Is Texas building a private gold repository? It may be in the works already….
“Texans as a group are some of the largest gold buyers in the world,” said Saab, chief operating officer of the company. “The only options they have to store it right now are in a bank or their home.”
Saab’s company, one of many interested in being involved with the state’s plan to create a depository, proposes building a potentially $20 million facility — with no Texas tax dollars — on 40 acres of land it has in Shiner, about 250 miles south of Fort Worth.
Plans for such a depository, where Texans could store their gold and precious metals, have been in the works since state Rep. Giovanni Capriglione, R-Southlake, asked lawmakers to create the facility last year.
Under the new Texas law, the comptroller’s office is working to create the state’s first bullion depository — which could hold deposits of gold and other precious metals from financial institutions, cities, school districts, businesses, individuals and countries — at a location yet to be determined.