?When will the Texas Bullion Depository open?
The Texas Bullion Depository will launch services according to a phased rollout schedule. The first depository accounts are expected to be opened at the beginning of 2018. Additional services will come online through 2018 and into 2019.
?How can I store my precious metals with the Texas Bullion Depository?
The Texas Bullion Depository would be happy to store, secure and insure your precious metal holdings. In order to become a Depository Account Holder you will need to establish an account with a licensed Depository Agent. A list of licensed Depository Agents will be posted on the Texas Bullion Depository website.
?What is a Depository Agent?
Depository Agents are the precious metal companies that are licensed by the Texas Department of Banking to open accounts on behalf of clients - both individuals and institutions - with the Texas Bullion Depository.
?How can my precious metals business become a Depository Agent?
The Texas Bullion Depository will utilize a network of Depository Agents to provide precious metal transaction services, such as buying or selling gold, silver and other metals for storage at the Texas Bullion Depository. The process of becoming a licensed Depository Agent will be posted on the website of the Texas Bullion Depository during the latter half of 2017, which will include a licensing process through the Texas Department of Banking and an application process and approval by the Depository Administrator. Once approved, the Depository Agent will be authorized to transact with the Texas Bullion Depository on behalf of Depository Account Holders.
?What is the schedule of fees for services offered by the Texas Bullion Depository?
The fee schedule for services offered by the Texas Bullion Depository will be posted on our website in the coming months. The fee schedule will include market rate fees for storage and insurance, plus flat fees for certain activities related to transactions.
?Are my metals insured when stored at the Texas Bullion Depository?
Yes. The Texas Bullion Depository insures the full metal content value of Depository Account Holder assets through the Lloyd's of London insurance marketplace.
?Who audits the Texas Bullion Depository?
The company operating the Texas Bullion Depository is audited by a well-known Texas-based accounting firm, and it submits those reports to the Comptroller for review according to a regular schedule. Additionally, the Depository Administrator, which is appointed by the Comptroller, has direct oversight and audit privileges regarding all Depository Account Holder accounts. This will help to ensure Depository Account Holders' precious metals holdings are as described by the company operating the Texas Bullion Depository. This oversight by the Depository Administrator is one factor that separates the services of the Texas Bullion Depository from all other private depositories around the world.
?Who owns the Texas Bullion Depository?
Per the enabling legislation, the Texas Bullion Depository is an agency of the state in the Office of the Comptroller. This is not a public-private partnership. Rather, the state is contracting with Lone Star Tangible Assets to assist in building and running the depository.
?Where is the Texas Bullion Depository located?
The Texas Bullion Depository is located in Austin, Texas - the capital city of the State of Texas.