Texas Opens First State-Run Gold Depository

Texas just opened the nation’s first state-run gold depository –Texas Tribune
“Texans can now store their precious metals in a publicly backed secure vault close to home, as the United States’ first state-run gold depository opens for business in Austin. A 23,000-square-foot building – operated by the private storage company Lone Star Tangible Assets – will serve as Texas’ precious metals depository until 2019, when Lone Star is scheduled to open a facility double that size in Leander. Texas Comptroller Glenn Hegar became the first person to take advantage of the fully insured Texas Bullion Depository when he deposited his own gold and silver in the Austin vault earlier this week, according to his office. ‘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,’ Hegar said….The University of Texas Investment Management Company, which oversees the assets of the University of Texas and Texas A&M systems, holds $1 billion worth of gold bullion at the HSBC Bank in New York City, according to Karen Adler, a spokeswoman for the organization. When Abbott signed the gold depository bill into law in June 2015, he declared that the opening of a state-run facility would allow Texas to ‘repatriate’ the nonprofit’s gold supply.”