What States Have a Gold Depository?
Gold depositories offer investors a safe place to store precious metals, with insurance protection against theft or damage in case they become stolen or damaged. Unfortunately, investing in such an establishment can be costly as many charge both storage fees and insurance costs for their services.
Texas became the only state-administered bullion depository in America during 2018, exempting precious metals stored within these depositories from taxation.
North Carolina
North Carolina boasts numerous National Forests with scenic streams where families can have fun panning for gold and minerals. There are also some commercial and historic mines within its borders.
Throughout the 1700s and 1800s, North Carolina’s central Piedmont was blessed with surface and near-surface gold deposits. Following Reed Gold Mine in Cabarrus County’s discovery, small-scale gold mining industry soon flourished there and eventually spread across neighboring counties as well as other southern states.
North Carolina House Republicans have introduced legislation requiring the state to use some of its savings reserves to buy gold bullion and store it safely away in Texas, using some savings reserves from its savings accounts as currency instead of using federal Reserve notes, which could potentially lead to greater economic independence for North Carolina and citizens having the choice to use precious metals as currency rather than being subject to confiscation by federal agencies. The proposal is currently under consideration by the House State Government Committee for consideration. A state bullion depository would create an opportunity for financial independence while giving citizens another option as currency while protecting it from federal confiscation by not being subjected by Federal Reserve notes unlike federal Reserve notes which may subject it is subjected by central governments when stored locally in an ideal way by creating an independent depository that ensures its value against confiscation by not subjecting it under federal control!
Oklahoma
Oklahoma, more commonly known as the Sooner State, is home to rich cultural traditions and Western heritage. Oklahoma is famed for its cowboys, Native American history and Hollywood stardom – among many other things! While not as flashy as some other states, Oklahoma is taking steps towards cultivating an environment more suitable for sound money ownership and usage practices.
Oklahoma has long been known for its rich mineral wealth. Gold mining was especially prominent here. From Coronado’s search for the Seven Cities of Cibola in the 1700s to tales of hidden Spanish treasure in Wichita Mountains today, Oklahoma has long been home to gold miners.
Current state pension funds do not keep any physical gold. Their fiduciary duty requires them to protect members’ retirement income against risks that they can anticipate; having physical gold stored would allow these funds to fulfill this duty by protecting against inflation and opening up potential for monetary competition by permitting residents to make transactions using precious metals rather than Federal Reserve notes and paper dollars.
Texas
Governor Greg Abbott signed a bill in 2015 creating the Texas state bullion depository and exempting precious metals stored there from taxes, making Texas home to one of America’s first and largest specialized precious metals depository facilities.
Depository account holders in Texas no longer need to store bullion out-of-state and can access it whenever they choose, providing peace of mind to both themselves and TPMD as an audited facility. Furthermore, its Depository Administrator, appointed by the Texas Comptroller, oversees all accounts submitted for deposit into depository account holders’ reports to them regularly.
Additionally, this depository gives Texans the power to use gold and silver from their holdings as currency in everyday transactions, thus challenging the federal government’s monopoly over money. As a result, it has already attracted deposits from cities, school districts, business entities, as well as individuals – many who plan to utilize this facility for future financial security of themselves and their children or grandchildren.
New York
New York is renowned for being home to one of the most revered gold depositories worldwide: the Federal Reserve Bank of New York’s impressive gold vault resides 80 feet below street level in Manhattan and houses over 497,000 gold bars, which accounts for 5 percent of all the gold ever mined! It comes from central banks, governments and official international organizations.
As part of its economic education initiative, the Federal Reserve allows school groups to visit its vault – but unfortunately only account holders can view gold bars stored within their depository accounts.
Private bullion depositories provide convenient storage and management services for precious metals for both individual investors and companies, including Brink’s Company from Richmond, Virginia and Loomis Company from Stockholm; both operate storage facilities in New York, offering transporting precious metals all across the US as well as internationally for clients across their client base.
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