Many investors invest in precious metals with the hope that they’ll maintain their value during uncertain economic conditions, yet finding an appropriate location to store their bullion can be challenging.
Texas recently unveiled the nation’s inaugural depository. Now, residents of Texas can store their precious metals safely within an on-premise vault monitored by their state comptroller.
Oklahoma
Oklahoma legislation would create a state bullion depository and eliminate sales taxes on precious metal purchases – taking another step towards acknowledging gold and silver as money within their borders, following in the footsteps of Texas and Utah.
State officials would recognize a digital currency backed by precious metals stored at a bullion depository as well as allow its citizens to utilize such sound money, one of the best strategies available to us for ending the Federal Reserve’s control over money supply.
Current fiat currency systems are an imminent time bomb, with millions of Americans pouring money into pension funds every month, hoping it will grow and be there when it’s time to retire. But with government debt rising ever higher and purchasing power weakening over time, those assets could become vulnerable unless there’s some safeguard in place to secure them; one solution may be converting pensions to gold and other precious metals as an investment vehicle.
New York
The New York Federal Reserve serves as custodian and trustee for gold held by account holders such as foreign central banks and official international organizations, although individuals or private entities cannot store gold in its vaults.
Most of the gold held by the Fed’s New York vaults is stored as “US Assay Office” gold bars, which were issued to central banks when purchasing US dollars from Treasury.
According to a report issued by the Sound Money Defense League (SMDL), Alabama ranks 28th out of 50 states for policies surrounding precious metals. Their State Bullion Depository Index measures policies such as what defines legal tender, taxation on holdings and sales of gold/silver bullion, availability of state-administered safe depositories.
Texas
In 2015, Texas state lawmakers passed a law creating the first gold bullion depository in Texas. Governor Greg Abbott then signed it and began working with Austin-based Lone Star Tangible Assets to build and operate it. Beginning accepting deposits on June 18, 2018 it is now housed at Leander. Furthermore, precious metals stored there are exempt from property tax.
Hegar’s goal was to give Texans and other citizens an avenue for safeguarding their wealth against rising inflation and geopolitical uncertainty. The depository can be utilized by anyone wanting to store precious metals – individuals, businesses and even foreign governments can make use of this service.
Lone Star’s team of experts has extensive experience storing precious metals. Their depository is secure with vaults protected by multilayered security system monitored in real time by offsite specialists, while following COMEX standards regarding quality storage facilities. While anyone may deposit precious metals there, Lone Star prefers institutional investors as clients.
California
During the California Gold Rush of 1848, prospectors flocked to areas where gold could be mined for. Its discovery inspired a massive migration, drastically altering both California’s economy and culture.
For those who would rather leave their gold at an external facility, bullion depositorys provide round-the-clock security and multiple storage solutions to choose from. Private companies typically manage these facilities.
Depositories often feature armed security to safeguard investors’ assets, offering superior protection than home safes and eliminating the risk of theft from third-party sources. Plus, depositories often offer cheaper storage fees compared to keeping coins or bars at home or with third parties.
