Texas Gold Depository?

By | June 3, 2015


gold bricks

Gold Bars

Dateline June 1, 2015: The state of Texas is considering creating a Texas Gold Depository within the borders of the state and in direct competition with federal depositories at Ft. Knox and at the banks in New York, according to a recently published article in the Dallas Morning News. Texas Rep. Giovanni Capriglione has worked for several years on this legislation, which would enable Texas to be the first state in the union to establish such a facility. According to Capriglione, he has received “letters from literally all over the world”, with people saying “I want to put my gold in Texas.”

If this law is enacted, and it is expected to be signed by Texas Governor Gregg Abbott, guidelines will be set up and the state will begin selecting the location for the gold depository.

Update: As of June 12, 2015, Governor Gregg Abbott has signed the bill into law. Texas now has a gold depository. In the governors own words: “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.”

What’s behind this and why is it important?

gold nugget

Native Gold

The Texas Depository is all about two things:

  • the True Value of Gold, and
  • the Control of that Value.

Gold and other precious metals have always been a storehouse of value, especially in uncertain times. Texas knows this and would like some control over it. If the bill passes and the depository is established, gold and silver deposits from organizations, businesses and private citizens will flock to the state, enabling Texas to earn a revenue stream off the depository fees.

It is estimated that Texas pays about $1 million a year to store its gold in New York. Also, it would provide Texas with ” a kind of economic shelter” to protect the state from “economic imbalance” and a hedge against inflation, according to Capriglione. Many Texans would like their gold to stay in state and away from federal control and oversight.

Is this Obscure Trivia or Does this Impact You?

Perhaps you are thinking this is another hair-brained idea straight out of the Wild, Wild West. Think again. Governments across the globe have been hoarding gold, with the  wealthiest countries holding the most. Now at least one state government wants a piece of the action.

At this time of low gold and silver price, perhaps you too should get in on the action.  This is a great time to begin or add to your precious metals investment. Don’t hoard gold but instead consider putting a portion of your assets in gold: Physical gold that you can store yourself as a protective hedge against global instability and political shenanigans. As you think this through, consider our preferred broker, Golden Eagle Coins, for your own investments.

Additional Texas Gold News

  • American Eagle Gold

    American Eagle Gold Coin

    Oct. 25, 2105 Update: Apparently the new gold depository is commanding some attention. A recent article by Kaitlyn Schallhorn published in The Blaze suggests that Texas could be uniquely prepared for a potential dollar collapse by developing this gold repository. According to  the article, “Texas has been quietly preparing in case the dollar collapses — especially as China works to make the Yuan the default currency”.

  • November 2, 2015 Update: Plans are proceeding with the development of the Texas Gold Depositiry: Over a dozen companies have answered Texas State Comptroller Glenn Hegar’s request for advice on the new depository, according to an update from Cryptocoinsnews. Indeed, Anthem Vault has submitted a proposal to the state of Texas regarding the building of the new bullion facility.
  • May 18, 2016 Update: The process of building the repository is proceeding.  According to an article in the New American, “The Texas Comptroller’s Office has begun to receive bids from private contractors interested in building the country’s first state gold storage facility, the Texas Bullion Depository (TBD)”. The article further stated that “Once the facility is completed by the end of the year, the state will demand repatriation of nearly $1 billion in gold and other precious metals presently stored in New York City”.
  • August 2, 2106 Update: The depository moves closer to reality: As reported in WFAA.com, Texas state officials recently called on businesses in the state to submit their construction plans for a bullion depository by Sept 30, 2016. The Texas depository is envisioned as an in-state entity where people and businesses can store their gold and precious metals.   Work on an actual facility could begin by Dec. 1.“This is an important step along the process,” said Chris Bryan, a spokesman for Texas State Comptroller Mr.  Glenn Hegar. “It does show the depository is moving forward”.

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10 thoughts on “Texas Gold Depository?

  1. Travis Smithers

    I can remember a time when I use to think about acquiring gold and silver as an investment. When I look at the prices now compared when I first thought about it, there is quite the difference. Had I acted I would have been better off. It’s all kind of relative but when it comes to investments the sooner you can start the better position you can put yourself in later. In my opinion, gold and silver will always have value compared to some so called investments.

    Reply
  2. Mike Post author

    Hi Travis. Thanks for visiting. Apparently the State of Texas is wishing it had control over gold as well. These metals have real value. If not why would Texas be building a depository?

    Reply
  3. JohnCWS

    Is the Government really going to let this happen? Storing Gold in Texas? I mean sure, almost every Texan has a firearm… but it’s so close to Mexico? And with the rise of terror among the world, Mexico Is no different then any other threat. Esp drug lords and what not. I have no issues with opening another Fort Knox… but is Texas really the best option?

    Reply
    1. Mike Post author

      Hello John, Thank you for visiting and your thoughtful comment. At the moment thee is no US government law regulating where private citizens, entities or organizations need to store their gold (as long as its not in an IRA, in which case some regulations do apply). As far as we know, the federal government stores most of its gold in Fort Knox. The Texas depository is not another Fort Knox because it is not a federal depository. In the case of the recent Texas action, this is more a case of the Texas State Government wishing to store its gold in state, and avoid paying storage fees to others. It will also enable private citizens (Texas residents and others) and other entities to store their precious metal assets in the Texas Depository and the State of Texas will collect a storage fee for that. Any state government can enact laws that would establish their own state gold depository if they so wish. You are correct that there is a rising tide of terrorism and other nefarious activity going on in the world, including near the borders of Texas. From my perspetive, I don’t think this poses any special threat to the Texas Gold Depository other than the fact that terrorist activity is hard to pinpoint and control in general.

      Reply
  4. G.C.Horton

    I’ve been a big fan of gold and silver for a long time. If people realized how manipulated ALL investment classes are, I’m sure they would flock to precious metals.

    Like was mentioned here, it probably isn’t wise to put all your money into precious metals. I think of my small stash of silver not so much as an investment but as a hedge against financial uncertainty.

    Reply
    1. Mike Post author

      Hello G.C.,

      Your comment is spot on. I like your idea of using gold and silver as a hedge. Many people do, putting 2-10 percent of their assets in the precious metals. When gold and silver start to move, that can really rise far and fast i price. Thant’s why you only need a small percentage if you are using it as a hedge.

      Reply
  5. Brandon

    Yeah gold is definitely one of the best things to invest in. It’s crazy. That’s pretty cool that they built a depository for gold in Texas. I am more than sure that the gold in there will be secure. I don’t know too much about silver. I hear people say to invest in that too but it doesn’t seem like its on the same level as gold.

    Reply
    1. Mike Post author

      Hello Brandon,

      Thanks for your interest in the Texas gold depository. I agree, the gold deposited there will be very secure. Regarding silver, you are right. It is valued much less per ounce than gold….but it is still valuable and a good investment. Perhaps invest in some yourself.

      Reply
  6. WS

    Hey,
    Your insights related to the realms of gold and silver are quite intriguing. I myself have played with the idea of investing in this field but have never really pulled the trigger on it. Your sight however is very informative and gives an investor up to date and relevant information to aid in their decision making process

    Reply
    1. Mike Post author

      Thanks WS for leaving your thoughts here. Should you wish to make an investment please consider using the affiliates on this site.

      Reply

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