The Texas Bullion Depository is unlike almost every other precious-metals storage facility in the United States. Rather than operating solely as a private vault, it is an official agency of the State of Texas administered through the Texas Comptroller of Public Accounts.
This unusual structure gives investors access to state oversight, segregated storage, third-party audits and insurance underwritten through the Lloyd’s of London marketplace. Since 2025, the facility has also been available for eligible precious metals held inside certain self-directed IRAs.
But does government administration automatically make it the best depository for your gold? And can every Gold IRA investor use it?
In this Texas Bullion Depository review, we examine its ownership, security, insurance, fees, customer reputation and Gold IRA storage services. We also explain what to verify before transferring retirement savings into physical precious metals.
Quick verdict: The Texas Bullion Depository appears to be a legitimate, highly regulated precious-metals vault with meaningful state oversight. Its principal disadvantages are percentage-based retail storage fees, a limited public review footprint and fewer established IRA custodian relationships than some competing depositories.
Texas Bullion Depository Review Summary
| Category | Details |
|---|---|
| Official name | Texas Bullion Depository |
| Location | 203 Heritage Grove Road, Leander, Texas |
| Established | Created by legislation in 2015; opened in 2018 |
| Ownership | Agency of the State of Texas |
| Administrator | Texas Comptroller of Public Accounts |
| Contracted operator | Lone Star Tangible Assets LP |
| Facility size | More than 40,000 square feet |
| Metals accepted | Gold, silver, platinum and palladium |
| Storage type | Segregated storage |
| Insurance | Lloyd’s of London insurance marketplace |
| IRA storage | Available through its IRS-approved operator |
| Initial IRA custodian relationship | Equity Trust Company |
| BBB status | A+ rating; not BBB accredited |
| Best suited for | Investors prioritizing state oversight and allocated storage |
| Main drawback | Percentage-based fees can become expensive on large balances |
| Our overall assessment | Legitimate, secure and worth considering |
What Is the Texas Bullion Depository?
The Texas Bullion Depository is a state-administered facility that stores gold, silver, platinum and palladium for individuals, businesses, trusts, estates, family offices, institutions and government entities.
The Texas Legislature authorized its creation in 2015. Operations began in 2018, initially from a temporary location. A purpose-built facility was later completed in Leander, approximately 25 miles north of Austin.
According to the Texas Comptroller, the permanent facility occupies approximately 40,000 square feet on a 10-acre site. It was developed specifically for high-security precious-metals storage rather than converted from a conventional commercial building.
The facility is frequently described as the nation’s first and only state-administered precious-metals depository. That distinction is important, but it should not be misunderstood: the State of Texas administers and oversees the depository, while a private contractor handles its day-to-day operation.
Who Owns and Operates the Texas Bullion Depository?
The Texas Bullion Depository is an agency of the State of Texas within the Office of the Comptroller. It is not owned by U.S. Gold Bureau, Texas Precious Metals or another bullion dealer.
Lone Star Tangible Assets LP is the private contractor selected to help construct and operate the facility. Lone Star Tangible Assets is also associated with U.S. Gold Bureau, which explains why readers sometimes confuse the bullion dealer with the depository.
These entities perform different roles:
- Texas Bullion Depository: Stores and safeguards deposited precious metals.
- Texas Comptroller: Administers the depository and provides government oversight.
- Lone Star Tangible Assets: Serves as the contracted operator.
- U.S. Gold Bureau: Sells precious metals and is a related business, but is not the depository itself.
- Equity Trust Company: Provides custodial services for investors using the facility through a self-directed IRA.
Reviews or complaints about U.S. Gold Bureau should therefore not automatically be attributed to the Texas Bullion Depository. Investors should evaluate the dealer, custodian and storage facility separately.
Is the Texas Bullion Depository Legitimate?
Yes. The Texas Bullion Depository is a legitimate precious-metals storage facility established under Texas law and overseen by the Texas Comptroller of Public Accounts.
Several verifiable factors support its legitimacy:
- It is an agency of the State of Texas.
- It operates from a purpose-built facility in Leander.
- The Comptroller appoints a depository administrator.
- Depository records and holdings are subject to multiple levels of audit.
- Stored assets are insured through the Lloyd’s of London marketplace.
- Its operator received approval to act as an IRS nonbank trustee.
- It reports that more than $400 million in assets were on deposit by June 2025.
The last figure comes from a June 2025 announcement by the Texas Comptroller. The announcement also confirmed that the facility had begun accepting eligible precious metals owned through IRAs.
