The state of Texas selected Austin-based Lone Star Tangible Assets as the private vendor that will build and operate the Texas Bullion Depository. The gold depository could open in Lone Star’s current Austin facility on Kramer Lane as early as January 2018. The company will also build a new vault facility in the Austin area specifically for the Texas Bullion Depository, which could be operational by December 2018.

According to state comptroller Glenn Hegar, the depository is being set up to provide “an alternative to the depositories largely located in and around New York City.” The depository will store gold and other precious metals, though Hegar said Texans won’t have to travel to Austin to open accounts. “We envision a network of licensed and insured depository agents to help Texans sign up for our services,” he said.

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