Thursday, June 15, 2017

A few days after appointing a director, Texas contracts Austin metals company to run their Gold Depository

While it took about two years to finally get the ball rolling after the state of Texas passed legislation to setup a gold depository back in 2015, that changed this week as movement towards opening the gold vault hit the fast track as the state has now selected both a new Director, and vendor to run the facility.

On June 14 Texas announced they are contracting Lone Star Tangible Assets to run the day to day operations of the state's Gold Depository, which will be a completely insured precious metals vault that will allow the state, municipalities, individuals, and businesses to buy and store gold and silver, and under certain accounts have access to it as if it were money regularly stored in a traditional bank.

Two years after Gov. Greg Abbott announced Texas would build the country's first state-run gold depository, the project took a major step forward Wednesday. 
Comptroller Glenn Hegar announced at a news conference at the Capitol that his office had selected Austin-based Lone Star Tangible Assets as the private vendor tasked with building and operating the Texas Bullion Depository. 
“The Texas Bullion Depository will offer Texas safe, fully-insured storage of precious metals providing an alternative to the depositories largely located in and around New York City,” Hegar said. 
The depository will store gold and other precious metals, allowing customers to open accounts and potentially pay for transactions with them. - Texas Tribune
Texas will now join Utah as the two primary states that have either a public or private gold depository, and the ability for individuals, businesses, and government agencies to store their wealth in physical gold while also having the power to use it the same as if it were cash deposits in a bank.

1 comments:

Can't wait to bank with them...Change my fractional reserve, federal reserve electronic digits to
Gold sitting in a vault. Honestly it's a no brainier... Put your hard earned savings in gold or in script of a soon to be bankrupt government.

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