News that the Texas legislature recently passed a bill (now a law signed by Governor Abbott) for the establishment of a secure precious metal depository is a very exciting update. Texas will now become the first state-owned and operated depository in the United States. In pioneering this effort, the State of Texas will now be synonymous with the storage of precious metals as a business benefitting both individual and institutional investor classes.
Once the depository is up and functioning, there are plans to repatriate over $1 billion in gold currently held by the University of Texas Investment Management Company (UTIMCO) in New York. Cost savings for storage fees will now go directly to the state of Texas, under the direction of the state comptroller’s office.
The establishment of a new, secure, state-run depository is bringing both awareness and interest to the precious-metals investment community. Global news organizations such as Bloomberg News and CNBC have covered the story, and other media outlets are certain to follow. Positive stories such as this will hopefully expose the message of precious-metals investment options to a whole new audience of institutional and private investors.
The Industry Council for Tangible Assets (ICTA) is a 501(c)(6) nonprofit association dedicated to the rare coin, currency, and precious metals industry for over 30 years. ICTA exists to promote and safeguard the interests of its members, serving as the industry watchdog to maintain an appropriate and favorable legislative and regulatory climate in the U.S.A. and all 50 states.