Legitimacy, however, does not guarantee that a service is the lowest-cost or most appropriate option for every investor. Fees, accessibility, custodian compatibility and withdrawal procedures still deserve careful comparison.
How Secure Is the Texas Bullion Depository?
The depository does not publicly disclose every security measure—and a genuine high-security vault should not reveal its complete security design. Its published information nevertheless identifies several layers of protection.
Purpose-Built Facility
The permanent depository was constructed specifically for storing precious metals. The facility reportedly incorporates reinforced concrete, hardened vaults and multiple controlled-access points.
This can offer an advantage over storage providers operating from retrofitted warehouses or commercial buildings.
State Administrative Oversight
The depository administrator, appointed by the Texas Comptroller, has direct oversight and audit privileges. This provides a layer of public accountability that is not normally present at a completely private vault.
State administration should not be interpreted as a guarantee against every possible loss. It does, however, create additional reporting and oversight responsibilities.
Multiple Levels of Auditing
The Texas Bullion Depository describes a three-layer audit structure:
- Lone Star Tangible Assets conducts internal audits and supplies reports to the depository administrator.
- The Texas Comptroller’s staff can examine depository operations and account holdings.
- An independent accounting firm performs additional audits.
Account holders can also access their account information online. The depository says customers may view photographic records associated with deposits and withdrawals.
Segregated Storage
The facility currently advertises segregated storage. This means an investor’s metals are separately identified rather than pooled as an undivided interest in a larger collection.
When the account holder withdraws the assets, the objective is to return the same identifiable metals deposited into the account.
Segregated storage may appeal to investors who want:
- Their specific coins or bars returned;
- Clearer identification of individual assets;
- Separation from other depositors’ holdings;
- Additional documentation for collectible or high-value items.
It generally costs more than commingled or pooled storage, so investors should decide whether the added separation justifies the expense.
Are Metals Stored at the Texas Bullion Depository Insured?
Yes. The depository states that account-holder assets are covered through an insurance policy underwritten in the Lloyd’s of London insurance marketplace.
Standard bullion is automatically covered based on its metal value. Owners of rare or numismatic coins may declare a higher value when the collectible value exceeds the underlying metal content.
According to the depository’s insurance disclosure, qualifying return shipments are also insured. If metals are lost or stolen in transit, the depository may replace them with comparable metals or reimburse the account holder up to the insured value, subject to applicable terms.
Before depositing a substantial collection, request written answers to these questions:
- What risks and events does the current policy cover?
- Are there any deductibles, limits or exclusions?
- How is replacement value calculated?
- What documentation is required for numismatic value?
- Does insurance apply during inbound and outbound shipment?
- Who files a claim if the assets belong to an IRA?
- Is coverage based on metal value, declared value or replacement value?
The existence of insurance is reassuring, but investors should understand its terms rather than relying solely on a promotional reference to Lloyd’s.
Texas Bullion Depository Fees
The depository publishes a percentage-based schedule for standard segregated storage. For gold, platinum and palladium—and silver holdings of up to 50,000 ounces—the annual rates currently listed are:
| Account value | Published annual storage rate |
|---|---|
| $0.01–$2,499,999.99 | 0.50% |
| $2.5 million–$4,999,999.99 | 0.45% |
| $5 million–$7,499,999.99 | 0.40% |
| $7.5 million–$9,999,999.99 | 0.35% |
| $10 million–$24,999,999.99 | 0.30% |
| $25 million–$49,999,999.99 | 0.25% |
| $50 million or more | Negotiable |
These are published standard-storage rates, not necessarily the rates charged to Gold IRA clients.
Examples of Standard Storage Costs
At the 0.50% annual rate:
- $50,000 of metals would cost approximately $250 per year.
- $100,000 would cost approximately $500 per year.
- $250,000 would cost approximately $1,250 per year.
- $1 million would cost approximately $5,000 per year.
This pricing may be reasonable for investors who highly value segregated storage and state oversight. However, percentage-based pricing can become significantly more expensive as the account grows.
Several well-known IRA depositories and custodial arrangements use flat annual fees instead. A flat-fee structure may be more economical for a large Gold IRA, although the underlying services and type of storage must be compared carefully.
Additional Fees
The depository may also assess fees for services such as:
- Shipping and handling;
- Personal or courier pickup;
- Use of a private customer viewing room;
- Refused deposits;
- Stop-payment instructions;
- Special handling or verification.
Review the latest official fee schedule before sending any assets.
Gold IRA Storage Fees May Be Different
The published 0.50% standard-storage fee should not automatically be used to estimate the cost of a Gold IRA.
