Safety, Security, and Authenticity in Precious Metals
For as long as precious metals have been utilized as a currency and store of value, safety, security, and authenticity have always been a concern among precious metal owners. Throughout time criminals have attempted to find ways to defraud buyers and sellers of precious metals through various methods. Maintaining an account at the Texas Bullion Depository is a helpful way to ensure your precious metal assets are safe, secure, and authentic.
As an agency of the State of Texas, the Texas Bullion Depository is held to a higher standard than other depositories in the United States. It is the only precious metals depository operated with oversight from a state government.Storing precious metal assets with the Texas Bullion Depository represents the highest standards in the depository industry at a reasonable cost to the Depository Account Holder, while still providing the asset owner with peace-of-mind that their precious metals will be easily available to them when needed.
The Texas Bullion Depository is in the business of security. The depository utilizes multiple mitigating security controls to safely secure the assets of Depository Account Holders. The security controls and procedures implemented at the depository are similar to those used to protect important military intelligence assets. The depository maintains its own armed security team, supplemented by Texas Law Enforcement to help ensure the safety and security of depository operations.
High value precious metals are stored within the Class III vault located deep within the Texas Bullion Depository. In the near future, the Texas Bullion Depository will complete the construction of a new purpose built depository campus on 10 acres in Leander, Texas. This new facility will be a state-of-the-art depository operation designed to accommodate the future expansion of the Texas Bullion Depository.
How do you know with certainty that the precious metals you own are real? Many precious metals dealers do not conduct testing on the metals they purchase off the open market for resell to investors – they are simply serving as a clearing location for precious metal transactions.
When you open an account at the Texas Bullion Depository and deposit your precious metals, we will test your items prior to depositing them in your segregated storage bin. If any issues are discovered during our testing procedures we will contact you to notify you of our findings.
The Texas Bullion Depository utilizes numerous different tests to help authenticate your precious metals. The depository will conduct as much testing as reasonably possible without damaging or altering your metals.
Up to three of the following tests will be conducted on your precious metals:
- Visual inspection by trained depository staff;
- Weight inspection and comparison using highly sensitive depository scales;
- Electronic resistivity testing all the way through the item (deep scan).
For deposits of less than 100 individual items, the depository will test 100% of your items.
For deposits of more than 100 items, the depository will test 100% of the gold, platinum, and palladium; however, in respect to silver items in excess of 100 pieces the depository will test a statistically significant sample.
Acquiring precious metals through known, established dealers is great way to ensure you’re getting authentic precious metal items – but storing at the Texas Bullion Depository adds another, third party layer to the relationship between you and your precious metals dealer.