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What are the best precious metal depositories in the U.S? What should you look for in a gold depository? If you're setting up a new gold IRA, you want to research and make sure that you're working with a top precious metals IRA depository.
The good news? There are plenty of reputable IRS-approved storage companies that can facilitate your new gold IRA investment. These firms are competitively priced and can work with your gold IRA custodian to ensure your metals are protected and insured for the life of your account.
Start with Your Gold IRA Company
Your first step should be to find a trusted gold IRA company. Top gold IRA companies have already vetted the different gold depositories. They know all of the major players and can make recommendations to you and other customers.
Gold IRA firms set up new accounts for clients every day. They need custodians and depositories they can rely on and trust. The big gold firms already know which companies provide the best service at competitive prices.
Oftentimes, gold IRA companies bring so much business to these precious metal depositories that they're also able to negotiate lower fees on your behalf. It just makes sense to start with a gold IRA company.
Review our list of top gold IRA companies for 2022 here.
Below are a few of the vault storage depository options the best gold firms recommend and use every day.
Important note: Our top picks (and what many gold companies recommend) are IRS-approved non-bank depositories. These Exchange-approved depositories offer the highest security of your retirement funds, along with the added benefit of operating outside of the banking system.
Top Precious Metal Depositories
Brinks Global Services (BGS)
Brinks Global Services is an IRS-compliant precious metals depository with multiple locations across the U.S. Customers can store any IRS-approved gold, silver, platinum, or palladium bars and coins with Brinks and know with confidence their investments are in good hands.
Examples of Brinks precious metals IRA depository locations include:
- New York City, New York
- Los Angeles, California
- Salt Lake City, Utah
Brinks insures the direct shipment of your metals from your gold company and takes full liability of your holdings. As soon as your precious metals arrive at their facility, Brinks will inspect and inventory your metals.
The company offers storage options and can work with you and your self-directed IRA custodian to ensure your metals are protected maintaining industry best-practices.
If you're looking for a precious metals IRA depository, you are in good hands with Brinks. Some of the top gold IRA companies listed on our website have partnered with Brinks Global Services. This includes:
You con contact Brinks Global Services on their website, or via phone at 1-804-289-9600.
Delaware Depository
Delaware Depository is a Trust company that fully meets the IRS tax code requirements for the safekeeping and custody of your precious metals investments.
Most of the gold IRA companies listed above will readily suggest working with the Delaware Depository for your gold IRA investments. Delaware Depository fully insures your precious metal investments through an all-risk policy with Lloyds of London.
You can speak with Delaware Depository by calling them directly at 302-765-3889 or visiting their website.
International Depository Services (IDS)
International Depository Services (IDS) is a COMEX/CME and Intercontinental Exchange (ICE)-approved precious metals depository with vault storage locations in Delaware, Texas, and Ontario, Canada. Your gold, silver, platinum, or palladium investments are safe, secure, and insured through an all-risk policy underwritten by Lloyd's of London.
Narrow down your list of gold IRA companies, and when you ask them about gold IRA storage options, there's a good chance your gold dealer will suggest International Depository Services. They are today, one of the leaders in precious metals IRA vault storage.
You can contact International Depository Services via their website or call them toll-free at 888-322-6150 with any questions.
Related: How to Diversify Your 401(k) with Precious Metals (Tax-Free)
Gold IRA Depository Storage Options
First-time gold buyers will sometimes call around to a few depositories and ask about storage fees. This makes sense. Just make sure that you're comparing apples to apples. The cost of storage will vary depending on the type of storage that you're being quoted for.
Segregated Vs Unsegregated Vault Storage
Segregated storage is the best and most secure option for your precious metals. Just know that it usually means you're paying more for storage. With segregated vault storage, your metals are separate from holdings of other investors. If and when you make a withdrawal, you will get back the exact coins and bars that you deposited.
With unsegregated (sometimes referred to as unallocated) storage, the vault holds your metals along with those of many other investors. Let's say for example, that you own ten 2019 one ounce gold Canadian Maple Leafs. When it's time to make a withdrawal, your depository will send you ten 2019 gold Canadian Maple Leafs, but they might not be the exact same ones that you deposited.
Related: Birch Gold Group Review - Complaints, Ratings, Fees, and More
What About the Home Storage Gold IRA?
We've posted an entire article on this topic. The short answer? Don't do it. In fact, if a gold IRA dealer suggests this scheme you should hang up and look for another dealer. The IRS does not want you in possession of retirement investments.
If the IRS disqualifies your IRA, you may be responsible for serious tax penalties. The safe bet is to find an IRS-approved precious metals depository for your IRA.
Precious Metal Depository Fees
At the time of this writing, most gold depositories are comparable in price. Of course, speak with your gold company to confirm, but typically you can expect to pay $100 annually for non-segregated vault storage, and $150 annually for segregated vault storage. Make sure that when you're comparing prices, that you're comparing the same level of security.
Important to note: Many gold IRA companies will cover your precious metals IRA depository fees for the first year. Some, such as Augusta Precious Metals will cover your storage fees for up to ten years! When vetting gold IRA companies, make sure to ask about any ongoing bonuses or promotions they're running.