The depository says IRA storage fees are commonly negotiated between the custodian, metals dealer and depository operator. As a result, IRA investors may receive a different flat or percentage-based rate.
Before opening an account, request one written disclosure showing:
- Dealer markup or spread;
- IRA setup fee;
- Annual custodian fee;
- Storage and insurance fee;
- Wire or transaction fees;
- Shipping expenses;
- Liquidation or buyback costs;
- Account termination and distribution fees.
A waived storage promotion can be useful, but it should not distract from an excessive premium on the metals. Compare the total acquisition and ownership cost—not one isolated fee.
Can the Texas Bullion Depository Hold Gold IRA Assets?
Yes. The Texas Bullion Depository began accepting eligible precious metals held through self-directed IRAs in June 2025.
Lone Star Tangible Assets received IRS approval as a nonbank trustee in 2023. The depository subsequently established an IRA storage arrangement involving Equity Trust Company.
The facility’s official IRA storage page identifies Equity Trust as its first participating IRA custodian. It also says the depository expects to expand its custodian relationships.
This is a relatively new service compared with established IRA depositories that have worked with numerous custodians and metals dealers for decades. Investors should confirm current compatibility before starting a rollover.
How to Open a Gold IRA Using the Texas Bullion Depository
A Gold IRA involves more than selecting a vault. It normally requires three specialized service providers:
- A self-directed IRA custodian;
- A precious-metals dealer;
- An eligible storage facility.
The general process works as follows.
1. Determine Whether a Gold IRA Fits Your Plan
Physical gold can provide diversification, but it does not generate interest or dividends. Its price can decline, and specialized IRAs involve additional fees.
Consider your time horizon, liquidity needs, existing investments and capacity for volatility. Avoid moving an entire retirement account into one asset class solely because of short-term economic predictions.
2. Choose a Self-Directed IRA Custodian
Verify that the custodian supports precious metals and can arrange storage at the Texas Bullion Depository. Equity Trust was the first publicly identified custodian for this service, although additional relationships may be added.
Compare the custodian’s:
- Setup and annual fees;
- Transaction processing times;
- Online account access;
- Distribution procedures;
- Customer reviews;
- Experience with physical precious metals.
3. Fund the Account
A self-directed IRA may be funded through:
- A transfer from another IRA;
- A direct rollover from an eligible employer plan;
- An annual contribution, subject to IRS rules and limits.
A direct custodian-to-custodian transaction generally reduces the risk of missing rollover deadlines or triggering unintended tax consequences. Consult a qualified tax professional about your particular situation.
4. Select an Experienced Precious-Metals Dealer
The Texas Bullion Depository is principally a storage provider. The Texas Comptroller states that it does not recommend dealers or provide investment or tax advice.
Compare at least two or three dealers based on:
- Minimum investment;
- Written metal prices;
- Premiums over spot;
- Buyback terms;
- Complaint history;
- Educational support;
- Custodian and depository compatibility;
- Pressure-free sales practices.
5. Purchase IRA-Eligible Metals
Not every coin or bar is eligible for an IRA. The custodian and dealer should verify that each product satisfies the relevant IRS requirements before completing the order.
Be cautious if a salesperson recommends high-premium collectible coins without clearly explaining why they are appropriate for an IRA.
6. Arrange Direct Delivery to the Depository
IRA-owned metals should generally move directly from the dealer or approved source to the qualified storage facility. The investor should not take personal possession during the transaction.
Once accepted and processed, the metals are recorded in the IRA account and stored at the depository.
Texas Bullion Depository Reviews and Ratings
The independent review footprint for the Texas Bullion Depository is relatively limited. This is not necessarily evidence of poor service. Depositories interact with fewer retail consumers than high-volume coin dealers, and many IRA customers communicate primarily with their dealer or custodian.
Better Business Bureau
The BBB lists Texas Depository Services LLC, with “Texas Bullion Depository” shown as an alternate name.
At the time of this review, the business profile displayed:
- BBB rating: A+
- BBB accreditation: Not accredited
- Business started: May 2017
- BBB file opened: August 2019
The BBB also identifies U.S. Gold Bureau as a related business.
A company does not need BBB accreditation to be legitimate. Accreditation is a voluntary program, while the letter rating reflects the BBB’s assessment of factors such as complaint response and business practices. Customer reviews do not determine the letter grade.
Other Review Platforms
The facility does not have the same volume of verified consumer ratings found for major retail bullion dealers. Searches may also return feedback for similarly named—but separate—businesses, including:
- Texas Precious Metals;
- Texas Precious Metals Depository;
- U.S. Gold Bureau;
- Texas Depository Services;
- Texas Bullion Exchange.
