The Texas Comptroller's office is tackling the long, complex process of establishing a state Gold Depository. There's no timetable and no established location in the state yet, but spokesman Chris Bryan says there are many challenges.
Because Texas is the first state to do this, it's doing a lot of studying to make sure the depository is set up properly.
“We manage the investments for the Rainy Day Fund. We manage the state's treasury pool, so we do have a lot of experience with that sort of institutional investing,” Bryan says, “but no state government has a lot of experience in the precious metals and bullion world.”
Requests for proposals went out last fall.
“Tremendous amount of logistics involved,” he points out, “everything from transportation to advanced security measures.”