-- Published: Friday, 8 June 2018 | Print | Disqus
By Rory Hall
Finally! Not only is this a great day for Texas it is a great day for anyone that wishes to store their gold outside of their own possession. If you’re comfortable, or have enough gold to store elsewhere this may be an option to consider.
The Texas Bullion Depository (TBD) opened it’s doors on Wednesday June 6, 2018 and is ready for business!
Since the financial collapse began in 2008 people people, the world over, have been moving more of their wealth into precious metals, not only gold but silver as well. Gold is money and the savvy investors understand that gold should be part of their overall wealth protection package. Not only should people be investing to produce income, but their should be some insurance to protect their investments – this is one of the main reasons to own gold. The Texas Bullion Depository will store the gold, silver and other assets for you, if you so desire.
“When you look at our operating companies, the average person searching and hitting our websites makes over $100,000 a year and has an advanced degree,” he said. “They’re not just coming to our websites to look around — they’re inquiring on owning precious metals as part of their overall investment portfolio.” Source – Dallas News
This facility is slightly different than other gold depositories in that TBD is a private company with state oversight. The state of Texas plays a role in the day-to-day operations. The good news is, this facility falls outside the federal government boundaries and the feds shut out!!
Because it’s operated by a private vendor, the depository won’t need Texans’ tax dollars. The public-private partnership gives customers an extra sense of security because the state will monitor the depository’s activities.
“The great thing is this is the first depository where the state plays a role,” Texas Comptroller Glenn Hegar said. “There are other places to store your gold and metals … but with the state having an oversight role, there is an extra set of eyes.”
The precious metals industry is very lightly regulated, if at all, Ferris said. Beyond a few requirements in Minnesota and standard codes that all businesses have to follow, there’s not much else. And there’s no federal regulation, either. Source – Dallas News
We can only hope this type of operation takes root, spreads and other states follow suit. I know I would support one in Tennessee. According Rep. Giovanni Capriglione, who sponsored the bill to make this happen, he has already been contacted by Representatives from Tennessee and other states as well. We had heard over the past several years that Tennessee was researching gold and silver as money, similar to what Utah and many other states have enacted, but every time I attempt to find out more I run into brick walls and no one wants to discuss this issue.
“I can’t think of any place else in the world that could create a bullion depository this way, and I’ve heard from legislators across the country who want to do what we are doing, from Tennessee to Utah,” the Southlake Republican said in a statement. “We will see a lot of financial interest in this depository, with gold, silver and other commodities coming here.” Source – Dallas News
If you remember this idea was born when Kyle Bass convinced the University of Texas to invest a $1 BILLION in gold. The UT Investment Management Company, UTIMCO, currently has their physical gold stored in the COMEX system of vaulting. Anyone that has been following our work over the past several years understands this may not be the best option of storage. Personally, I wouldn’t trust any vault associated with the COMEX and believe it is a very bad idea for TBD to be considering a partnership with the CME Group.
The University of Texas Investment Management Company, an investment corporation for the UT and Texas A&M Systems, has its assets stored with a COMEX-member bank in New York City.
“UTIMCO will consider the move if the depository is a robust member of the COMEX and if UTIMCO’s storage costs are equal or less than what is now being paid to HSBC in New York,” UT System spokeswoman Karen Adler said in a prepared statement. Source – Dallas News
I wouldn’t trust HSBC with any of my wealth, much less my gold. Hopefully, this is just a smoke screen to get the gold out of these bullion banks clutches and moved into safer storage closer to home. The UTIMCO system doesn’t need to have gold stored in New York by a known criminal enterprise when the gold could be stored within the borders of Texas and away from the bullion banking system.
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-- Published: Friday, 8 June 2018 | E-Mail | Print | Source: GoldSeek.com