“There’s gold in them thar hills…” ‘er, in the Texas Hill Country, that is. America’s first state-administered gold depository is scheduled to open in Leander, allowing Texans to store their precious metals close to home in a secure vault which is publicly-backed. Called the Texas Bullion Depository, recent reports indicate its temporary location is presently situated in Austin, however, the operations will relocate to the pending permanent facility upon opening in 2020. It’s almost impossible to overstate the historic importance of the first state-run gold depository in the U.S.
The location, for obvious reasons, hasn’t been fully divulged. Prepped to have the latest in security technology, the Leander gold depository will be double the size of the 23K-square-foot facility which is presently being used to secure gold for the public, businesses, and institutions. MHT Constructors LLC, an Austin-based firm, was selected as the builder for the new depository, which will be managed by Lone Star Tangible Assets – a private storage company based in the Texas Hill Country.
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According to the office of the Texas Comptroller, Glenn Hegar, the first individual to deposit their own silver and gold in the temporary Austin facility was Hegar himself. With respect to user security for the future location, Hegar issued a statement saying: “I am pleased that LSTA and the city of Leander have reached an agreement to make this historic facility a reality for the people of Texas. This state-of-the-art facility will provide tremendous benefits to the citizens of Leander and will give Texans a secure facility right here in the Lone Star State where their gold and precious metals will be kept safe and close at hand.”
Photo: Pixabay
With the construction of this state-run depository in Texas, any American citizen can establish an account online and can have their precious metals shipped to the facility or deliver them in person. A storage rate of 0.5 percent for deposits valued up to $2.5 million will be charged annually. In addition to gold, the Leander depository will accept silver, palladium, platinum, and rhodium deposits. Matt Ferris, Chair of Lone Star Tangible Assets, has told local media the Leander facility will employ more than 300 people, relocating its current 100 employees from the temporary Austin location and adding new jobs as required. He noted that almost all of the positions have historically been hired within a 50-mile radius of their operations, which bodes well for the pending locale.
