AUSTIN (WBAP/KLIF) – It’s a big day for Texans who want to insure their precious metals. Texas Comptroller Glenn Hegar announced the official opening of the Texas Bullion Depository in Austin. This is the first state-administered precious metals depository in the country. The depository partnered with Lone Star Tangible Assets (LSTA) to build and operate the depository without using tax payer dollars.
Depositors can send in personal gold, silver, platinum or palladium precious metal products or buy bullion from a dealer and have it shipped directly to the depository. Three non-destructive tests are done to determine the legitimacy of all metals before they are accepted into the depository.
“The facility is going to have state-of-the-art security, layered with cameras, alarms and biometric access 24 hours a day, 7 days a week and everything you store with us will be completely insured,” said Tom Smelker, director of the Comptroller’s Treasury Operations Division and administrator of the depository.
The depository is overseen by the Texas Comptroller of Public Accounts to verify the operator meets the standards established for the program.
“Combining the entrepreneurial spirit and technical expertise of the private sector with the trusted oversight of the Comptroller’s office is what makes this so special. Texans can rest easy knowing their precious metals are right here in the Lone Star State,” said Hegar.
Go to TexasBullionDepository.gov for more information.
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