Texas Bullion Depository Open for Business

Discussion of the Gold portion of the Permanent Portfolio

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FarmerD
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Texas Bullion Depository Open for Business

Post by FarmerD » Fri Jan 04, 2019 7:39 pm

Looks like the Texas Bullion Depository is up and running. They charge 0.5% yearly for segregated storage. Here's some information about the depository.

The Texas Bullion Depository was designed to be different than other depository offerings from the very beginning. It was created to provide a safe and secure location for Texans, U.S. Citizens, and others to have a safe, insured location to store their valuable precious metal assets.

Unlike other depositories, the Texas Bullion Depository is a state agency of the Texas Comptroller of Public Accounts. The only offering of its kind in the United States of America.

It is operated by a private entity, but audited and overseen by the Texas Comptroller of Public Accounts. Most other depository offerings are only managed by the private depository management team with no oversight other than an accounting audit from time-to-time.

The Texas Bullion Depository offers a three layered auditing approach to ensure accuracy and safety of client assets.

The depository is managed and internally audited by Lone Star Tangible Assets, reports are provided daily to the Depository Administrator.

The Depository Administrator and internal audit team of the Texas Comptroller of Public Accounts maintains the ability to audit the depository at any time and regularly conduct audits of the assets held in the depository.

The Texas Bullion Depository is audited by a third party accounting firm on a regular basis.

In addition to regular oversight and auditing, the infrastructure of the depository has been designed to allow clients of the depository to access information at any time through their online account. This includes the ability to view photographic images of all deposits and withdrawals from their account as they occur at the depository.

The legislation that authorized the creation of the Texas Bullion Depository ensures governance and accountability are always at the forefront of depository operations – features that don’t exist at other private depositories in the United States and abroad.


https://www.texasbulliondepository.gov/

FarmerD
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Re: Texas Bullion Depository Open for Business

Post by I Shrugged » Fri Jan 04, 2019 8:18 pm

I am in the market to do something. This place is high on my list.
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Re: Texas Bullion Depository Open for Business

Post by dualstow » Fri Jan 04, 2019 8:23 pm

FarmerD wrote:
Fri Jan 04, 2019 7:39 pm

The Texas Bullion Depository was ... created to provide a safe and secure location for Texans, U.S. Citizens, and others ...


I take it that is not necessarily redundant in the minds of all Texans. O0
another 52-week high for TLT 📈
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Re: Texas Bullion Depository Open for Business

Post by technovelist » Sat Jan 05, 2019 1:42 pm

dualstow wrote:
Fri Jan 04, 2019 8:23 pm
FarmerD wrote:
Fri Jan 04, 2019 7:39 pm

The Texas Bullion Depository was ... created to provide a safe and secure location for Texans, U.S. Citizens, and others ...
I take it that is not necessarily redundant in the minds of all Texans. O0
Correct!

I'm going to consider this very carefully, but from a first casual look it seems like it could be great!
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Re: Texas Bullion Depository Open for Business

Post by technovelist » Thu Jan 10, 2019 5:46 pm

I have opened an account with them and will be transferring gold from Global Gold.
The yearly cost is about the same but I will get segregated storage instead of collective, and the cost to buy or sell should be considerably less.
It's also a lot closer to home and you can even visit it!
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ochotona
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Re: Texas Bullion Depository Open for Business

Post by ochotona » Thu Jan 10, 2019 8:11 pm

I don't know one half of 1% seems expensive to me. It's cheaper to get a safe deposit box and insure it. Plus the safe deposit box can be close to your home or far away whatever you want. Leander is a long drive for me.
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Re: Texas Bullion Depository Open for Business

Post by boglerdude » Fri Jan 11, 2019 12:35 am

If anyone happens to contact them, ask if there's an ETA:

"The depository will offer a pooled method for storing gold or other precious metals in the future."
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Re: Texas Bullion Depository Open for Business

Post by technovelist » Fri Jan 11, 2019 9:02 am

ochotona wrote:
Thu Jan 10, 2019 8:11 pm
I don't know one half of 1% seems expensive to me. It's cheaper to get a safe deposit box and insure it. Plus the safe deposit box can be close to your home or far away whatever you want. Leander is a long drive for me.
It looks like you can get safe-deposit coverage for 20 basis points: https://safedepositboxinsurance.com/sol ... us-metals/
I've heard stories about having trouble collecting on such insurance if you ever need it, but haven't investigated them.
But otherwise you have a good point about the expense.

