Texas’s Gold Depository — A “Bank” For Gold-Based Money — Has Now Opened

Texas in many ways really does have it’s act together. There is a certain confidence that comes from being a petro-“state.”

(From Mises)

Existence of the depository opens up the possibilities for users creating a new type of currency in which purchases are made electronically with the backing of the gold in the depository. In other words, one could potentially use the depository’s infrastructure to make purchases using gold, and to have gold either directly deposited into another’s account, or converted to US dollars and deposited in a conventional bank. Arguably, this is just an electronic version of gold-backed money.

And now the Texas Bullion Depository has opened for business. The Ft Worth Star-Telegram reports :

The Texas Bullion Depository opened in Austin Wednesday, three years after state lawmakers signed off on creating an official place for people to store their gold and other precious metals.

“We’re proud that the nation’s first state-administered bullion depository is now a reality — this is a big day for Texans who want to secure their precious metal assets,” said Texas Comptroller Glenn Hegar , who became the depository’s first customer this week. “I deposited some gold.”

The article notes that gold deposits are verified and insured.

Click here for the article.