Gold depository could soon be on its way to Texas

Texas’ gold depository is still in the works but officials say Texans will soon have a place to store their gold bullion and other precious metals. zentilia Getty Images/iStockphoto



  • A Texas Bullion Depository could soon be in the works
  • One proposal calls for building a facility in Shiner
  • A depository could be in place by late this year or early next year

Tarek Saab has a golden vision for Texas.

So he, and his company — Texas Precious Metals — set up a booth at the Republican Party of Texas state convention in Dallas to tell Texans about it.

“Texans as a group are some of the largest gold buyers in the world,” said Saab, chief operating officer of the company. “The only options they have to store it right now are in a bank or their home.”

Saab’s company, one of many interested in being involved with the state’s plan to create a depository, proposes building a potentially $20 million facility — with no Texas tax dollars — on 40 acres of land it has in Shiner, about 250 miles south of Fort Worth.

Plans for such a depository, where Texans could store their gold and precious metals, have been in the works since state Rep. Giovanni Capriglione, R-Southlake, asked lawmakers to create the facility last year.

Under the new Texas law, the comptroller’s office is working to create the state’s first bullion depository — which could hold deposits of gold and other precious metals from financial institutions, cities, school districts, businesses, individuals and countries — at a location yet to be determined.

At the depository, Texans will be able to open accounts similar to checking or savings accounts at traditional banks — and monitor them online.

For now, interested companies and Texans alike must wait for the comptroller’s office to put out a request for proposals to gain more information.

Officials have long said a depository could be in one location, or many, in Texas.

Full article: Gold depository could soon be on its way to Texas (Star-Telegram)

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s