Texas Has a Gold Depository
Many individuals invest in precious metals as a hedge against economic turmoil. Now, Texas residents have access to secure storage for their precious metals investments.
In 2017, the state comptroller selected Lone Star Tangible Assets to design and build its private managed depository, with two one-year extension options. Lone Star currently holds this contract through 2019.
What is the Texas Bullion Depository?
Glenn Hegar has taken steps to secure the state of Texas’ investments by creating its own bullion depository, so these assets can be safely returned home.
The Texas Bullion Depository (TxBD) in Leander provides individuals, business owners, cities, counties, school districts and foreign countries the chance to deposit their precious metals safely without fear of confiscation from federal government agencies. Operated by Lone Star Tangible Assets and free from governmental oversight or jurisdiction, TxBD operates securely.
Depository provides Texas citizens with an innovative means of investing in the currency while at the same time challenging the Federal Reserve’s monopoly over money. It is a significant step toward realizing our vision of creating an alternative national reserve system.
Why should I store my gold at the Texas Bullion Depository?
The Texas Bullion Depository offers precious metal owners an alternative to out-of-state storage fees by providing a more stable environment in which their bullion can be stored. Situated 30 miles north of Austin on a 10-acre campus near Leander, its administration is overseen by the state comptroller.
Recent political events and economic uncertainty have inspired many investors to purchase precious metals in hopes that they will retain or increase in value during times of financial instability. Many are searching for an efficient means of storing their gold assets.
State Comptroller Glenn Hegar recognized Texans’ desire for an alternative to private depositories primarily located around New York City. As a result, he approved legislation creating a state-owned depository and then contracted Austin-based Lone Star Tangible Assets to operate it. Now operating for three levels of audit, its audited facility receives direct oversight by Hegar’s office while providing regular reports from an independent auditor.
How does the Texas Bullion Depository store my gold?
Texas is now home to the nation’s inaugural gold depository. Texas Comptroller Glenn Hegar officially inaugurated it Wednesday with Representative Giovanni Capriglione depositing some of his own gold into it as Hegar proclaimed it operational.
Lone Star Tangible Assets operates the facility under supervision from the Comptroller’s office; therefore it doesn’t cost taxpayers any tax dollars to operate. Customers pay a fee to store their precious metals at this depository.
Texas Bullion Depository will initially operate from a privately-held facility in Leander. This depository allows individuals, businesses, cities, counties and government entities to deposit precious metals for safekeeping in exchange for receiving a bullion-funded debit card for use as money. A more secure facility near Austin would then serve as a COMEX depository; COMEX regulates gold futures contracts through Chicago exchange and requires all depository vaults be located 150 miles of New York City for regulation purposes.
What are the fees for storing my gold at the Texas Bullion Depository?
The Texas Bullion Depository is a state-owned facility that stores precious metals on behalf of private assets holders from across the United States. With round-the-clock security that far surpasses that of home safes or even most bank vaults, it provides safekeeping of precious metals for private assets holders from across the nation.
Additionally, the Texas Bullion Depository is subject to greater oversight than private depository facilities operated by private companies and therefore offers lower storage fees than most private facilities.
The Depository offers convenient services for individuals, financial institutions, cities, school districts and organizations – as well as foreign nationals – looking to store precious metals. Deposit accounts can be opened with just $100 in precious metals and shipped using various shipping carriers to reach its facility; an accompanying Deposit Slip must also be included with each shipment to the Depository. It offers several shipping options such as UPS Next Day Air and FedEx shipping services for added convenience.
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