Too much gold around the house? Store your bling at Texas' new precious metals depository

[TexasTowelie]

AUSTIN — Texans who have long stored gold and precious metals elsewhere can bring the bling back to their home state. The country's first state-administered precious metals depository, the Texas Bullion Depository, officially opened Wednesday in Austin.

Like other facilities that store precious metals, the Texas Bullion Depository insures them and has complex security measures to guard people's assets. Depositors can buy metals from a dealer and have them shipped directly to the depository, or send in what they already own.

People became more open to owning precious metals after the 2008 recession, depository executive director Matt Ferris said.

"When you look at our operating companies, the average person searching and hitting our websites makes over $100,000 a year and has an advanced degree," he said. "They're not just coming to our websites to look around — they're inquiring on owning precious metals as part of their overall investment portfolio."

Read more: https://www.dallasnews.com/business/business/2018/06/06/much-gold-around-house-store-bling-texas-new-precious-metals-depository

[DetlefK]

1. Sounds like a scam. Just like Fort Knox.

When Germany wanted to bring back the national gold stored at Fort Knox, they ran into some roadblocks. Delegates of the german government wanted to see the german gold there and were turned away. The argument? There is no room for accommodating visitors.

What does that tell us?

Just because you technically own gold at Fort Knox, that doesn't mean you own actual gold at Fort Knox. There is less gold lying in Fort Knox than the US government claims because it has sold part of it.
Does your bank have enough cash on hand to pay out everybody who has an account there? No. Same with Fort Knox.



This new gold depository will be no different: You give them your gold, they give you a voucher that they owe you gold, and then they sell your gold for profit.