What States Have a Gold Depository?
Gold depository services provide superior, round-the-clock security that surpasses that provided by home storage or safe deposit boxes at banks; however, these depository facilities typically charge a fee for their services.
Texas unveiled its inaugural state bullion depository in 2018, accepting deposits of gold and other precious metals without taxation liability.
Kentucky
Most Americans associate Fort Knox with America’s gold bullion reserves. Established in 1918, this military base is best known as being home to the US Bullion Depository.
The vault currently houses much of the country’s official gold reserves and other precious items belonging to or trusted to the government; 147.3 million ounces are being kept safe here.
No visitors are permitted to enter the depository, yet it is an intriguing place to learn about. Not only is the facility home to America’s monetary reserves, but also important artifacts including one of only four original copies of Magna Carta and Abraham Lincoln’s Gettysburg Address draft.
Texas could soon see its own state-owned bullion depository to help private investors avoid the risks associated with federal depositories and build towards financial independence through investing. A bill introduced by Rep. Giovanni Capriglione of Southlake in 2013 received support from Gov. Greg Abbott.
Nevada
Nevada has an extensive history of gold mining, boasting one of the world’s most diverse geological mining jurisdictions. Furthermore, this state provides critical base metals such as copper and zinc.
Nevada recently made headlines when it joined Utah and Oklahoma as the only states that exempt precious metals from taxation, reinforcing state governments’ constitutional duty to treat these non-correlated assets as money and eliminating taxation altogether. This move underscores Nevada’s dedication to offering diversification through non-correlated assets that support economic resilience.
State laws that recognize gold and silver as money help restore a government view of them as the most trusted form of currency, leading many people, as well as numerous public pension funds, to invest in physical gold and silver as it provides inflation hedges that protect against risks that have long threatened American pension funds. Many pension fund managers owe fiduciary duties to protect their funds against risk; one of those risks being the ongoing decline of the dollar’s purchasing power – so now more fund managers than ever invest in physical gold and silver assets to protect their funds against risks such as this decline – leading pension fund managers put some assets into physical gold/silver as inflation hedges than ever before!
New York
An extensive portion of global monetary gold owned by central banks worldwide is stored in several vaults four stories below street level at the Federal Reserve Bank of New York. Each crib in each vault bears a name designated to its country of ownership; once sealed off it can only be opened using a key held by New York Fed’s chief Treasury Officer.
Atlas Obscura reports that this facility houses many prized documents such as an original Declaration of Independence signed by Thomas Jefferson, copies of Lincoln’s Second Inaugural Address and a Gutenberg Bible. Furthermore, 10 1933 Double Eagle gold coins and one 1974-D aluminum penny that flew aboard Space Shuttle Columbia are stored here as well.
Texas lawmakers passed a law in 2015 creating an official state bullion depository administered by University of Texas Investment Management Company (UTIMCO). While UTIMCO has now opened and begun accepting deposits, it’s unlikely it will transfer $647 million worth of gold bullion stored at COMEX into Texas as its regulations require such storage facilities be within 150 miles of any given city in order to participate in futures trading.
Texas
Texas residents looking to store gold and silver can now do so using the country’s first state-run depository facility, located in Austin and fully insured and supported by the state. Financial institutions, cities, school districts, businesses, individuals and even foreign countries can deposit precious metals with this depository while earning storage fees in return.
Glenn Hegar’s office contracted Lone Star Tangible Assets to build and operate the depository. According to Hegar, this will serve as an alternative to private depositories located within New York City proper.
Hegar hopes the depository can attract the University of Texas Investment Management Company, which currently stores a $1 billion gold bullion stash at HSBC bank in New York City for which UTIMCO pays an annual storage fee; officials from UTIMCO have indicated they wish it were stored back home in Texas instead of New York, however. But Lone Star Chairman Matthew Ferris acknowledges geography is prohibiting his depository from joining COMEX; their rules require depositories be located within 150 miles from their markets in New York City in order to qualify as members.
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