Best Texas Gold & Silver Buyers/Sellers by City

Texas, also known as the Lone Star State, would be the 10^th largest economy in the world if it was its own nation. Additionally, it is the 2^nd largest state in both population and area. Austin is Texas’s capital. Despite Houston being the largest city, the Dallas-Fort Worth Metro Area is the largest metro area in Texas. The phrase “Six Flags Over Texas” does not originate from the theme park with the same namesake, but rather refers to the many nations seeking to oversee Texas. Throughout Texas’s history, the territory has been controlled by six different nations; Spain, France, Mexico, the Republic of Texas, the Confederate States of America, and finally, the United States of America. Texas is the only state in the nation with its own power grid.

Texas Facts

• The total population of Texas is estimated at 28, 701, 845  making it the second most populated state.
• The Gross State Product of Texas is $1.8 trillion, the second-highest in the nation.
• The median household income in Texas is $59,200, the 24th highest in the nation
• The state anthem is “Texas, Our Texas.”
• The state motto is “Friendship.”
• Texas is also known as “the Lone Star State.”
• On December 29, 1845, Texas became the 28th state to be admitted to the Union.

Economy

Formerly, Texas was known largely for its oil industry with immense deposits of crude oil in the state. Other industries also present early on in Texas’ history were cotton, cattle, and timber. Texas is currently home to a diversified economy with the major industries including agriculture, technology, energy, and aerospace. Texas boasts the second-highest number of Fortune 500 companies and leads the nation in export revenue. Texas, along with California, is a leader in the technology sector thanks to its many high-ranking universities.

Unique to Texas amongst a few other states (Alaska, Florida, Nevada, South Dakota, Washington, and Wyoming) is the absence of a state income tax. Residents enjoy a take-home income that is taxed solely at the federal level. As an added bonus, the state also does not require sales tax on certain bullion products, making it a great state for investors.

Texas Bullion Legislation & Laws

The state of Texas is also known for its unique Texas Bullion Depository. This secure storage facility, built by Lone Star Tangible Assets, will be located in Leander, Texas, a suburb of Austin, and specializes in the storage of bullion and other precious metals. What makes this particular project unique is that it is an institution of the state of Texas, making it a public venture rather than a private one. The Texas Bullion Depository is the first state-administered depository in the US. Any United States citizen is allowed to store precious metals in the facility and while it is not yet open to foreign investors, the Depository has plans to make this an option at some point in the future. Currently, they only offer segregated, or separate, storage of metals. This feature is beneficial in that it ensures the metals are not pooled together and, if deposited, you are able to get your exact metals back.

As mentioned above, Texas does not require sales tax on certain bullion items including bullion gold, silver, platinum bullion, and numismatic coins, making it a bullion and precious metal friendly state. This was made law by HB78, which took effect on October 1, 2013. The aforementioned Texas Bullion Depository was established in 2015 by HB483 which was signed into law by Governor Greg Abbott. In 2017, SB2097 was introduced which would have made gold and silver into the official legal tender of the state of Texas along with prohibiting the state from seizing any individuals’ holdings of precious metals. Unfortunately, the state of Texas denied this bill when it died in committee. This does not mean that it never has a chance of coming back.  Texas does not have its own location of the United States Mint, but it does have a United States Bureau of Engraving and Printing location in Fort Worth, TX.

The Lone Star State is the 2nd largest state in the United States of America. It’s home to Dallas Cowboys and other epic teams. There’s no state income tax, thus many move here for the business-friendly environment and high quality of life. The oil and gas industry accounts for 40% of Texas’s GDP with Texas contributing 1.6 billion barrels of oil annually making it the top domestic oil producer. Tourism is also another significant component in the economy. Texas draws in the third-largest number of tourists a year with 220 million domestic visitors and 60 million foreign visitors, which is unsurprising considering its status as the live music capital of the world and the home the infamous melt-in-your-mouth BBQ.