The seemingly slow process of getting a Texas Bullion Depository built in Leander is moving – a little. The Texas Comptroller’s office now says that Lone Star Tangible Assets (LSTA) has selected MHT Constructors, LLC of Austin as general contractor to build the Depository.
Construction on the multi-acre site in Leander is expected to begin this month. The facility will include highly secure space for the storage of gold, silver and other precious metals.
The State had decided back in 2015 to compete with commercial banks and vaults and begin the first state-operated precious metals storage in the country. They didn’t begin operation until this summer, and that is in a temporary secure vault on Kramer Lane in Austin.
Though the State is to administer the Depository, a private company, Lone Star Tangible Assets (LSTA) was selected to be the “operator.” LSTA is to build the new facility in Leander, and as we’ve reported, they’ve selected a contractor and construction is beginning immediately. The new facility is to be open in 2019 in Leander.
The actual ownership of the facility and financing arrangements have not been released by the Comptroller’s Office, which is ultimately in control of the Depository.
At any rate, for any of our readers with gold or silver in the closet or under the bed, you can safely deposit it with the State of Texas Bullion Depository.