In 2015, the 84th session of the Texas Legislature approved HB 483, a new law establishing the Texas Bullion Depository, the nation’s first state-administered depository for precious metals. The law establishes the depository as an official agency of the state under the administration of the Texas Comptroller of Public Accounts, to be operated by a private entity without any use of taxpayer dollars.
The depository’s mission, in the words of Texas Governor Greg Abbott, is “increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.”
The Comptroller’s office devoted two years to researching and developing a request for proposals to select the private operator, ultimately choosing Austin-based Lone Star Tangible Assets (LSTA). The depository is administered by Tom Smelker, the Comptroller’s Treasury Operations director.
The Texas Bullion Depository provides a safe, fully insured storage facility for precious metals in Texas, including gold, silver, platinum, rhodium and palladium. The metals are initially being stored in an existing high-security vault maintained by LSTA and ultimately will occupy a purpose-built, Austin-area facility. MHT Constructors, LLC, the general contractor selected by LSTA, began work on the multi-acre site in December of 2018.
To learn more about the Texas Bullion Depository, please visit TexasBullionDepository.gov.