State of Texas oversight ensures client asset safety and security
The Texas Bullion Depository was designed to be different than other depository offerings from the very beginning. It was created to provide a safe and secure location for Texans, U.S. Citizens, and others to have a safe, insured location to store their valuable precious metal assets.
Unlike other depositories, the Texas Bullion Depository is a state agency of the Texas Comptroller of Public Accounts. The only offering of its kind in the United States of America.
It is operated by a private entity, but audited and overseen by the Texas Comptroller of Public Accounts. Most other depository offerings are only managed by the private depository management team with no oversight other than an accounting audit from time-to-time.
The Texas Bullion Depository offers a three layered auditing approach to ensure accuracy and safety of client assets.
- The depository is managed and internally audited by Lone Star Tangible Assets, reports are provided daily to the Depository Administrator.
- The Depository Administrator and internal audit team of the Texas Comptroller of Public Accounts maintains the ability to audit the depository at any time and regularly conduct audits of the assets held in the depository.
- The Texas Bullion Depository is audited by a third party accounting firm on a regular basis.
In addition to regular oversight and auditing, the infrastructure of the depository has been designed to allow clients of the depository to access information at any time through their online account. This includes the ability to view photographic images of all deposits and withdrawals from their account as they occur at the depository.
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.