The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in transactions.
It currently operates it out of its existing facility in Austin, but plans to open a new building for the depository in Leander sometime in 2019.
According to an article in the Star-Telegram, state officials want a facility “with an e-commerce component that also provides for secure physical storage for Bullion.” While in the development phase, officials said plans for a depository will include online services that would let customers accept, transfer and withdraw bullion deposits and related fees.
Ultimately, depositors will be able to use a bullion-funded debit card that seamlessly converts gold and silver to fiat currency in the background.
People hoarded the more valuable silver coins and spent the less valuable copper money.