The Texas Bullion Depository is the first state-administered bullion depository to be established in the United States. The Texas Bullion Depository will eliminate the need for out-of-state storage, as well as give Texas the opportunity to become a "commodities hub for the continent," according to Rep. Giovanni Capriglione, R-Southlake. The Texas Bullion Depository services will be made available to all U.S. citizens and businesses, plus international clients and sovereign nations, and will provide a safe storage facility for bullion. Administered by the office of the Texas Comptroller of Public Accounts, the Texas Bullion Depository is operated by Lone Star Tangible Assets of Austin, Texas.
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History
Texas Governor Greg Abbott signed the Texas Bullion Depository Bill, HB 483, on June 19, 2015. Rep. Giovanni Capriglione, R-Southlake, originally filed the bill on December 10, 2014. The bill was co-authored by 31 other colleagues and sponsored by Sen. Lois Kolkhorst, R-Brenham. In 2013 Capriglione announced his interest in creating the depository and was subsequently contacted by people around the world interested in storing their gold in a Texas depository. Capriglione was able to draw support for the depository by requiring that it be run by the private sector with no costs to taxpayers. The bullion depository will hold precious metals deposits owned by multiple entities: individuals, businesses, financial institutions and even foreign countries.
On June 12, 2017, the Texas Comptroller announced Tom Smelker, directory of Treasury Operations for the State of Texas, as administrator of the Texas Bullion Depository.
On June 14, 2017, Lone Star Tangible Assets (LSTA) was named as the operator of the Texas Bullion Depository. LSTA is the parent company of the United States Gold Bureau and Wholesale Coins Direct, which offer precious metals investment education, dealer services and secure storage to investors across the country and around the globe.
On Nov. 3, 2017, the Texas Comptroller announced the bullion depository would be located in Leander, Texas, with construction on a multi-acre site to begin in early 2018.
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Content of HB 483
Texas HB 483 authorizes the establishment and administration of a state bullion depository to serve as the custodian, guardian and administrator of bullion that may be transferred to or otherwise acquired by this state or an agency, political subdivision, or another instrumentality of the state. The bill grants the Comptroller authority to interpret and implement the Act and allows the Texas Bullion Depository to "purchase" and "sell" precious metals in the "course of ordinary business" (Sec. 151.003). The Texas Bullion Depository should be a monument to the state of Texas, a recruitment attraction for business, and an asset for domestic and international relations.
Challenges and reactions
Although there has been both public and private support behind the bill which passed nearly unanimously with only one "nay" vote, some disagree that the bill should have been passed, claiming that any depository concept doesn't make financial sense for taxpayers and arguing that gold is more of a romantic than practical investment for the state.
The University of Texas Investment Management Company (UTIMCO) has gold bullion stored in New York, worth $647 million. According to Lois Kolkhorst, HSBC Bank in New York City charges Texas a fee to store each individual bar of gold. HB 483 does not require UTIMCO to move the $647 million in precious metals back to Texas. New York City is within the COMEX trading market. Currently, all COMEX rated facilities are located within 150 miles of New York City and earning a COMEX membership out of this region may be difficult.
Source of the article : Wikipedia
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