Recently, Texas inaugurated its inaugural state bullion depository to safeguard investments for individuals and institutions without incurring costly storage fees at private facilities.
Glenn Hegar of Texas recently awarded a contract to Lone Star Tangible Assets, an online platform which facilitates buying and selling gold, to run several websites for people to do just that. Hegar selected this firm because its Austin facility met high security specifications.
Location
Many investors have recently begun investing in precious metals as a hedge against unpredictable times, in the hopes that their value will either maintain or increase during these uncertain times. Investors need somewhere safe and secure to store these assets; Leander now boasts its first facility dedicated solely to this solution.
The Texas Precious Metals Depository (TPMD) may seem unassuming from the outside; it’s just another nondescript office building situated on a leafy country road near an agricultural tractor dealership. But don’t be fooled; its immense capacity lies within.
Inside, however, is another story entirely. TPMD is protected with three layers of concrete-encasement protection with bulletproof doors at every entry and exit point; as well as being monitored 24/7 by local county and city law enforcement officials.
Anyone can deposit their precious metals with TPMD through shipping or personally delivering them directly. Clients benefit from fully segregated storage that is individually sealed; and can check their balances any time by logging into their accounts online.
Accessibility
UTIMCO, or the university’s investment management corporation, holds over one billion in gold investments that cannot be transferred into Texas depository due to not being members of Chicago Exchange.
Hegar’s office has issued an RFP to contractors seeking to operate a first state-administered bullion depository in Texas, which must meet stringent security specifications, according to Ferris.
The comptroller cannot guarantee that individuals or state agencies will deposit their gold with him, but offers “a level of compliance and oversight which cannot be found with private depository facilities.”
Security
As economic uncertainty worsens, Texans increasingly turn to precious metals investing as a hedge against economic instability. Many see these assets as potential hedges; therefore, a safe facility must exist nearby to store these metals safely and accessible for safekeeping.
State leaders saw this need and created the Texas Gold Depository as an apt representation of their state’s commitment to safeguarding wealth and fostering economic sovereignty.
The Texas Gold Depository is located on a 10-acre campus in Leander, just minutes from both the capitol and comptroller’s office. Operated by LSTA – a private contractor hired under comptroller supervision – its team includes business operations experts and network security specialists in addition to facility managers with experience in precious metals industry and facilities management services. Among their security team is one former law enforcement officer who served with Travis County Sheriff’s Office SWAT unit for 15 years participating in over 700 tactical operations!
Insurance
Many Texans and Americans invest in precious metals to protect their wealth, yet lack an easy way to store these assets. That is why a state depository was established, giving people the option of safely storing gold and silver bullion bullion assets.
The Texas Bullion Depository, commonly referred to as TPMD, is owned and managed by the state of Texas and offers safe storage solutions for precious metals. Adherence to stringent safety and security policies has resulted in its establishment as the premier depository in Texas.
Depository assets are 100% insured under an all-risk policy with Lloyd’s of London, the world’s premier insurer of specialized assets. Furthermore, they are segregated, sealed, and audited regularly.
TPMD clients are also protected against theft or damage thanks to Brinks armored trucks, which transport their precious metals between locations. Their funds can be accessed any time via the secure online portal and, should they wish, directly shipped back out or to any dealer of their choosing.