On the other hand, there isn't a contract or commitment at the depository. So it wouldn't be hard to withdraw some or all of the metals if necessary.
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Re: Texas Bullion Depository Open for Business

Post by technovelist » Fri Jan 11, 2019 9:05 am

boglerdude wrote:
Fri Jan 11, 2019 12:35 am
If anyone happens to contact them, ask if there's an ETA:

"The depository will offer a pooled method for storing gold or other precious metals in the future."
There is no precise ETA but they suggested it would be sometime in the relatively near future. The specific purpose for the pooled method is to allow them to issue debit cards that you could use to spend your gold. That might reduce the amount of USD one has to keep on hand for everyday expenses.

They are currently working out the details, including accounting so you can do the cap gains tax calculations easily.
Last edited by technovelist on Wed Jan 16, 2019 11:07 am, edited 1 time in total.
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Re: Texas Bullion Depository Open for Business

Post by Ad Orientem » Wed Jan 16, 2019 10:27 am

ochotona wrote:
Thu Jan 10, 2019 8:11 pm
I don't know one half of 1% seems expensive to me. It's cheaper to get a safe deposit box and insure it. Plus the safe deposit box can be close to your home or far away whatever you want. Leander is a long drive for me.
+1

I'd also add that this is inside the US and it is a quasi government entity. Not saying that the risk level is really high. I use a safe deposit box which has risks as well. But precious metals are supposed to be, at least in part, a hedge against governmental corruption or stupidity. Just sayin...
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Re: Texas Bullion Depository Open for Business

Post by technovelist » Wed Jan 16, 2019 11:09 am

Ad Orientem wrote:
Wed Jan 16, 2019 10:27 am
ochotona wrote:
Thu Jan 10, 2019 8:11 pm
I don't know one half of 1% seems expensive to me. It's cheaper to get a safe deposit box and insure it. Plus the safe deposit box can be close to your home or far away whatever you want. Leander is a long drive for me.
+1

I'd also add that this is inside the US and it is a quasi government entity. Not saying that the risk level is really high. I use a safe deposit box which has risks as well. But precious metals are supposed to be, at least in part, a hedge against governmental corruption or stupidity. Just sayin...
Absolutely. But these days it's pretty much impossible to keep anything private without subjecting yourself to harsh penalties if you get caught. The former benefit of privacy in dealing with Swiss institutions that Harry Browne relied on no longer exists.
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Re: Texas Bullion Depository Open for Business

Post by Ad Orientem » Wed Jan 16, 2019 3:32 pm

technovelist wrote:
Wed Jan 16, 2019 11:09 am
Ad Orientem wrote:
Wed Jan 16, 2019 10:27 am
ochotona wrote:
Thu Jan 10, 2019 8:11 pm
I don't know one half of 1% seems expensive to me. It's cheaper to get a safe deposit box and insure it. Plus the safe deposit box can be close to your home or far away whatever you want. Leander is a long drive for me.
+1

I'd also add that this is inside the US and it is a quasi government entity. Not saying that the risk level is really high. I use a safe deposit box which has risks as well. But precious metals are supposed to be, at least in part, a hedge against governmental corruption or stupidity. Just sayin...
Absolutely. But these days it's pretty much impossible to keep anything private without subjecting yourself to harsh penalties if you get caught. The former benefit of privacy in dealing with Swiss institutions that Harry Browne relied on no longer exists.
I wasn't thinking so much of privacy as just trying to keep as much distance between the government's fingers and your PMs as reasonably possible. Letting the government store your PMs might not be a good idea in an SHTF scenario.
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