Texas is first state-owned and operated depository in the U.S.
Tuesday, June 30, 2015
Section: States

News that the Texas legislature recently passed a bill, now a law signed by the governor, for the establishment of a secure depository is a very exciting update. Texas will now become the first state-owned and operated depository in the United States. In pioneering this effort, the state of Texas will now become synonymous with the storage of precious metals as a business benefitting both individual and institutional investor classes.

Once the depository is up and functioning, there are plans to repatriate over $1 billion in gold currently held by the University of Texas Investment Management Company (UTIMCO) in New York. Cost savings for storage fees will now go directly to the state of Texas, under the direction of the state comptroller’s office.

The establishment of a new, secure, state-run depository is bringing both awareness and interest to the precious-metals investment community. Global news organizations such as Bloomberg News and CNBC have covered the story, and other media outlets are certain to follow. Positive stories such as this will hopefully expose the message of precious-metals investment options to a whole new audience of institutional and private investors.