Readers should verify the business name and address before treating any review as evidence about the state-administered Texas Bullion Depository.
What Customer Commentary Generally Focuses On
The limited public discussions we located tend to focus on:
- The benefits of segregated storage;
- State oversight;
- Insurance protection;
- The security of professional storage;
- Percentage-based annual fees;
- Whether storage costs are justified for smaller holdings;
- Limited firsthand reviews from long-term IRA customers.
Because the online sample is small, it would be misleading to claim overwhelming customer satisfaction based solely on public star ratings. The facility’s regulatory structure and operating documentation provide stronger evidence than its online review count.
Complaints and Red Flags
We did not find evidence that the Texas Bullion Depository is a scam. Its status as a state agency, published fee schedule, audit structure, physical facility and insurance arrangements provide substantial evidence of legitimacy.
Nevertheless, prospective customers should consider the following issues.
Percentage-Based Fees
A 0.50% annual fee may be manageable on a modest balance but expensive on a multimillion-dollar account. Compare the long-term cost with flat-fee alternatives.
Limited Independent Reviews
There are not enough verified public reviews to draw strong conclusions about average customer service, withdrawal times or complaint resolution.
Newer IRA Storage Program
Although the depository began operating in 2018, its IRA storage service only launched in 2025. It has a shorter Gold IRA operating history than Delaware Depository, Brink’s and several established competitors.
Limited Custodian Compatibility
Equity Trust was the first announced IRA custodian working with the facility. Investors using another custodian may have to transfer custodians or choose a different vault.
Potential Brand Confusion
The relationship between the operator, U.S. Gold Bureau and the depository can confuse consumers. Review every agreement to identify which entity is selling the metals, administering the IRA and storing the assets.
Storage Does Not Eliminate Investment Risk
Insurance and vault security protect against certain custody-related losses. They do not protect against:
- Falling gold or silver prices;
- Excessive dealer markups;
- Poor product selection;
- Early-distribution taxes or penalties;
- Custodian and transaction fees;
- Difficulty selling high-premium collectible coins.
Texas Bullion Depository Pros and Cons
Pros
- Official agency of the State of Texas;
- Oversight by the Texas Comptroller;
- Purpose-built precious-metals facility;
- Segregated storage;
- Multiple layers of auditing;
- Insurance through the Lloyd’s marketplace;
- Online account information and photographic records;
- Accepts gold, silver, platinum and palladium;
- Available to individuals and institutions;
- Can hold eligible IRA precious metals;
- Clear standard-storage pricing;
- No requirement to use a depository agent for an ordinary account.
Cons
- Standard percentage-based storage can be costly;
- Relatively few independent customer reviews;
- IRA service has a limited operating history;
- Fewer established custodian relationships;
- IRA-specific fees are not published as one universal rate;
- Additional shipping and service charges may apply;
- The depository does not replace the need to evaluate a dealer and custodian;
- Similar company names can make online research confusing.
Texas Bullion Depository vs. Delaware Depository
| Feature | Texas Bullion Depository | Delaware Depository |
|---|---|---|
| Administration | State-administered | Privately operated |
| Location | Leander, Texas | Wilmington, Delaware |
| IRA storage history | Available since 2025 | Long-established |
| Custodian relationships | More limited | Broad industry relationships |
| Storage | Segregated storage advertised | Segregated and non-segregated options may be available |
| Published direct-storage pricing | Percentage-based | Usually arranged through custodian or dealer |
| Insurance | Lloyd’s marketplace | Insurance coverage provided under applicable policies |
| Best for | Investors prioritizing Texas oversight | Investors prioritizing established IRA compatibility |
Neither facility is automatically superior. Texas may be attractive for investors who want state administration and identifiable segregated assets. Delaware Depository may be more convenient when working with a wider selection of Gold IRA companies and custodians.
Who Should Consider the Texas Bullion Depository?
The depository may be a suitable option for investors who:
- Want state-administered precious-metals storage;
- Prefer segregated rather than pooled holdings;
- Want their metals stored in Texas;
- Already use or are comfortable using Equity Trust;
- Value audits, account documentation and insurance;
- Accept percentage-based fees in exchange for the service;
- Hold metals personally, through a trust or inside an eligible IRA.
It may be less suitable for investors who:
- Prioritize the lowest possible annual fee;
- Want a broad choice of IRA custodians;
- Prefer commingled storage;
- Need a depository with decades of Gold IRA history;
- Are uncomfortable with a recently launched IRA program;
- Want storage fees bundled into a simple flat annual charge.
