Gold depository could soon be on its way to Texas

Gold depository could soon be on its way to Texas

In 2015, Texas Governor Greg Abbott in 2015 signed into law an act establishing a state bullion depository at no cost to taxpayers. He intends to enter into a public-private partnership with a qualified company to provide a secure, physical depository and an agency of innovation.

A non-banking financial facility will provide Texans with secure resources for a wide range of gold-backed financial services privately sponsored and publicly supervised by the state of Texas.

Through our support of this bill and our ongoing participation with the state comptroller's office, we recently presented our vision at the Texas Republican convention. As you can see from the headlines below, our vision for the Texas Bullion Depository caught the eye of more than just Republican delegates and lawmakers.

Here is coverage from the Forth Worth Star-Telegram:

Tarek Saab has a golden vision for Texas.

Well, for a Texas Bullion Depository anyway.

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.


For complete coverage, visit:

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