Work has begun to create the first ever state level bullion depository in Texas, but being the first always presents a unique set of challenges.
"We are not reinventing the wheel," said state Rep. Giovanni Capriglione, R-Southlake, author of the bill to create the depository. "But we are going from a wooden wheel to a golden wheel."
"There are a lot of technical issues," he said. "This has never been done before."
One particular obstacle still to be overcome is where to build this new depository.
The Office of the Comptroller is still working to determine where that location may be, and they still have many questions to answer. However, they are not without ideas.
"Where could it be? It's too early to know," Capriglione said. "…We need somewhere that has easy access. One storage area could be in North Texas, another in Austin, maybe a third elsewhere."
While this bill found overwhelming success in 2015, it was actually the second time the bill was proposed by Capriglione. It was not until he proposed that the state should hire an outside firm to manage the depository that the bill passed.
Several proposals have been made by private firms to take on the task of building the Texas Bullion Depository. One very impressive proposal by Texas Precious Metals was displayed at the 2016 Texas Republican Convention last week.
You can view their bullion depository proposal here on our website.