Texas is well on its way to having its own gold depository but right now, there’s no framework for how the facility would operate.
State Rep. Giovanni Capriglione, R-Southlake, filed a bill that explains in detail how the gold depository functions, where the money earned from the depository goes, and lays out a security plan.
DEPOSITORY WOULD CHARGE STORAGE FEES
“We filed this in order to make sure everything goes smoothly and we can get someone managing the depository as soon as possible,” Capriglione told the Fort Worth Star-Telegram.
Capriglione also wants to eliminate the tax on gold bullion to make the gold depository more appealing. Should lawmakers approve the initiative it would go to voters in November.
Some parts of the depository would be subject to open record requests while others wouldn’t. The depository will charge storage fees.
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