What States Have a Gold Depository?
Investing in precious metals can be an excellent way to protect wealth against inflation, but the process can be time consuming and cumbersome.
To simplify their gold purchasing experience, investors may wish to store it at a state-run depository, thus saving themselves from costly shipping and storage fees.
Texas
Texas Depository Services will open their first facility of this kind for individuals, companies, and institutional holders alike. Hegar’s office will work towards getting this facility approved by COMEX even though it falls outside its geographic footprint.
Rep. Giovanni Capriglione proposed in 2013 a state bullion depository to assist students of Texas A&M and UT invest in precious metals while protecting themselves from volatile stock market fluctuations, but this project didn’t move forward until 2015.
The 84th Legislature established TxBD and charged Hegar’s office with finding a private company to run it under Comptroller oversight. They ultimately selected Lone Star Tangible Assets, an expert in moving and storing precious metals. A five-year contract was signed last summer between Hegar’s team and Lone Star Tangible Assets; Hegar said this allows fees for services offered at TxBD to compete with those provided primarily around New York while remaining tax exempt for customers unlike its New York-based counterparts.
Tennessee
Tennessee gold depository could help displace the Federal Reserve’s paper money monopoly and boost the state economy. Such a facility would offer safe storage of precious metals that can then be utilized daily for business transactions; additionally, this may promote competitive monetary competition among states.
A bill has been introduced in the legislature that would create a state bullion depository and exempt sales taxes on gold, silver, platinum, and palladium coins and bullion purchases if passed. Furthermore, this bill requires that 40% of any rainy day fund invested in physical gold and silver bullion.
This facility may be privately or publicly run and owned. To reduce security risks, the bill stipulates that its location be either rural or suburban. Supported by organizations like Sound Money Defense League and Campaign for Liberty as well as grassroots activists and coin dealers such as Ron Gant and Senator John Stevens; co-sponsored by Representative Ron Gant and Senator John Stevens.
New York
At the heart of downtown Manhattan lies one of the world’s largest gold depositorys: the Federal Reserve Bank of New York. This vault holds much of the official global gold reserves as well as deposits from foreign central banks and international organizations; each bar in this vault varies in purity and weight according to Atlas Obscura’s findings.
The Federal Reserve does not disclose who owns its gold, though many foreign countries may store theirs here to limit their dependence on US currency. Account holders at the Fed can transfer it easily between storage bins by paying only a nominal fee.
Texas lawmakers passed legislation in 2015 creating the nation’s first bullion depository for precious metals – Lone Star Tangible Assets from Austin has been selected as its operator – making Texans eligible to store gold bullion and other precious metals safely, insured close to home.
Florida
Florida, best known for its sandy beaches and citrus farms, also boasts several highly-respected coin dealers – some online while others have local presence – such as Jacksonville-based All Florida Coin and Stamp, offering collectible coins and bullion.
Customers of the store tend to be locals looking for financial security and diversification. They understand gold’s role as an uncorrelated asset compared to stocks, bonds, or other paper investments.
Many people prefer keeping their gold at home, however this requires a safe that is designed specifically to safeguard precious metals and insurance coverage for such storage. An alternative option would be storing gold and silver in a private depository; these provide secure, easy access to precious metals without being subject to bank regulations; the only downside being cost. Luckily, however, Ft. Knox serves as home of the primary U.S. gold bullion reserve; former employees have confirmed this fact with former colleagues of theirs who work there.
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