Cattle, cowboys, oil, barbeque, and football are all synonymous with Texan culture. But soon there will be another thing to add to that list. Gold. Texas is in the process of becoming the first state in the country to have its own state-run bullion depository.
State Representative Giovanni Capriglione is a man on a mission. Capriglione has asked the Texas Legislature to approve the construction of a bullion depository. Currently, all Americans are required to have their large bullion investments stored in New York, where they’re charged a per-bar tax on the commodity. A Texas-based bullion depository would bypass that for Texans. This would also give bullion investors from outside Texas the chance to store bullion somewhere besides New York. And there’s already interest. Capriglione spoke of the buzz that already surrounds the proposed facility.
“We are not talking Fort Knox,” Capriglione said. “But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold… in a Texas depository. People have this image of Texas as big and powerful… so for a lot of people, this is exactly where they would want to go with their gold.”
It seems that Texas’ state motto — “Don’t mess with Texas” — is paying off when it comes to support for a bullion depository. People trust that their gold will be safe in the land of guns and glory. But it’s not just bullion buyers who are in favor of a Texas bullion depository. Both the House and the Senate have approved Capriglione’s bill. The next step is for the bill to go to Governor Greg Abbott.
The fate of the Texas bullion depository is in Abbott’s hands. If the governor approves, this could mean big changes for bullion buyers. A more competitive marketplace for bullion storage could potentially be a win for precious metals investors everywhere.
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