Precious Metal Depositories: Storage Options
Best Gold Depositories
In order to have a gold IRA, you must choose a depository to hold precious metals. This is because the gold has to go into an IRS-approved depository, not a regular savings account or at your residence.
We highly recommend Brink’s Global Services or Delaware Depository Service as two choices to consider as your depository. Brink’s Global Services (“Brink’s”) storage facility is located in Los Angeles, CA and in Salt Lake City, UT. Delaware Depository Service Company (“Delaware Depository”) is located in Wilmington, Delaware.
You can learn more about these trusted depositories by visiting www.brinksglobal.com and www.delawaredepository.com. Choose your depository carefully and research their qualifications and reputation.
If you are adding gold coins and bars you already own to your new Gold IRA, the depository requires that any proof coins be encapsulated in their complete, original mint packaging. You must include certificate of authenticity and they must be in excellent condition. In addition, non-proof coins must be in Brilliant Uncirculated condition and free from any damage. Check your coins carefully to make sure they will qualify.
Some clients ask if their gold and silver is kept separate in the vaults of the depository. This choice is up to you.
The default choice is to “comingle” the bullion with other retirement accounts, so you receive the same type/quality of product when you liquidate but the specific coins can vary. Other clients prefer that their gold and silver is kept clearly segregated and specifically for them by the depository.
Call us to discuss the difference and what is involved with either approach. Either way, your account value and holdings are accounted for at all times for your privacy and security.
You should also inquire with your Account Executive about any storage fees you might incur annually, which can vary depending on the size of your account and your specific situation. It is possible the fees might be waived, but you should check with us for the details.
These are respected providers and have our complete confidence that they will care for your precious metals with precision and professionalism.
Storing Gold IRA Coins and Bars at Home
Some of our clients mention “home storage Gold IRAs,” “private storage Gold IRAs” or even so-called “checkbook IRAs” and ask our opinion on them. In our view, these are not good long-term options for almost any retirement investor who wants to add gold to their retirement assets.
There is a possibility that they could be disallowed as legitimate retirement vehicles in the future. That’s a huge risk you don’t want to take! You need a retirement vehicle that will last and has been clearly established in the IRS code. That is why we definitely recommend that gold buyers stick to Self-Directed IRAs with a track record like the Hartford Gold IRA. We recognize that you may read contrary opinions on this issue among our competitors, so we wanted to be sure to emphasize this point here for your protection.
Please note: your specific situation is one that should be discussed with your own tax advisor to make sure you make the best decision for you. We cannot offer tax advice to you.