AUSTIN, Texas -- Texans who have long stored gold and precious metals elsewhere can bring the bling back to their home state. The country's first state-administered precious metals depository, the Texas Bullion Depository, officially opened Wednesday in Austin.
Like other facilities that store precious metals, the Texas Bullion Depository insures them and has complex security measures to guard people's assets. Depositors can buy metals from a dealer and have them shipped directly to the depository, or send in what they already own.
People became more open to owning precious metals after the 2008 recession, depository executive director Matt Ferris said.
"When you look at our operating companies, the average person searching and hitting our websites makes over $100,000 a year and has an advanced degree," he said. "They're not just coming to our websites to look around -- they're inquiring on owning precious metals as part of their overall investment portfolio." ...
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