They are still working on joining COMEX or becoming COMEX-like. They are getting close to getting TX gold moved there. >Three years later, however, the prospect of UTIMCO moving its gold to Texas appears remote. UTIMCO officials say the new Texas depository would have to become a member of the Chicago Mercantile Exchange’s COMEX platform, where gold futures contracts are traded, for any transfer to move forward. And Lone Star Tangible Assets Chairman Matt Ferris acknowledged on Tuesday that simple geography has prevented the Texas Bullion Depository from joining COMEX, whose rules stipulate that approved depositories must be located within 150 miles of New York. >Still, Ferris emphasized that the firm has found other ways to liquidate gold quickly. “We’ve created some opportunities for major institutional investors to have COMEX-like liquidity through major commercial banks, which we can set up for them,” he said. “They would be able to store in Texas, but also still be able to liquidate at any time.” >The state has also begun “very preliminary” talks with UTIMCO to discuss the possibility of moving the gold to Texas, according to Tom Smelker, the administrator of the state depository. >And, on Wednesday, Hegar said the Texas comptroller's office will work to get the state depository approved by COMEX, even though it sits outside the platform’s radius. >“We’re not moving Texas to get closer,” Hegar said. “But if the depository is successful, then we will hopefully get to a point where COMEX will want us to be part of their system.” >Whatever the fate of the gold stored in New York, the opening of the Austin depository means that Texans can now place precious metals in a local vault layered with cameras and alarms and overseen by the state government. In addition to Hegar, Capriglione has also deposited metals in the new temporary home of the Texas Bullion Depository. >“We just wanted to get this going,” said Lyons, the comptroller's spokesman. “The Legislature gave us the permission to do it, so why wait?”