Texas Gold Depository

Where is Texas gold Depository

Announcing the opening of the first state-backed gold depository in America. This is excellent news for any individual with precious metals laying around.

The Depository Act, introduced by Southlake Representative Giovanni Capriglione and signed into law in 2015 by then Governor Greg Abbott, proposed creating a state-run facility which would enable Texas to repatriate over $1 billion worth of gold bullion to its home state.

State Comptroller Glenn Hegar has joined forces with Austin-based Lone Star Tangible Assets in operating its depository, which began accepting deposits earlier this year.

The Depository is Located in Leander

The Texas Bullion Depository (TxBD) is the inaugural state-administered precious metals bullion depository in the US, located on 10 acres at Heritage Grove Road in Leander and administered by LSTA Chairman Matt Ferris. Although its users remain unknown at present, deposits can be accepted from anyone seeking a secure vault solution and fees may even generate revenue for TxBD; though its chairman wouldn’t disclose details.

Governor Greg Abbott signed legislation to open the Leander Depository in June 2015. The goal was to bring back $1 billion of gold stored at HSBC Bank in New York by UTIMCO – managing investments of the University of Texas and A&M Systems – that had been stored at HSBC Bank due to moving and resetting costs, although that figure doesn’t include costs for holding gold at Leander. Plus, its capacity is smaller than Austin where there’s already a facility open and running!

It’s Secure

While the Texas depository will not store physical currency, depositors can store precious metals safely within its vault that’s backed by state officials and features cameras and alarms for protection.

Smelker believes Texans want the peace of mind that comes from keeping their precious metals close to home, which is why the University of Texas System’s $660 million in gold bullion currently held in New York costs the university approximately one million a year in storage fees.

Smelker and his board decided on Lone Star Tangible Assets because it already has a “class 3 vault,” meeting high security specifications. Furthermore, Smelker will work toward getting COMEX approval of their facility so Texans can trade more easily their gold and silver with Lone Star in Austin; Lone Star is currently looking at sites for an approximately 35,000-75,000 square-foot facility built specifically to serve this need.

It’s Easy

Glenn wants Texans looking to store their gold with an official depository to pay storage fees closer to home and be assured of the safety of storing precious metals close to home.

Hegar was successful in finding Lone Star Tangible Assets of Texas to build and operate the first state-administered bullion depository through a public-private partnership, giving their office access to experts in system development, physical security and computer security; vault operations; shipping receiving; assaying; customer service and law.

As a government agency, TPMD is subject to more stringent compliance and oversight than depositories run by private companies, meaning your assets are fully segregated, individually sealed and audited – never comingling with other depositories’ assets! Your gold, silver and platinum remain yours despite being part of TPMD’s balance sheet; should you become one of their clients, you can access your account information as well as the location of your precious metals online 24/7.

It’s Convenient

On the surface, this nondescript brick office building appears similar to any other single-story brick building on a tree-lined country road near a tractor dealership – yet this building offers invaluable services for people who own precious metals.

The depository offers individuals and business entities in Texas a state-administered solution for safely storing precious metals. Unlike with private depositories, metals stored with the depository remain fully under client control – unlike where precious metals might be pooled together and distributed to various clients by private storage facilities.

Comptroller Glenn Hegar initiated this groundbreaking state-administered depository of its kind. Through a public-private partnership with Lone Star Tangible Assets of Austin, which specializes in moving and storing metals, Hegar gathered a team of experts with experience in system development, physical security, computer security, vault operations, shipping/receiving operations, assaying/assaying operations as well as customer service to run it successfully.

No matter if you’re purchasing gold coins as investments or just adding to your collection, the Texas Precious Metals Depository provides unparalleled security, convenient access, and unparalleled customer service without cost to taxpayers. Plus, buying and storing gold in Texas avoids sales tax!

Raymond Banks Administrator
Raymond Banks is a published author in the commodity world. He has written extensively about gold and silver investments, and his work has been featured in some of the most respected financial journals in the industry. Raymond\\\'s expertise in the commodities market is highly sought-after, and he regularly delivers presentations on behalf of various investment firms. He is also a regular guest on financial news programmes, where he offers his expert insights into the latest commodity trends.

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