Top Gold Depositories To Store Your Precious Metals
There are two ways to store purchased gold: you can store it in a private storage facility (owned and managed by you) or ship it to a precious metal depository.
However, IRS restricts precious metal investments made from IRA accounts to be stored in private storage facilities. Therefore, if you are an investor and looking to rollover your IRA to metals you need to work with a depository.
In this post, we’ll review the best gold depositories in the U.S. to secure your precious metal assets safely.
Gold depositories are third-party storage facilities that allow investors to store their precious metals. They serve both individual investors and IRA account holders who have invested in physical bullion or coins.
Depositories are built with state-of-the-art technology to provide the best possible protection for investors’ assets. However, as it is a service, investors will have to pay for it.
There are many different gold depositories in the United States where you can store your gold. However, below are the most secure and popular ones known for their excellent services and relatively good prices.
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1. Delaware Depository
Delaware Depository is a privately owned precious metal storage facility founded in 1999. It is headquartered in Wilmington, Delaware, in an area not affected by natural disasters, terrorist attacks, and other forms of risks.
Delaware depository serves custodians, individual investors, financial institutions, etc. It has storage facilities across Canada and Switzerland, making it possible for its customers to choose from its national or international facilities. The depository is the most preferred one by many gold IRA custodians including Comex and Nymex (CME Group subdivisions) and Intercontinental Exchange.
Delaware Depository uses “defense in depth” security mechanisms to protect customers’ assets against all risks. Its facilities are equipped with UL-rated vaults, motion/sound/vibration detection, 24/7 video surveillance, logical controls, electronic security, and other high-level security technology.
2. HSBC Bank, USA
Another option is to store precious metal assets in an IRA-approved depository owned by a bank. HSBC Bank USA offers investors a precious metal storage facility. It’s worth mentioning that HSBC is one of the largest precious metals custodians in the world. Since 2003, it has remained the number one silver and gold dealer.
HSBC has been in existence since 1817 and is approved by IRS for precious metal storage. You can store your bullion and bars in its facilities with peace of mind as it provides a reliable 24-hour service. The company offers both custodian and storage services and it has facilities in London, Hong Kong, and China.
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3. Brinks Depository
Brinks is the next best gold depository that is widely recognized for providing exceptional storage solutions for individual investors, brokers, IRA custodians, financial institutions, and other organizations. It also provides transport services for gold or other precious metals.
Brinks is headquartered in New York and the primary depository for NYMEX and Comex. It provides bullion vaults and immediate shipping service backed by 100% customer satisfaction. The company offers a wide range of services to its customers worldwide. However, its Los Angeles Facility is what the company is most associated with.
Brinks Depository facilities are very secure, and customers are given the opportunity to monitor how their gold is stored using a mobile app developed for this goal.
4. CNT Depository
Many people may never have heard of this depository before, but CNT Depository is actually one of the top depositories in the United States. While the company is relatively new, its storage facilities exist throughout the United States. The facilities are built as 3 UL-rated buildings and the environment is well protected by state-of-the-art security systems and rigorous standards.
The company separates all investors’ assets separately to ensure that the invested assets stored in the CNT Depository are the same as those received at the time of withdrawal.
This depository handles customers’ gold, or other precious metals (bullion), with individualized care. The vault is located in Bridgewater, Massachusetts, United States of America; that is Northeast Corridor, at an area outside of the FEMA flood zone and above the flood plain.
Furthermore, the CNT depository is a CME-approved facility for saving Comex Futures silver and an ICE-approved facility for storing gold assets. Also, the depository is licensed by the American Alliance of Museums. It is a safe place to bring your gold and be rest assured that it is in safe hands until you need it back.
5. Fort Knox (United States Bullion Depository)
Fort Knox, also know as the United States Bullion Depository is a secure depository to store precious metals. The depository is operated by the US Treasury Department. It is equipped with high-end security systems, and the structure is built with granite-lined concrete with minefields and rings of razor wire lying between the fence perimeter and the structure’s walls.
To maximize security, the grounds are protected by high-res night vision cameras and microphones. The vault door is made out of metal plates, I-beams, and only authorized people can access the vault.
Fort Knox is mainly used to store federal government assets. It is guarded by the United States Mint Police. Visitors are not allowed to enter the depository grounds.
6. First State Depository Company
Located in Wilmington, Delaware, United States, the First State Depository is a private depository service provider.
The company provides precious metals storage, shipping, and accounting services to individuals and private firms. First State Depository is founded by knowledgeable professionals who are experienced in the rare coin market.
One of the reasons why the First State Depository is gaining popularity is because of its low fees. Investors can save their IRA gold in a safe facility and enjoy the low annual fees.
