Texas Bullion Depository Begins Construction
LEANDER, Texas (Dec. 17, 2018) – Last week, officials broke ground for construction of the Texas Bullion Depository building. The creation of the facility represents a power-shift away from the federal government and sets the foundation to undermine the Federal Reserve’s monopoly on money.
In June 2015, Gov. Greg Abbot signed legislation creating the state gold bullion and precious metal depository. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in transactions. In short, a person will eventually be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.
The Texas Bullion Depository officially opened for business and accepted its first deposit on June 6, 2018. Austin-based Lone Star Tangible Assets (LTSA) currently operates the depository from its existing facility in Austin. Officials say construction of the new 40,000 square foot depository building in Leander will be completed in late 2019.
According to LSTA chairman Matt Ferris, the facility’s vault will rank as the largest class 3 vault in the state and weigh as much as 10 space shuttles. The vault will have the capacity to hold $350 billion in precious metals – more than is currently held in Fort Knox.
“If market forces dictate – and we think they will – the site will have the capacity to expand by an additional 85,000 square feet,” Ferris said.
Texas Comptroller Glenn Hegar called the groundbreaking “a milestone in what is a historic achievement: the first ever state-administered gold bullion depository.”
You don’t have to be a Texas resident to use the depository. Any U.S. citizen can set up an account online and then ship or personally deliver metal to the facility. The Texas Bullion Depository will accept gold, silver, platinum, rhodium and palladium.
The depository does not currently have a system in place to facilitate everyday transactions with gold and silver, but that remains part of the long-term plan.
According to an article in the Star-Telegram, state officials want a facility “with an e-commerce component that also provides for secure physical storage for Bullion.” While in the development phase, officials said plans for a depository will include online services that would let customers accept, transfer and withdraw bullion deposits and related fees.
Ultimately, depositors will be able to use a bullion-funded debit card that seamlessly converts gold and silver to fiat currency in the background. This will enable them to make instant purchases wherever credit and debit cards are accepted.
By making gold and silver available for regular, daily transactions by the general public, the new depository has the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.
https://www.activistpost.com/2018/12/texas-bullion-depository-begins-construction.html
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https://youtu.be/ysfvt6gljO0
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