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 valuable 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 provides oversight from the Texas Comptroller of Public Accounts to certify the operator meets the standards established for the program, while leveraging the industry experience, systems and procedures of Lone Star Tangible Assets to offer a first-in-class experience.
The legislation that authorized the creation of the Texas Bullion Depository mandates that 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 has been built to offer a First in Class experience to the depositor with industry leading user-experience, technology, encryption, physical security and insurance.
Texas Bullion Depository services are available online; all information about the depositor’s account are available at any time by logging into your account. Account holdings is displayed in troy ounces and grams for all products. The pricing for services at the Texas Bullion Depository is clearly described on our website – there are no hidden fees.
Technology is at the forefront of the design of operations at the Texas Bullion Depository. From automated notifications of account events to photographic verification uploads of all deposits and withdrawals to/from depositor accounts, the Texas Bullion Depository has been designed to ensure the depositor sleeps well at night knowing their valuable precious metal assets are properly accounted for and protected.
All account information submitted to the Texas Bullion Depository is encrypted in at least 256-bit encryption, data is encrypted in transit and at rest. Your personally identifiable information is never stored in an unencrypted manner.
While technology helps to ensure a superb user experience, physical security is paramount to the safekeeping of Depository Account Holder assets. The Texas Bullion Depository offers fully segregated Class III vaulting in a hardened building at its current location. All operations of the depository are conducted under 24 hour video surveillance. Additionally, the security approach to depository operations ensures layer upon layer of security, which increases in complexity at each successive layer.
The Texas Bullion Depository maintains its own internal security and investigation team, which is supplemented by Texas Law Enforcement stationed on-site every day.
Deposits held within the Texas Bullion Depository are covered by an all-risk policy underwritten through the Lloyd’s of London Insurance Marketplace. The policy is reviewed and approved by the Depository Administrator and it covers 100% of all assets stored in Depository Account Holder accounts. Additionally, the policy maintains language that permits automatic increases in limits as new depository accounts are opened.
From an idea by Texas Legislators in 2013 to law in the State of Texas in 2015 to OPEN FOR BUSINESS in 2018 – the Texas Bullion Depository is now a reality.
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.