Texas Bullion Depository Open for Business
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Texas Bullion Depository Open for Business
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
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
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
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
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!
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!
Re: Texas Bullion Depository Open for Business
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
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."
"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
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
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.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."
They are currently working out the details, including accounting so you can do the cap gains tax calculations easily.
Last edited by Libertarian666 on Wed Jan 16, 2019 11:07 am, edited 1 time in total.
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Re: Texas Bullion Depository Open for Business
+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
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.Ad Orientem wrote: ↑Wed Jan 16, 2019 10:27 am+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
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.Libertarian666 wrote: ↑Wed Jan 16, 2019 11:09 amAbsolutely. 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.Ad Orientem wrote: ↑Wed Jan 16, 2019 10:27 am+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...
Re: Texas Bullion Depository Open for Business
Definitely a valid point, but the government of Texas is different from the feds. For whatever that might be worth in various SHTF scenarios.Ad Orientem wrote: ↑Wed Jan 16, 2019 3:32 pmI 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.Libertarian666 wrote: ↑Wed Jan 16, 2019 11:09 amAbsolutely. 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.Ad Orientem wrote: ↑Wed Jan 16, 2019 10:27 am
+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
I use the Perth Mint for “core” gold storage and international diversification (re-balance with SGOL or IAU). Current holdings are in an “Unallocated” account which incurs “zero" storage cost. If you invest $250,000 or more as an International Investor there are also NO TRANSACTION FEES. Unallocated gold is NOT lent out like other institutions. Also, all Gold is backed by the Gov’t of Western Australia (somewhat similar to having State of Texas backing). In a SHTF scenerio you could transfer from Unallocated to Allocated with a small one time conversion fee (Perth would create 1/5/10/20 or 50 oz Gold Bars or for a higher fee coins). Potential downsides: 1) 1% storage fee for allocated 2) Ten days for Gold delivery (Unallocated) vs. two days (Allocated).
It is nice to see we have a Texas Bullion option though and as a Texas resident I couldn’t be happier.
This link will explain why unallocated Perth Gold is a safer:
https://www.perthmint.com/storage/help/ ... tions.html
Transaction Fees / Storage Fees:
https://www.perthmint.com/storage/pricing.html
It is nice to see we have a Texas Bullion option though and as a Texas resident I couldn’t be happier.
This link will explain why unallocated Perth Gold is a safer:
https://www.perthmint.com/storage/help/ ... tions.html
Transaction Fees / Storage Fees:
https://www.perthmint.com/storage/pricing.html
Re: Texas Bullion Depository Open for Business
I'm still using Perth Mint as well. Not having to worry about an ETF's gold being lent out, and eliminating a layer of managerial risk, is a good thing. I like the free storage, too :-). On the other hand, you have an account with sensitive info in the hands of Perth Mint AND whoever they outsourced it to. That's how their recent data breach happened - about which they've done nothing visible. I would assume the Texas depository will have the same issues, eventually.
Re: Texas Bullion Depository Open for Business
I talked to a detective in Brenham, TX, near where my gold is stored. He said he has never heard of a theft from a bank safe deposit box in the Brenham area. Never is a long time. Now... they do have bank robberies, like every place.
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Re: Texas Bullion Depository Open for Business
Safe deposit box thefts are extremely rare. Breaking into a safe deposit vault is hard and very risky. And unless you are prepared to open all the boxes, which is time consuming, and therefore even more risky, you need to know in advance which ones to hit.
Re: Texas Bullion Depository Open for Business
I thought the main risk with safe deposit boxes had to do with the bank, not random robbers. For example, deciding that your box is abandoned because you haven't visited it for a while. Or, a catastrophic event that destroys the building, like a fire or flood.
It may be worth checking to see if Texas Bullion Repository outsources its website and cybersecurity, like Perth Mint does. I bet the answer is yes, in which case your data are actually in the hands of that company, not the one you think.
It may be worth checking to see if Texas Bullion Repository outsources its website and cybersecurity, like Perth Mint does. I bet the answer is yes, in which case your data are actually in the hands of that company, not the one you think.
Re: Texas Bullion Depository Open for Business
Yeah... my bank is on a hill, but it's an old building, historic actually. So fire is a risk.sophie wrote: ↑Wed May 01, 2019 9:06 am I thought the main risk with safe deposit boxes had to do with the bank, not random robbers. For example, deciding that your box is abandoned because you haven't visited it for a while. Or, a catastrophic event that destroys the building, like a fire or flood.
It may be worth checking to see if Texas Bullion Repository outsources its website and cybersecurity, like Perth Mint does. I bet the answer is yes, in which case your data are actually in the hands of that company, not the one you think.
Re: Texas Bullion Depository Open for Business
I contacted the Texas Bullion Depository and they said "All of our website development and cyber security is performed in house with state government oversight."