Depository Agents will be responsible for buying and selling the physical precious metals to their customers, who will also become (or already are) Texas Bullion Depository SM account holders.
Depository Agents must complete an application process with the Texas Department of Banking, which will include a company background investigation. Depository Agents will also be required to post security to qualify for the program. These steps will help assure consumers they are working with an authorized Depository Agent that will fulfill its responsibility to deliver their precious metals to the Texas Bullion Depository for storage.
Once a Depository Agent submits an account holder’s precious metals, the Texas Bullion Depository will independently test and certify the metals and report its findings to the Depository Account Holder. This verification assures Depository Account Holders the precious metals position acquired from the Depository Agent is consistent with what was represented when they entered into the transaction. This check is performed before precious metals are placed into the account holder's private, segregated storage locker within the Texas Bullion Depository vaults.
Liquidating and Withdrawing Holdings
Depository Account Holders may liquidate or withdraw any portion of their holdings at their discretion. When requesting liquidation, Depository Account Holders may request holdings be delivered to the Depository Agent for liquidation and clearing, or they may select an alternate Depository Agent to sell their position. Regardless of the final disposition, all metals in transit from the Texas Bullion Depository are insured by policies underwritten on the Lloyd's of London insurance market. A Depository Account Holder’s precious metal position is insured while deposited with the Texas Bullion Depository. For information about becoming a licensed Depository Agent, check TexasBullionDepository.gov for details as they become available.