Texas is creating its own gold bullion depository, in an effort to keep its citizens and the state economically solvent when the next financial crisis strikes the U.S.
Texas Comptroller Glenn Hegar announced Wednesday that the state has selected Lone Star Tangible Assets (LSTA) as the vendor that will partner with the Texas state Comptroller’s office to build and operate the nation’s first state-issued gold bullion depository, The Texas Comptroller’s office reports.
LSTA is a Texas-based firm that has been in the precious metals business since 2008. The company currently operates a vault that will act as the initial depository, until LSTA can build a new vault in the Austin area.
“This is a great moment in the history of our state,” Hegar said in a statement. “The Texas Bullion Depository will be yet another example of why Texas is the greatest state in the nation and a leader when it comes to economic innovations. People will be able to sleep at night knowing the state of Texas is protecting their gold.”
The Texas depository will offer Texans the opportunity to have their gold investments stored in a safe, fully insured facility located in their own state capitol.
Texas officials have yet to say exactly how much gold will be stored in the vault.
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