Anthem Vault, which owns the Bitcoin-accepting online precious metals retailer Amagi Metals, submitted a proposal to the state of Texas regarding the building of a new Bullion Depository that was recently signed into law in the Lonestar State.
The plan to build a gold depository has mustered the interest and support of the international precious metals community. The official state bullion depository appears to be in its incipience as more than a dozen companies answered Comptroller Glenn Hegar request for advice on the project.
Governor Greg Abbott signed House Bill 483 in June, directing Hegar to develop the world’s only government-run bullion depository. The idea started in 2013 with State Rep. Giovanni Capriglione, R-Southlake.
“With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state,” Abbott said as he signed the bill.
Anthem Vault submitted the idea of “multiple vaulting locations throughout Texas to enable all Texans access to their bullion within a reasonable distance from their homes.” The Las Vegas firm suggested the creation of “coin shops and retail storefronts” for deposits intended to go to the state depository.
Anthem Vault took over Amagi Metals in 2015 under unclear circumstances. Former Amagi Metals CEO Stephen Macaskill is no longer CEO of Amagi Metals.
Anthem Vault seeks to provide customers with physical gold and silver bullion. They store all metals at a vaulting facility in Salt Lake City, Utah and insure the metal against loss, theft or natural disaster.
Anthem Vault once released INNcoin, though the cryptocurrency has failed to catch on. InnCoin, short for Independence Coin, is backed by 100 grams of physical gold stored in Anthem’s Salt Lake City vaults, presumably at a Brink’s facility.
Image from Shutterstock.