The Texas Gold Depository stands out as more than just an ordinary storage facility for precious metals; it represents Texas’ commitment to openness and innovation as well as potentially having an effect on global economies.
On first glance, the Texas Precious Metals Depository in Shiner may look like just another nondescript office building on a country road. But look closer – its contents reveal much more!
Located in Leander
Leander, Texas is home to the nation’s inaugural state gold depository, established in 2018. This groundbreaking facility provides individuals, businesses, cities, counties and even other countries a safe haven to store precious metals. Operated as an agency of Texas state government and audited by their comptroller’s office – Lone Star Tangible Assets from Austin built it on an expansive 10-acre campus –
Texas lawmakers passed a bill in 2015 authorizing the establishment of a depository to store Texas gold bullion within its borders instead of leaving it vulnerable in a vault in New York City.
This new depository, known as a “class 3 vault,” will house up to $350 billion worth of precious metals – enough for more than 10 NASA space shuttles! Additionally, its expansion can be accomplished over time.
Located in Shiner
The Texas Bullion Depository is a world-class storage facility equipped with state-of-the-art security systems. Each vault at this world-class storage facility is protected with three layers of concentric protection, 24/7 surveillance and armed security – adding extra peace of mind for clients. Furthermore, reasonable storage fees are charged as well as providing secure transport system for precious metals.
This facility has attracted many satisfied customers, from large investors to individuals using it as part of their individual retirement accounts (IRAs). Thanks to its stringent security measures and comprehensive coverage with insurance plans that adhere to IRS guidelines, this depository has quickly become the go-to place in Delaware for precious metal storage.
Critics contend the state’s deal was always doomed to fail. Lone Star Tangible Assets’ contract requires them to recoup all costs spent on depository before any income for state is realized; moreover, its planned statewide bullion agent network never took off as planned and generated any business for the depository.
Located in Dallas
The Texas Bullion Depository is a state-owned and operated precious metals storage facility managed by Lone Star Tangible Assets in partnership with the Comptroller of Public Accounts. Expert staff in system development, physical security, computer security, vault operations, shipping/receiving metal assaying customer service marketing audit law are employed for operation of this depository.
International Depository Services Group of Dallas operates facilities in Delaware and Canada as part of their depository services group, accommodating both retail investors as well as institutional ones with its Class III vault, armed security personnel and real-time surveillance system.
TPMD goes beyond security by offering low storage fees when storing precious metal bars and rounds for its clients. All client assets remain independent from its balance sheet and never mixed with other deposits, ensuring their metals are always fully insured and ready for withdrawal at any time.
Located in Austin
On December 12th, just north of Austin in Leander, Texans witnessed the groundbreaking of their very own gold depository facility. This facility will allow Texans to safely deposit precious metals without worrying about economic catastrophes or currency devaluations risks; additionally it helps diversify portfolios against currency devaluation risks and geopolitical risk mitigation.
The Texas Bullion Depository is the first state-administered precious metals depository in the U.S. It was created under HB 483, sponsored by state Rep. Giovanni Capriglione of Southlake (R). This facility will accept deposits of gold, silver, platinum, rhodium and palladium as well as storage fees to generate revenue for itself.
The depository will be run by LSTA, an unincorporated company that specializes in the storage and preservation of precious metals. They will cover construction costs as well as charge a fee per deposit made into their facility which should open by 2023.
