Texas Bullion Depository Open for Business

Discussion of the Gold portion of the Permanent Portfolio

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Xan
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Re: Texas Bullion Depository Open for Business

Post by Xan » Wed Jan 16, 2019 4:29 pm

Ad Orientem wrote:
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


+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.
Definitely a valid point, but the government of Texas is different from the feds. For whatever that might be worth in various SHTF scenarios.
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Stillwaters
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Re: Texas Bullion Depository Open for Business

Post by Stillwaters » Wed Jan 16, 2019 9:13 pm

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
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sophie
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Re: Texas Bullion Depository Open for Business

Post by sophie » Thu Jan 17, 2019 7:35 am

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.
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ochotona
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Re: Texas Bullion Depository Open for Business

Post by ochotona » Tue Apr 30, 2019 3:12 pm

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

Post by Ad Orientem » Tue Apr 30, 2019 4:45 pm

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.
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sophie
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Re: Texas Bullion Depository Open for Business

Post by sophie » 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.
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ochotona
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Re: Texas Bullion Depository Open for Business

Post by ochotona » Wed May 01, 2019 11:14 am

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.
Yeah... my bank is on a hill, but it's an old building, historic actually. So fire is a risk.
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Re: Texas Bullion Depository Open for Business

Post by stpeter » Tue Sep 03, 2019 10:34 am

sophie wrote:
Wed May 01, 2019 9:06 am
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.
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."
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