BRINGING OUR GOLD BACK HOME
In 2015, Glenn Hegar began taking the necessary steps to make Texas the one and only state with a gold bullion depository. Texas’ own gold bullion could hold deposits of gold and other precious metals from financial institutions, cities, school districts, businesses, individuals and countries.
Glenn understands that Texans should feel safe storing their gold and other precious metals close to home, not across the country in states like New York. Texans are currently paying big banks in New York nearly $1 million annually to store their gold. A prime example is the University of Texas Management Company, which has $660 million of gold owned stored at the HSBC Bank in New York City. The UT System, along with other state agencies, pays nearly $1 million a year in storage fees, which is a total that is funded by Texas taxpayers. Glenn wants to bring that money and the safety and security of storing gold back home.
HOW WOULD A GOLD BULLION DEPOSITORY WORK?
Texas’ gold bullion depository will be more than just our version of Fort Knox, which serves solely as a gold depository. In addition to providing Texans a safe and secure option for storing gold, the Texas gold bullion will allow private citizens and businesses to open checking and savings accounts.