Questions to Ask Before Choosing a Gold IRA Company
Selecting the right dealer can have a greater financial impact than selecting the vault. A high dealer markup can cost far more than several years of storage fees.
Ask each company:
- Can I choose the Texas Bullion Depository?
- Which custodian will administer my IRA?
- What is the total first-year cost?
- What will I pay annually after promotions expire?
- Are storage fees flat or based on account value?
- Will my assets be segregated?
- What premium am I paying over the current wholesale or spot price?
- Can I receive every fee and product price in writing?
- What happens if I want to sell or take a distribution?
- Does the company guarantee repurchase, or merely offer a voluntary buyback?
- Are any “free” metals funded through a higher markup?
- Are sales representatives paid more for recommending particular coins?
A reputable Gold IRA company should answer these questions clearly without demanding an immediate commitment.
Final Verdict: Is the Texas Bullion Depository Worth It?
The Texas Bullion Depository is legitimate and offers an unusual combination of state administration, segregated storage, insurance and multiple levels of auditing. Its purpose-built facility and oversight by the Texas Comptroller make it a credible option for storing physical precious metals.
Its Gold IRA service is particularly noteworthy because investors can now hold qualifying retirement assets at the facility through its IRS-approved operator. However, the IRA program is comparatively new, and custodian availability remains more limited than at some established private depositories.
The biggest practical concern is cost. Published standard-storage rates begin at 0.50% annually for balances below $2.5 million. That can become considerably more expensive than flat-fee storage as an account grows. IRA customers may receive separately negotiated pricing, so obtaining a complete written quote is essential.
Overall, the Texas Bullion Depository is best suited to investors who place a high value on state oversight and segregated storage. Cost-conscious Gold IRA investors should compare it with Delaware Depository, Brink’s and other qualified facilities before deciding.
Considering a Gold IRA?
Request a free Gold IRA guide to compare leading companies, custodian fees, storage options and minimum investment requirements. Learning the complete cost structure before initiating a rollover can help you avoid high markups and select a provider suited to the size of your retirement portfolio.
Frequently Asked Questions
Is the Texas Bullion Depository government owned?
The Texas Bullion Depository is an agency of the State of Texas within the Office of the Comptroller. Lone Star Tangible Assets serves as its contracted private operator.
Is the Texas Bullion Depository the same as Texas Precious Metals?
No. Texas Precious Metals and its depository in Shiner are separate private businesses. The Texas Bullion Depository discussed in this review is the state-administered facility in Leander.
Is the Texas Bullion Depository affiliated with U.S. Gold Bureau?
The contracted operator, Lone Star Tangible Assets, is associated with U.S. Gold Bureau. However, U.S. Gold Bureau is a metals dealer, while the Texas Bullion Depository is a state agency and storage facility.
Can anyone use the Texas Bullion Depository?
The depository accepts approved account applications from individuals and various organizations. Customers do not have to be Texas residents, but all applicants and deposits must satisfy its account and compliance requirements.
Does the Texas Bullion Depository sell gold?
The depository is primarily a storage facility and does not recommend precious-metals dealers. Investors ordinarily acquire metals through a dealer and arrange delivery to the facility.
Can I store Gold IRA assets there?
Yes. The Texas Bullion Depository began holding eligible IRA precious metals in 2025 through its IRS-approved operator. Equity Trust Company was announced as its first participating IRA custodian.
Is storage segregated?
Yes. The depository says it currently offers segregated storage, meaning customers’ deposited metals are separately identified and the same assets are intended to be returned upon withdrawal.
How much does the Texas Bullion Depository charge?
Its published standard-storage rate begins at 0.50% annually for balances under $2.5 million and decreases for higher-value accounts. IRA pricing may be negotiated separately through the dealer, custodian and depository operator.
Are stored metals insured?
The facility says assets are insured through the Lloyd’s of London insurance marketplace. Standard bullion is automatically covered based on metal value, while higher values may be declared for eligible numismatic items.
Does the Texas Bullion Depository have good reviews?
Its BBB profile has an A+ rating but is not accredited. The facility has a limited volume of independent consumer reviews, so investors should place greater weight on verified oversight, insurance, fees and contractual terms than on a small number of online ratings.
Can I visit or inspect my metals?
The published fee schedule includes private customer-room usage and personal pickup services. These services generally require advance arrangements and may involve additional charges.
Is the Texas Bullion Depository the best Gold IRA depository?
It may be a strong choice for investors prioritizing state oversight and segregated storage. Investors seeking wider custodian compatibility, longer IRA experience or lower flat fees may prefer another qualified depository.
