’t be able to compete with Chicago Mercantile Exchange’s COMEX platform due to COMEX’s requirement that approved depositories must be within 150 miles of New York city. But that should not be an issue given that LSTA caters more toward investors looking for precious metal investments for retirement accounts or other uses.
Houston
The Texas Gold Depository offers individuals, businesses, cities, counties, and even countries a safe place to store precious metals. Operated out of Austin-based Lone Star Tangible Assets, it provides people with an online system to purchase coins and bullion from dealers in Texas without incurring sales tax when having it shipped directly into Texas without hassle or tax burdens. At present the facility houses bullion in its UL-rated Class 3 vault while an additional building will soon be constructed next door for more extensive storage needs.
Lawmakers passed legislation creating the depository during the 2015 legislative session, spearheaded by Rep. Giovanni Capriglione of R-Southlake. The aim was to offer an alternative to depositories located near New York City; anyone within or outside the state could access the depository, paying storage fees that generate revenue for the state compared with COMEX which provides standardization for physical trading of commodities; unlike its membership requirements for customers.
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