The First Precious Metals Depository with State Oversight
Tangible asset owners often find it challenging to securely store their precious metal positions in a way that properly accounts for these assets. In addition, it can be difficult or expensive to acquire insurance for their holdings. Private depositories have historically provided an alternative for the safekeeping of valuable assets, but account holders are putting their trust in the hands of private management. The Texas Bullion Depository leverages significant industry experience, systems and procedures while the Comptroller of Public Accounts provides oversight to ensure the operator meets the standards established for the program.
The legislation that authorized the creation of the Texas Bullion Depository ensures governance and accountability are always at the forefront of depository operations – features that don’t exist at other private depositories in the United States and abroad.
The Texas Bullion Depository Bill was signed into law by Governor Greg Abbott on June 12, 2015, officially establishing the first ever state-administered precious metals bullion depository (HB 483; originally filed and submitted by Rep. Giovanni Capriglione (R - Southlake)). The establishment of the Texas Bullion Depository creates an official depository operation by the State of Texas, with depository services provided by Lone Star Tangible Assets of Austin, Texas.
"Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state." - Texas Governor Greg Abbott
The law provides for a depository administrator who is charged with oversight of the depository operations to ensure compliance with the law. The Comptroller of Public Accounts appoints the depository administrator.