Top Gold Depositories To Store Your Precious Metals

Top Gold Depositories to Store Your Precious Metals

Storing your purchased gold in a secure location is crucial for its protection. There are two primary options for storing your gold: private storage facilities (owned and managed by you) or precious metal depositories.

However, the IRS restricts precious metal investments made from IRA accounts to be stored in private storage facilities. As an investor looking to roll over your IRA to metals, you need to work with a depository.

In this post, we will delve deeper into the best gold depositories in the U.S., highlighting their features, security measures, and services to help you secure your precious metal assets safely.

Gold depositories are third-party storage facilities that cater to investors interested in storing their precious metals, including individual investors and IRA account holders who have invested in physical bullion or coins.

These depositories employ state-of-the-art technology to offer maximum protection for investors' assets. However, it's important to note that investors will incur fees for these services.

There are numerous gold depositories in the United States, but we have compiled a list of the most secure and reputable ones, known for their exceptional services and competitive pricing.

Delaware Depository

The Delaware Depository, founded in 1999, is a highly respected and secure privately-owned precious metal storage facility situated in Wilmington, Delaware.

The location has been strategically selected to minimize the risk of natural disasters, terrorist attacks, and other potential threats to the safety and security of stored assets.

Strategic Locations: Expanding Storage Options

In addition to its primary location in Delaware, the depository has also established storage facilities in Canada and Switzerland.

This expansion allows clients to choose between domestic and international storage options based on their individual preferences and needs.

These additional locations help provide a more comprehensive and global solution to precious metal storage.

Catering to a Diverse Client Base

Delaware Depository serves a wide range of clients, including individual investors, financial institutions, and custodians.

They specialize in providing precious metal storage services for gold IRA custodians, with numerous notable clients such as Comex and Nymex (CME Group subdivisions) and the Intercontinental Exchange.

Defense in Depth: Advanced Security Measures

To ensure the utmost security for its clients' assets, Delaware Depository has implemented a “defense in depth” security strategy.

This multi-layered approach helps protect stored assets from a variety of risks, both physical and digital.

Key features of their security measures include:

1. UL-Rated Vaults: The depository uses vaults that meet the highest standards of the Underwriters Laboratories (UL) rating system, ensuring robust physical protection for stored precious metals.
2. Motion/Sound/Vibration Detection Systems: Advanced motion, sound, and vibration detection systems are employed throughout the facility to promptly identify and respond to any potential security breaches or unauthorized access attempts.
3. 24/7 Video Surveillance: The depository is equipped with round-the-clock video surveillance, which allows for continuous monitoring and recording of all activities within the facility.
4. Logical Controls: Access to the facility and individual storage units is restricted through the use of logical controls, ensuring that only authorized personnel can access specific areas and client assets.
5. Electronic Security: The depository employs cutting-edge electronic security measures, including biometric access controls, to guarantee a high level of security for clients' assets.
6. Insurance: Delaware Depository provides all-risk insurance coverage for stored assets, ensuring that clients are financially protected in the unlikely event of a loss or damage to their precious metals.

HSBC Bank, USA

HSBC Bank USA, a subsidiary of HSBC Holdings, is a leading option for investors seeking a bank-owned, IRA-approved depository for precious metals.

As one of the world's largest precious metals custodians, HSBC has maintained a dominant position in the industry, consistently ranking as the top silver and gold dealer since 2003.

A Storied History and Reputation

Established in 1817, HSBC has a long history and a strong reputation in the financial services sector.

Its approval by the Internal Revenue Service (IRS) for precious metal storage instills confidence in investors who are looking for a secure and reliable storage solution for their assets.

24-Hour Service and Security

HSBC Bank USA provides clients with round-the-clock service and security, ensuring their precious metals are well-protected at all times.

Its high-level security measures, combined with the financial stability of the bank, offer peace of mind to investors who choose HSBC as their precious metals custodian and storage provider.

Custodian and Storage Services

HSBC offers a comprehensive solution to investors seeking custodian and storage services for their precious metals.

The bank can manage various types of precious metal investments, including gold, silver, platinum, and palladium. Clients can choose from allocated or unallocated storage options, depending on their specific requirements and preferences.

Global Locations for Convenience and Security

HSBC Bank USA has storage facilities in key financial centers around the world, including London, Hong Kong, and China.

These strategic locations enable clients to store their bullion and bars securely and conveniently, while also providing the benefits of geographic diversification for their precious metal assets.

Brinks Depository

Brinks, a globally recognized company, provides outstanding storage solutions for individual investors, brokers, IRA custodians, financial institutions, and other organizations.

With a long-standing reputation for security and reliability, Brinks has become a trusted choice for precious metals storage and transportation.

Global Presence and Key Partnerships

Headquartered in New York, Brinks serves as the primary depository for NYMEX and Comex, two major commodities exchanges.

