Article by: Tim Eaton
Texas may experience a Gold-Rush style phenomenon as the Texas Bullion Depository creates the country's first gold-based transaction system.
The legislation behind the Texas Bullion Depository was created by state Rep. Giovanni Capriglione.
Taxpayers would not have to pay for the day-to-day operations of the depository. Contracted private companies would be used to run the depository, Capriglione said.
Texas Precious Metals, headquartered in Shiner, Texas, has a detailed plan to enhance the beer-brewing town by building the depository in Shiner.
Members of the Kaspar family and Tarek Saab, the chief operating officer of Kaspar Companies, envision some of the most secure vaults in the world to be located at the depository. State-of-the-art security would also be implemented at the facility, just one important factor in creating a monument for Texas.
"Our plan is to serve as an enabler," Saab said. He said he is envisioning making gold-based transactions available to consumers through partnerships with other companies.