State Gold Depository Coming to Texas!

State Gold Depository Coming to Texas!

(DALLAS MORNING NEWS, May 31, 2015): All that glittering gold doesn’t have to go to Fort Knox or the Federal Reserve in New York.

Instead Texas will soon be able to keep their precious metals in a new bullion depository lawmakers approved today. The bill goes to to governor.

Now, this isn’t a place to store Great Aunt Margaret’s earrings.

Public agencies, corporations or even individuals could store gold or precious metal there if it is in certain form — such as bullion or specie, which are generally gold or silver stamped.

Rep. Giovanni Capriglione, R-Southlake, has worked for two years on the legislation that allows the comptroller’s office to create the depository, which would make Texas the first state in the nation to do so.

“When I filed it, I just got these letters from literally all over the world,” Capriglione said. “People were saying, ‘I want to put my gold in Texas.’ They just have this image of the wild, wild west.”

And many want Texas gold to stay in the state to get away from federal oversight.

But don’t expect to see a castle-like fortress with a moat anytime soon. The depository will likely be set up like most other banks with vaults and will be able to accommodate large sums with minimum space.

FULL ARTICLE HERE


Sorry, you must be logged in to post a comment.


LIBRARY POSTS   (SEE ALL)

One of the most misunderstood terms in numismatics is the word “restrike.” In its strictest sense, a restrike is a coin made from original dies at a later year. However, the...
Elgin, Illinois is not a city of particularly national importance. Nonetheless, Elgin became the subject of a US Mint-issued commemorative coin in 1936 thanks to the efforts of...
Thomas Jefferson’s government did not originally intend to acquire the Louisiana Purchase. Jefferson was chiefly concerned with preserving American trading access to the...
It’s by no means the scarcest or most expensive of all U.S. coins, but the storied 1909-S V.D.B. Lincoln Cent may very well be the most famous. The coin is ubiquitous among...