Although fees are low, the facility is built to standard. It is built inside a 15,000 square foot controlled-entry building, which is protected by fully-monitored security fencing. The vault is 22 inches long, 22 inches wide, and 9.7 inches tall, sitting on a 27-inch, 4,000 psi concrete reinforced with 5 grids in concurrence with the ASTM standards.
The vault door is built as a 5,670-pound 3-combination UL Class-3 Gladiator Door. The security cameras monitor the facility round the clock. The vault is one of the best in the US and is well protected against theft.
7. Texas Bullion Depository
The Texas Bullion Depository is a state-run bullion depository operated by a private contractor. The depository serves both institutions and individual investors to store their physical metals.
The depository helps to stabilize the Texas economy. It provides storage services for gold, silver, palladium, platinum, and rhodium assets. Many people living in the state of Texas store their precious metals in this depository to save costs and feel they live next to where their assets are located.
Like other gold depositories in the US, Texas Bullion charges quarterly or annual fees to store your gold. The actual costs can vary based on different factors, but the minimum quarterly storage fee is $25.
8. Money Metals Depository
Money Metals Depository offers the lowest possible fees and protects investors’ assets from any kind of problem. The depository was founded in 2010 in Idaho, Northwest Pacific, United States. It also offers gold and silver trading services for investors.
The depository is built with state-of-the-art security technology. It uses a UL Class 3 vault and is monitored 24/7. Money Metals claims to use cutting-edge security protocols to protect the precious metals stored in its depository.
Interestingly, the Money Metals Depository is located in the low-crime area, Eagle, Idaho. More than that, the county sheriff’s office is on the second floor.
All metals stored in this depository are segregated and fully insured by Lloyd’s of London. Also, the company does not charge its customers to ship and insure the metals they bought directly from the company’s exchange platform, named Money Metals Exchange.
9. SD Depository
SD Bullion is one of the top precious metal dealers in the U.S. that also offers precious metal storage.
The company offers a segregated vault to storage for a $9.99 monthly storage fee that allows storing gold, silver, and platinum assets.
Furthermore, SD Depository ensures all the physical precious metal shipped to its facility for storage. The metals are also stored with the customer’s name or title, to separate them from the others. Hence, ensuring that you get what you shipped at the time of withdrawal. More so, SD Depository delivers physical precious metals anytime, upon the request of the owner.
SD Depository provides excellent customer service with its two major locations in the United States, one in Michigan and the other in Ohio. The company has another facility in the Cayman Islands.
10. Transcontinental Depository (TDS Vaults)
TDS Vaults (Transcontinental Depository) offers fully allocated gold storage and has been around for a very long time. Its parent company, A-Mark Precious Metals, has been in the precious metals market since 1965. The company has a very experienced staff and is among the best gold depositories in the US.
TSD has storage facilities in Las Vegas, Los Angeles, and New York. It conducts regular inventory audits to ensure that the assets of investors are intact. TDS provides storage services for individual investors, institutions, mines, mints, and even central banks. The depository also has offshore storage facilities in Canada, Singapore, and Switzerland.
All assets stored in TDS vaults are insured by the depository and TDS corporate insurance, which means having double insurance for your precious metals.
Gold Depository Fees
Apparently, all depositories charge a storage fee, usually billed on an annual basis, but some companies bill on a quarterly or monthly basis. Fees are generally calculated based on the amount and the type of metal you want to store. Working with the above-mentioned depositories you shouldn’t expect big surprises. since they are very recognized and well regulated.
IRS mandates gold or other precious metals invested from an IRA must be stored in an IRS-approved depository. Else the metals can be stored in a private vault or any safe place investors choose including their home. However, it makes sense to work with a depository since depositories are stringently regulated, and fully insured facilities protected against risks that give investors peace of mind.
When you make big investments in gold, your private vault may not be spacious to contain everything; hence, a depository becomes the best choice. Also, gold depositories are built to standards, having all the possible security features and tech to checkmate theft and other mayhem. Furthermore, most depositories offer several transparent services and they ensure your investment with reliable insurance providers. Simply put, storing your gold in a depository is safer and more advantageous than having it saved up in your house.
A gold depository remains the safest place to store gold. Banks may not compensate you if you store your gold in their safe deposit boxes and it gets stolen. Similarly, when you store gold in your house and peradventure your house gets attacked, there’s virtually no way to get back your gold. Simply put, when you store gold in alternative storage options (your home or safe deposit boxes) if it gets lost/stolen, it’s GONE.
Brinks Depository and Delaware Depository have been topping the charts as the best gold storage service providers. These two depositories are reliable and they offer fair pricing. However, there are other good gold depositories located in different US states.
All in all, it is best to have your gold shipped to a reliable depository that offers segregated storage. You may also have to consider the fees before deciding to have your gold stored in a particular depository.
Note, IRA gold cannot be saved elsewhere except in a depository. Just like the common saying goes, it is one thing to purchase physical gold, and it’s another thing to save your physical gold investments.