In June Governor Gregg Abbott signed HB 483 Texas Bullion Depository Act, enabling Texas to have its own precious metals depository paving the way to repatriate 1 billion dollars in gold belonging to the UT Investment Management Company. The bill is also designed to allow individuals to store their precious metals with the depository. This will eliminate the previous worry of where an individual could safely store their gold. If all goes well, the depository will be operational in 2016. There are many details still to be worked through, and here are a few that I can think of:
Where will it be located?
How will individuals make and withdraw deposits?
What department and who will be responsible for managing it?
How will the storage fees be structured?
Importantly, the bill would allow private citizens and companies to exchange goods and services based on their deposits i.e. a gold standard. (San Antonio Express News Metro 9.6.2015)
I’ll keep you posted as things develop. Let me know what your questions are, and we can help research it for the next newsletter.
This is an exciting time in Texas history.
Posted by on 23rd October, 2015 | Trackbacks Tags: