Texas gold depository to begin construction just outside of Austin in early 2018

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While it has taken more than six months since the state of Texas approved the creation of a gold depository for any groundbreaking to take place, on Nov. 2 the state's Comptroller announced construction on the facility will begin in early 2018 at a location just outside of Austin.

An Austin-area city will be home to the Texas Bullion Depository with construction expected to begin early next year. 

Texas Comptroller Glenn Hegar on Friday announced the site will be in Leander, a city of 52,000 people about 20 miles north of Austin. The exact location hasn't been revealed for security reasons. 

Hegar in June announced Lone Star Tangible Assets of Austin was selected to build and operate the depository.  LSTA expects the depository to be completed late in 2018 or early 2019. - Dallas News

Unlike some sovereign depositories such as Fort Knox that simply store gold as reserves, the new Texas Depository will function for the sake of businesses and individuals in allowing them to purchase gold, store it at the depository, and the use their accounts just like cash in commerce and transactions.

Financial institutions, cities, school districts, businesses, individuals — even other countries — could do business there as well. And storage fees will be charged to generate revenue for the state.  

At the depository, Texans will be able to open accounts similar to checking and savings accounts at traditional banks — and monitor them online.  

People will be able to deposit gold and silver and use their account to make payments by using checks or electronic means. Many have likened the depository to a bank that doesn’t do any lending. - Star-Telegram

Companies and now states that offer individuals the chance to store their wealth in gold, while at the same time having access to it as if it were a bank account, is one of many new options being forged as an alternative to the current banking system which is losing confidence daily, especially with the advent of bail-ins and re-hypothications.