State launches Texas Bullion Depository; Leander facility preparing for construction

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The nation’s first state-administered gold depository began operating out of Austin in June with plans to move to its permanent home in Leander in 2019.

In November, Austin-based Lone Star Tangible Assets announced that it would build the Texas Bullion Depository in Leander. The Texas Comptroller’s office will have direct oversight of the facility, and LSTA will undergo detailed annual audits of its operations and provide reports to the comptroller.

According to a representative with LSTA, the company is in the final stages of architectural planning, permitting and pre-construction, and is about two months away from breaking ground on the Leander facility. LSTA expects to begin operations at the location in mid-2019.

In the meantime, the state-administered precious metals depository began operating out of LSTA’s current Austin facility June 6. According to a state press release, Texas Comptroller Glenn Hegar became the first customer to store precious metals in the depository.

“We’re proud that the nation’s first state-administered bullion depository is now a reality—this is a big day for Texans who want to secure their precious metal assets,” Hegar said in the release.

The Texas Bullion Depository accepts gold, silver, platinum, palladium and rhodium. U.S. citizens can ship precious metals they already own to the depository, or purchase bullion from a dealer and have it shipped to the depository directly, according to the comptroller’s office.

LSTA Chairman Matt Ferris said the company tests and verifies the precious metals before they are stored in depositor’s account, and digital images will be displayed on an online dashboard.

State Rep. Giovanni Capriglione, who authored the legislation that created the depository, said Texas can expect to see interest in the facility.

“I can’t think of anyplace else in the world that could create a bullion depository this way, and I’ve heard from legislators across the country who want to do what we are doing, from Tennessee to Utah,” he said in the release.

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    • @Earl – it’s a first step when the State nationalizes those resources held in the depository.

  1. I think this is a great opportunity for the city and the state. Will Texas start saving it’s precious metals here as well? I don’t really care for that secession talk, but I do believe it would be in the best interest of the state to start saving any precious metals it can get it’s hands on. Physical treasure kept here in Texas equal personal power!

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Caitlin covers Cedar Park and Leander city councils and reports on education, transportation, government and business news. She is an alumnus of The University of Texas at Austin. Most recently, Caitlin produced a large-scale investigative project with The Dallas Morning News and led education coverage in the Brazos Valley at The Bryan-College Station Eagle. After interning with Community Impact Newspaper for two summers, she joined the staff as a reporter in 2015.
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