With a 100% customer satisfaction guarantee, Brinks offers immediate shipping services and secure bullion vaults to its clients. The company operates globally, with its Los Angeles facility being one of the most renowned.

Advanced Security and Technology

Brinks' depository facilities are equipped with state-of-the-art security measures to ensure the safety and protection of clients' assets.

In addition to physical security measures, clients can also monitor their gold storage via a dedicated mobile app designed specifically for this purpose.

CNT Depository

CNT Depository, although relatively new to the industry, is already considered one of the top depositories in the United States.

The company offers storage solutions for gold, silver, platinum, palladium, and other precious metals, with storage facilities located across the country.

High Standards and Security

CNT Depository operates three UL-rated buildings, constructed to rigorous standards and equipped with advanced security systems.

The company is licensed by the American Alliance of Museums, further establishing its reputation as a safe and reliable storage facility.

Additionally, CNT Depository is a CME-approved facility for storing Comex Futures silver and an ICE-approved facility for gold assets.

Strategic Location and Individualized Care

The vault is strategically located in Bridgewater, Massachusetts, in the Northeast Corridor, outside the FEMA flood zone and above the flood plain.

This location helps minimize the risk of natural disasters and ensures the safety of clients' assets. CNT Depository takes individualized care in handling customers' precious metals, storing investors' assets separately to guarantee that the same assets are returned at the time of withdrawal.

Fort Knox, officially known as the United States Bullion Depository, is a highly secure facility operated by the US Treasury Department.

Located near Louisville, Kentucky, the depository is primarily used to store federal government assets, including a significant portion of the United States gold reserves.

Impenetrable Security Measures

Fort Knox is renowned for its impenetrable security measures, which include:

1. Robust Construction: The depository is constructed with granite-lined concrete walls, providing an extremely sturdy and secure structure.
2. Advanced Security Systems: Fort Knox is equipped with high-end security systems, including minefields, razor wire fencing, high-resolution night vision cameras, and sensitive microphones to detect any intrusion attempts.
3. Limited Access: Only authorized personnel are granted access to the vault, which is protected by a massive metal door made of plates and I-beams.
4. No Visitors: Visitors are not permitted to enter the depository grounds, further enhancing the facility's security.
5. United States Mint Police: The facility is guarded by the United States Mint Police, a highly trained and specialized law enforcement agency responsible for protecting US Mint facilities and assets.

First State Depository Company

First State Depository Company, located in Wilmington, Delaware, is a private depository service provider offering precious metals storage, shipping, and accounting services to individuals and private firms.

Founded by experienced professionals in the rare coin market, the company is quickly gaining popularity.

Secure Infrastructure and Affordable Rates

Despite offering low fees for storage services, First State Depository Company maintains industry-standard security measures to protect clients' assets.

Key features of the facility include:

1. Controlled-Entry Building: The depository is housed within a 15,000-square-foot controlled-entry building, which is protected by fully-monitored security fencing.
2. Reinforced Vault: The vault is constructed with a 27-inch, 4,000 psi concrete reinforced with five grids, in compliance with ASTM standards. The vault door is a 5,670-pound 3-combination UL Class-3 Gladiator Door, ensuring maximum security.
3. 24/7 Surveillance: Security cameras are installed throughout the facility, providing round-the-clock monitoring to prevent theft or unauthorized access.

Texas Bullion Depository

The Texas Bullion Depository is a state-run bullion depository operated by a private contractor.

The depository is designed to help stabilize the Texas economy by providing storage services for gold, silver, palladium, platinum, and rhodium assets.

The depository serves both institutions and individual investors looking to store their physical metals.

Many people living in Texas store their precious metals in this depository to save costs and feel that their assets are secure and close by. The facility charges quarterly or annual fees to store your precious metals, with the minimum quarterly storage fee set at $25.

The Texas Bullion Depository is equipped with advanced security systems and is considered a safe place to store precious metals. The depository is a key player in the precious metals industry, and its services are expected to grow in popularity over time.

Money Metals Depository

Money Metals Depository, established in 2010 and based in Eagle, Idaho, offers gold and silver trading services along with storage solutions for precious metals.

The company prides itself on providing low fees and utilizing state-of-the-art security technology to protect investors' assets.

Key Features:

1. UL Class 3 Vault: Money Metals Depository uses a high-security UL Class 3 vault to store clients' precious metals, ensuring their safety.
2. 24/7 Monitoring: The depository is monitored round-the-clock to prevent unauthorized access or theft.
3. Strategic Location: Situated in a low-crime area in Eagle, Idaho, the depository shares its building with the county sheriff's office, offering an additional layer of security.
4. Segregated and Insured Storage: All metals stored in the depository are segregated and fully insured by Lloyd's of London.
5. Cost Savings: The company offers free shipping and insurance for metals purchased directly from its exchange platform, Money Metals Exchange, making it an attractive option for cost-conscious investors.

