The Texas Bullion Depository is a bullion depository based in Texas in the United States. It was the first state-administered depository to be established in the United States; previous depositories were either at federal level or private companies.[1] Texas Comptroller Glenn Hegar announced it was open for business on June 6, 2018.[2]
In 2017, the Comptroller’s office partnered with Lone Star Tangible Assets (LSTA) as the vendor to build and operate the depository. LSTA, a Texas-based company that also owns precious metals dealers U.S. Gold Bureau and WholesaleCoinsDirect.com, operates a highest-rated, Class 3 vault that serves as the depository’s initial location.
Planning for a permanent home for the Texas Bullion Depository began in 2018, at a site in Leander, Texas that should be completed in 2019. Tom Smelker, director of Comptroller Treasury Operations, was named administrator of the depository in 2017.
The depository eliminates the need for out-of-state storage and gives Texas the opportunity to become a “commodities hub for the continent,” according to Rep. Giovanni Capriglione, R-Southlake. Free from the jurisdiction of governmental or quasi-governmental authority beyond the state of Texas, the depository offers a safe storage facility for the bullion of both institutions and individuals and creates a more stable Texas economy.
The depository accepts deposits of gold, silver, platinum, palladium and rhodium.[3]
^"Governor Abbott Signs Legislation To Establish State Bullion Depository".
^"Texas Comptroller's Office Begins Operation of Texas Bullion Depository". comptroller.texas.gov.
^"Texas Comptroller's Office Begins Operation of Texas Bullion Depository". comptroller.texas.gov.
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