What States Have a Gold Depository?

What states have a gold depository

Instead of burying precious metals in their backyards, people can deposit them at a depository facility that has strict opening hours and charges a storage fee. These facilities have strict policies concerning access and charge a storage fee accordingly.

People who own IRA accounts can take advantage of having their precious metals stored at an IRS-approved depository, with Texas, Florida and New York having such facilities available to them.

Texas

Texasans who want to invest in gold, silver and other precious metals now have access to the country’s first state-run depository – The Texas Bullion Depository in Austin opened this week; anyone in the United States can open an account online and send or deliver precious metals directly. Lone Star Tangible Assets operates this 23,000 square-foot facility. They will also operate another larger location nearby in Leander.

The Texas depository will be located on a 10-acre campus just north of Austin’s Capitol and Comptroller’s Office and insured by Lloyds of London. It will be supported by both states of Texas as well as insured against catastrophic failure by Lloyds of London.

Depository institutions play a pivotal role in creating sound money. Coupled with state laws that recognize gold and silver as legal tender, this could ultimately serve to break up the Federal Reserve’s hold over money supply.

Florida

Florida is the third-most populous state in the U.S. and home to major metropolises like Miami and Jacksonville. Furthermore, as it does not impose personal income taxation for individuals looking to protect their wealth from inflation and other forms of financial uncertainty.

The US Bullion Depository at Fort Knox was constructed in 1936 as a fortified vault building that holds most of the United States’ gold reserves. Due to its legendary security measures and presence of US Mint police guards, this facility has earned legendary status over time.

Many people choose a bullion depository because it provides superior security compared to what can be achieved at home or even with bank safe deposit boxes. Unfortunately, however, placing your assets with third-party depository could limit your control over them during times of emergency and put them under their jurisdiction if something goes amiss.

New York

New York City holds much of the world’s monetary gold. According to Atlas Obscura, much of it can be found tucked away inside vaults of Federal Reserve Bank of New York located in Manhattan’s Financial District buried five stories below street level with fortress-like security measures that you would expect for such an establishment housing such vast treasure.

Gold stored at the Bank holds over 7000 tons worth of bullion, representing many countries’ monetary reserves. Recently, many of those countries have begun repatriating some of this gold back home again.

The University of Texas Investment Management Company currently spends nearly $1 million per year to store its gold at the New York Federal Reserve bank’s gold depository, but that figure won’t increase anytime soon – Glenn Hegar, Texas state comptroller recently signed a contract with Lone Star Tangible Assets to create and operate their own gold bullion depository within Texas state borders.

Tennessee

As political climates and economies become more unstable, many investors have taken to investing in precious metals in hopes that their value will hold or even increase over time. Tennessee lawmakers have introduced bills to create a state bullion depository, exempting stored metals from sales tax.

Fort Knox is one of the most iconic landmarks in Kentucky, housing nearly half of US federal gold reserves and historical treasures such as original copies of Declaration of Independence, Lincoln’s Gettysburg Address and three volumes of Gutenberg Bible.

Advocates of the new bill note the advantages of creating a state depository, such as generating revenue through storage fees. One such example is provided by University of Texas/Texas A&M Investment Management Company which stores their $1 billion of gold bullion at HSBC Bank in New York City while incurring annual storage fees of approximately $606,000 per year.


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