(AUSTIN, TX — June 14, 2017) — Texas Comptroller Glenn Hegar has announced the selection of Lone Star Tangible Assets (LSTA) as the vendor that will partner with the Comptroller’s office to build and operate the Texas Bullion Depository – the first-ever state-administered gold bullion depository in the world. LSTA is the parent company of the U.S. Gold Bureau, one of the nation’s leading tangible assets education and investment firms.
“Lone Star Tangible Assets brings the right combination of experience, financial stability and infrastructure necessary to make this depository a success,” said Hegar. “LSTA had a comprehensive vision for a safe and secure vaulting facility … and they addressed a lot of concerns we had relating to everything from transportation and security to customer service and IT infrastructure.”
Representatives from LSTA and the U.S. Gold Bureau were on hand at the announcement that took place at the Texas Capitol Building to provide more detail regarding existing facilities as well as the next steps in the process. LSTA and the U.S. Gold Bureau are based in Texas and have been in the business of buying and selling precious metals since 2008. Their current vault facility is a highest-rated Class 3 vault and will serve as the initial location for the depository as the company works to build a new vault facility for the Texas Bullion Depository.
“This is a great moment in the history of our state,” said Hegar. “The Texas Bullion Depository will be yet another example of why Texas is the greatest state in the nation and a leader when it comes to economic innovations. People will be able to sleep at night knowing the State of Texas is protecting their gold.”
“Lone Star Tangible Assets is honored and proud to have been selected for this incredible opportunity,” said Matt Ferris, chairman of LSTA and U.S. Gold Bureau. “We have already developed a fantastic collaborative relationship with the Comptroller’s office and we look forward to working with Comptroller Hegar and his staff as we make history together.”
The Comptroller’s office will provide ongoing oversight of the project to build out the depository and prepare for the opening. The Comptroller’s Criminal Investigation Division (CID) has already performed inspections of existing facilities and physical security measures, while the Information Technology and Information Security Divisions examined proposed software and digital security systems.
“Oh they were very thorough,” added Ferris. “But I think everyone involved in this process wants it to be done right rather than done fast. When you are asking people to trust you with their literal treasure, you need to make sure you’ve done your homework.”
The U.S. Gold Bureau and usgoldbureau.com will continue to operate as they have and will eventually offer secure metals storage at the Texas Bullion Depository, once the facility opens and the necessary details are worked through.