SD Depository

SD Depository, operated by SD Bullion, one of the top precious metal dealers in the United States, offers segregated vault storage for gold, silver, and platinum assets for a monthly storage fee of $9.99.

Key Features:

1. Insured Storage: All physical precious metals shipped to the facility for storage are insured by SD Depository.
2. Segregated Assets: Metals are stored with the customer's name or title, ensuring separation from other assets and easy retrieval upon withdrawal.
3. Delivery Options: SD Depository delivers physical precious metals upon the owner's request.
4. Multiple Locations: The company has two major locations in the United States (Michigan and Ohio) and one facility in the Cayman Islands.

Transcontinental Depository (TDS Vaults)

Transcontinental Depository (TDS Vaults), a subsidiary of A-Mark Precious Metals, has been in the precious metals market since 1965, making it one of the most experienced depositories in the industry.

Key Features:

1. Multiple Storage Facilities: TDS Vaults has storage facilities in Las Vegas, Los Angeles, and New York, as well as offshore facilities in Canada, Singapore, and Switzerland.
2. Wide Range of Clients: The company caters to individual investors, institutions, mines, mints, and even central banks.
3. Regular Inventory Audits: TDS Vaults conducts regular inventory audits to ensure the assets of investors are intact.
4. Double Insurance: All assets stored in TDS Vaults are insured by both the depository and TDS corporate insurance, providing double insurance for investors' precious metals.

In conclusion, Money Metals Depository, SD Depository, and Transcontinental Depository (TDS Vaults) offer secure and reliable storage solutions for precious metals.

With their advanced security measures, multiple storage facilities, and experienced staff, these depositories cater to the diverse needs of investors looking to protect their valuable assets.

Frequently Asked Questions:  

What are gold depository fees, and how are they calculated?

Gold depository fees are charges for storing precious metals in a secure facility. These fees are usually billed annually, but some companies may bill on a quarterly or monthly basis.

The fees are generally calculated based on the amount and type of metal you want to store. Working with well-regulated and recognized depositories ensures that there are no unexpected fees.

Should I store my precious metals in a depository?

If you have precious metals invested through an IRA, the IRS mandates that they must be stored in an IRS-approved depository.

If you own precious metals outside of an IRA, you can choose to store them in a private vault, depository, or even at home. However, storing your metals in a depository offers peace of mind, as they are stringently regulated, fully insured, and protected against various risks.

What are the advantages of storing gold in a depository?

There are several advantages to storing gold in a depository, including:

• Space: Large investments in gold may not fit in your private vault or home.
• Security: Depositories have stringent security measures and technology in place to protect against theft and other threats.
• Transparency: Most depositories offer transparent services and are insured by reliable providers, ensuring the safety of your investments.

Where is the best place to store gold?

A gold depository is considered the safest place to store gold. Storing gold in bank safe deposit boxes may not offer compensation if your gold is stolen.

Similarly, storing gold at home poses risks, as there may be no way to recover your gold if it is lost or stolen. Depositories provide secure storage and insurance, making them the best option for gold storage.

What are the best gold depositories in the US?

Brinks Depository and Delaware Depository are consistently ranked among the best gold storage service providers in the US. They offer reliable services and fair pricing.

However, there are other reputable gold depositories located across the country that may also meet your storage needs. Some of these include HSBC Bank USA, CNT Depository, and TDS Vaults, among others.

Is it possible to take physical possession of my precious metals at any time while they are stored in a depository?

Yes, you can typically request to take physical possession of your precious metals stored at a depository.

Each depository may have its own process and requirements for releasing the metals, so it's essential to communicate with the depository to understand the necessary steps and any fees associated with the withdrawal.

Can I store other valuable items, such as jewelry, rare coins, or important documents, in a gold depository?

Some depositories may allow the storage of other valuable items in addition to precious metals.

It is important to check with your chosen depository regarding their specific storage policies and whether they offer the option to store other valuable items.

How can I be sure that the gold or other precious metals stored in the depository are genuine and have not been tampered with?

Reputable depositories take various measures to ensure the authenticity and security of the precious metals stored in their facilities.

These measures may include regular audits, inventory checks, and stringent security protocols. Additionally, many depositories work with well-established metal assayers to verify the purity and authenticity of the metals they store.

Are there any tax implications or reporting requirements associated with storing my precious metals in a depository?

The tax implications and reporting requirements for storing precious metals in a depository can vary depending on your country of residence and the specific type of investment you hold (e.g., an individual investment or an IRA).

It is essential to consult with a tax professional or financial advisor to understand your specific tax situation and any reporting requirements associated with your precious metals investments.

How can I be sure that my precious metals are fully insured while they are stored in a depository?

Reputable depositories will typically have insurance policies in place to cover the value of the precious metals stored in their facilities.

To ensure that your metals are fully insured, it is essential to ask the depository about their insurance coverage, the policy provider, and the specific terms and conditions of the coverage. In some cases, you may also have the option to purchase additional insurance coverage for added protection.