In 2015, the Texas Legislature passed a law to bring back home the State of Texas' gold and precious metal assets. Many of the state's precious metal reserves sit in vaults in New York, but with the passing of this bill, we can now keep those funds close to home. This new facility also leases space to Texans who wish to store their own gold and silver there, too.
The 23,000 square foot facility is the first state-run gold depository in the United State. Run by Lone Star Tangible Assets, any U.S. citizen can apply online and open up an account. Customers can deposit gold, silver, platinum, rhodium and palladium. Currently, Lone Star is operating in a temporary facility, but in 2019, a nearly 50,000 square foot facility will open in Leander, Texas as the permanent location. The first person to deposit in the new facility was Texas Comptroller of Public Accounts, Glenn Hegar. "By having state oversight, if you deposit your precious metals, you know that we're constantly over there, making sure the security is top-notch," said Hegar.
State officials are currently working on options to bring state metals to Texas, to ensure that those funds can be liquidated, if needed, and that they will be recognized among financial institutions. The Texas Bullion Depository is a model for other states who wish to keep their assets closer to home. Instead of sending that money away, we can stimulate the Texas economy and provide precious metal storage for Texans.