What States Have a Gold Depository?
A bullion depository provides investors with an extremely secure location to store precious metals. They’re constantly monitored and audited regularly – far safer than safes in their home or bank vault.
Governor Greg Abbott signed into law in 2015 directing Texas comptroller’s office to establish the nation’s first state-administered gold and precious metal depository, with deposits starting to come in as of summer 2018. It officially started accepting deposits this past August.
Lone Star Tangible Assets owns and operates the Texas Bullion Depository on a 10-acre campus in Leander. Equipped with an enormous vault monitored by state officials, this depository allows individuals, businesses and government agencies alike to store precious metals safely without ever leaving Texas.
Glenn Hegar, Investment Manager for the UT System, estimated his agency currently pays more than $1 Million each year in storage costs to banks in New York City for gold assets held in depositories. He suggests saving that money through having its own bullion deposits.
Hegar and her supporters believe a state-level gold depositorium can help pave the way to financial independence for Arizona. Countries around the world already include gold in their reserves to reduce dependence on fiat currencies like the US dollar.
At the heart of downtown Manhattan is an underground vault known as the Federal Reserve Bank’s Special Depository that holds much of America’s gold. Atlas Obscura describes this depositary as “the largest accumulation of gold ever seen before in human history.”
This vault, located approximately 80 feet below street level in New York’s financial district, is secured by a combination of U.S. Mint police officers, Federal Reserve employees and Metropolitan Police Department guards – meaning that this depository cannot be visited by members of the public.
Oklahoma legislators have proposed legislation to create a state bullion depository similar to what Texas offers, enabling Oklahomans to use gold and silver in everyday transactions instead of only the Federal Reserve’s fiat money system – something which could potentially shake up America’s future.
Some individuals prefer keeping physical gold and silver at home rather than depositing it with banks or depository companies, although this may not be ideal in areas with high crime or without secure storage options available to you. Furthermore, it may not provide sufficient insurance against theft or loss.
State legislators concerned with the Federal Reserve’s inflationary practices have begun advocating for state bullion depository systems. Such depository would restore gold and silver as money rather than property and exempt them from income taxes.
Illinois does possess some glacial gold deposits, though not enough for commercial mining operations. Recreational miners may experience success if they comply with all state and private land prospecting rules; please do your research before venturing out into Illinois!
Though many Americans opt to store their gold and silver at home in safety deposit boxes, this form of storage entails unique risks. Most homeowner’s policies don’t cover its contents while another drawback could be its vulnerability in times of financial meltdown when banks must close.
An ideal solution to this issue is a private bullion depository. These facilities are typically regulated by state laws and offer added peace of mind as well as convenient 24/7 access.
For those unable to locate local dealers for precious metals purchases, online purchasing may be their best solution. This approach gives them flexibility in exploring multiple dealers at once while comparing prices and quality across them all at the same time. In addition, these sites often provide secure storage facilities as well as help opening an IRA; some may even hold onto your gold for you, guaranteeing its safety!