On June 12 the comptroller for the state of Texas finally named a head for its Gold Depository project and are in the process of finding a third party entity to run the new infrastructure.

The Texas Gold Depository will be something much greater than simply a state run institution to house gold and other precious metals.  It will be a way for other government agencies, corporations, and even individuals to both store gold, and then use that collateral like a bank account where they can draw and conduct financial transactions using the gold as if it were cash deposits.