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June 14, 2017      4:39 PM

Hegar touts first state-managed gold bullion depository

“This has been a monumental undertaking…a very complex project with many unique challenges in security, IT systems, transportation, customer service, marketing and several logistical hurdles,” the comptroller said

The big news about the Texas Bullion Depository – the idea that Texas could someday compete head-to-head with the Federal Reserve – was not mentioned at Comptroller Glenn Hegar’s news conference this morning to announce the depository’s first vendor.  

That’s because the idea of a fully competitive depository isn’t yet outlined in Texas law.

The proposed Texas Bullion Depository remains a place for simple gold transactions, and even that requires significant legwork. Hegar and his staff have spent two years doing due diligence on the proposed state-managed depository, on top of two additional years of research before House Bill 483 passed in 2015.

By Kimberly Reeves

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