Texas is going for the gold.State Comptroller Glen Hegar announced today that the Texas Bullion Depository...the first state administered gold despository in the country, is finally ready to start operations, News Radio 1200 WOAI reports.
The Texas Legislature in 2015 approved the creation of a bullion depository to hold the state's precious metals investments, as well as the investments of large organizations like the University of Texas System Foundation. The depository will also house the precious metal assets of Texas citizens as well.
Hegar announced that after a lengthy process, he has selected Lone Star Tangible Assets, a buyer and seller of precious metals, to manage to gold bullion depository.
LSTA Chairman Matthew Ferris detailed the timeline envisioned in the company’s business plan, noting the announcement allows LSTA to begin refitting the current vault immediately.
In addition, LSTA will begin building IT systems, creating marketing materials and implementing other logistical elements needed before the current facility can begin receiving gold.
“Lone Star Tangible Assets is honored and proud to have been selected for this incredible opportunity,” Ferris said. “We have already developed a fantastic collaborative relationship with the Comptroller’s office, and we look forward to working with Comptroller Hegar and his staff as we make history together.”
Hegar says the plan now is to have the Depository in operation by early 2018.The depository itself will be a top level secured facility located 'in the Austin area.' But there will be despository offices around the state that can accept gold deposits from citizens.
Lawmakers in 2015 argued that it made more sense to store Texas' gold reserves in Texas and not in Manhattan where they are stored now, in the custody of the Federal Reserve.