Texas Gold Depository
The Texas Gold Depository is the nation’s first state-administered precious metals storage facility open to the public, employing cutting-edge technology, encryption and insurance coverage to safeguard clients’ assets.
Glenn recognizes the desire of Texans to store their gold close to home rather than incurring expensive storage fees in New York, so he signed the bill to establish the Leander Depository.
Location
Gold is an invaluable asset that can diversify an investment portfolio and protect against economic volatility. Gold can be stored at several renowned facilities such as Fort Knox or London’s Bank of England Gold Vault; for a secure option to store precious metals there’s the Texas gold depository as well.
The Texas Bullion Depository, situated in Leander, Texas is a state-owned facility managed by an experienced company in the gold industry. Their security procedures adhere to international standards.
Lloyd’s of London provides full insurance and the United States government backs it, with storage fees calculated based on the value of gold or other precious metals in your account. Your metals will remain private segregated so as never to mix with those from other depositors.
Hours
The Texas Bullion Depository is the nation’s first of its kind and overseen by the Texas Comptroller, comprising experts in business operations, computer security, vault operations and metal assaying. Customers include financial institutions, cities, school districts, individuals and foreign governments.
The Texas Bullion Depository not only stores precious metals but also other valuables like documents and electronics. Annual storage fees start at 0.5% of their value.
Since summer 2018, Texas Depository for Precious Metals (Texas DPM) has offered investors a secure location for them to store their precious metals without incurring storage fees in another state. Situated on a 10-acre campus just north of Austin, Leander depository also provides investors with convenient storage.
Security
As an agency of the state, the Texas Bullion Depository must meet higher standards than private depository services. Staffed with professionals from the precious metals industry with expertise in security, technology and facility management – the depository is also insured.
Depository facilities could collect deposits from financial institutions, cities, school districts, businesses and individuals; it may even attract international clients that will help accelerate its growth and give states greater competitive advantages over competing locations.
Glenn believes Texans should have access to secure storage options closer to home for their gold. Right now, the University of Texas Investment Management Company keeps roughly $650 million worth of gold at a major bank in New York and pays almost $1 million each year to store it there.
Insurance
The Texas Gold Depository offers both individual and institutional investors a secure way of storing precious metals without incurring counter-party risk. They charge a storage fee with stringent double control policies in place and are insured through Lloyd’s of London. Their facility is open 24 hours per day for access by offsite security specialists that monitor its security continuously.
Since LSTA specializes in coin and bullion sales, this depository seemed an obvious extension. At first, its existing class 3 vault in Shiner will serve as the Texas Gold Depository site; however, plans are underway for additional locations closer to customers’ locations.
Hinsdale estimates that storing $100,000 at the Texas depository would cost less than half a percent annually in storage and insurance fees – considerably lower than New York storage options.
Payment options
Due to an unstable political climate and uncertain economies, more people are turning to precious metals for financial security. With no safe or convenient place available to store their valuables, people need an option such as Texas Gold Depository – an innovative facility run by the state with staff specialists in business operations, network security and facilities management who offer this service.
University of Texas Investment Management Company, which oversees the endowments for both UT and A&M systems, currently stores more than $1 billion worth of gold in New York City for nearly $200,000. A state-run facility would enable UTIMCO to repatriate this bullion and save money.
Depositors of precious metals have several options for shipping and insurance when depositing their precious metals, from standard parcel services to secure transport options. Before shipping an item they should keep all receipts as proof and take digital photos to document its journey.
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