Texas Gold Depository
The University of Texas Investment Management Company holds over $1 billion worth of gold bullion in an account at HSBC Bank in New York. Gov. Greg Abbott signed legislation in 2015 mandating that their comptroller’s office open this inaugural state-run bullion depository.
Texas residents can now deposit precious metals at an Austin-based facility that has been independently audited by three entities and overseen by the state government.
Where is it located?
The Texas Gold Depository (TxBD) is the nation’s first state-run precious metals depository. Established by Texas lawmakers during their 84th legislature session, TxBD offers citizens another option for storing precious metals alongside federally insured bank accounts and private storage facilities. Lone Star Tangible Assets was chosen to construct and operate it under state oversight; Comptroller Glenn Hegar became its inaugural customer by depositing his assets at its Austin facility.
This facility, situated just north of Austin in Leander, meets the highest industry storage standards and serves as a haven from economic disruptions and geopolitical tensions. Monitored 24/7 by an in-house team of experts, its security standards adhere strictly to state of Texas standards as opposed to being privately operated and subject to lower regulations than others in operation elsewhere.
What is it like to store your gold at the Texas gold Depository?
The Texas Gold Depository offers many advantages to anyone seeking to store precious metals. Notably, its world-class security measures make it one of the safest facilities worldwide. Furthermore, owners remain anonymous until they wish to verify their ownership; making this an excellent way to secure wealth during these volatile economic times.
From the outside, Shiner’s facility may appear as little more than an unassuming office building situated along a tree-lined country road near a tractor dealership. But inside, metals are kept separate in individually sealed vaults to ensure there are no doubts as to who owns what.
Hegar has selected Lone Star Tangible Assets, an expert in moving and storing precious metals, to construct and operate the depository under state supervision. This marks an important step toward making gold currency in America; and provides Texasans an option to take control of their own economic future.
How do I get my gold to the Texas gold Depository?
As a state agency, the Texas gold Depository is subject to higher oversight standards than private depositories, while customers still maintain control over their assets and can easily access information about their precious metals online at any time.
Lone Star Tangible Assets of Austin was chosen as the operator of Texas Gold Depository due to their experience in both commodities trading and other areas of business activity. Texas selected them based on their excellent service reputation and strong business plan; one UL-rated vault was installed at Leander while one is being constructed specifically to meet Texas needs.
Once the Texas Gold Depository is operational, Texans can deliver precious metals through FedEx or UPS as well as armored truck transport to it for deposit. Registered mail will also be accepted. Deposits are insured against loss and the process is simple and safe – the depository keeps records of your deposits while providing liquidity at any time if needed.
How do I get my gold out of the Texas gold Depository?
As part of their efforts to protect themselves from inflation, many people invest in precious metals. Such investments are usually stored away safely within a secure vault – until now.
Texas Gold Depository (TGD) is set to change that. It officially opened this week, three years after lawmakers approved legislation authorizing its creation.
State Comptroller Glenn Hegar selected Lone Star Tangible Assets to build and operate their new facility, due to their experience running other websites offering precious metal trading, as well as offering high levels of security.
Hegar is confident the depository can start accepting deposits immediately due to its existing 23,000-square-foot facility in Austin that meets state high security specifications, while another more secure facility will open in Leander in 2019. Unlike other depositories, clients’ gold will never be mixed together and remains theirs at all times.
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