"Texas building gold depository with $100B capacity and security that rivals Fort Knox"

From Mining.com:

Texas lawmakers created a new storage option for miners when they signed off on building America’s first state-backed gold depository in 2015.

The Texas Bullion Depository, currently under construction and with the capacity to house physical gold valued in excess of $100 billion will be the most secure facility outside of Fort Knox, will have the full protection of the state of Texas, and is insured by Lloyds of London.

Texas will have a lot of gold to protect — Governor Greg Abbott said when the project was announced last year that it would allow Texas to “repatriate” its gold from New York. The University of Texas/Texas A&M Investment Management Company holds $1 billion worth of gold bullion at the HSBC Bank in New York City, the Texas Tribune reported.

“This goes back to the precious metals storage industry here in the US. Most of the depositories are in the east coast. I say why don’t we have more depositories in Texas? So, the legislature ultimately decided this was something that they wanted to do,” Texas Comptroller Glenn Hegar told MINING.com.

“This is an opportunity for people to store precious metals in a variety of different options, another tool for those in the mining industry. This would also provide that additional oversight, that additional security, accountability, whether it is a short term or long term storage,” Hegar said....MORE