How to Choose a Self-Directed Precious Metals IRA Depository
When you have a Precious Metals IRA or Gold IRA, the IRS does require that your precious metals are stored in an approved depository. Because you’re receiving tax benefits on the precious metals IRA, the IRS must be able to account for your assets.
While some may think it’s better to have your assets in-hand, there are a lot of benefits to choosing a depository to hold the precious metals in your self-directed IRA. These benefits include the fact that your investment is secured and insured, and you don’t have to worry about theft, counterfeiting, or damage.
So, how do you find the best depository to store your precious metals for your IRA?
Find a trusted depository for your gold
At Gold Alliance, we always recommend storing the gold in your Gold IRA in a precious metals depository. These depositories provide the environment that will ensure your precious metals are stored under optimal conditions.
While the conditions your assets are stored in are important, depositories offer security features that your home just cannot offer. They typically have restricted entry and continuous monitoring of all activities within their walls.
Trusted depositories will also offer auditing and accounting services to record and verify the content in your storage area. This will give you the peace of mind that your investments are safe.
Finally, you want to find a depository that is transparent on their insurance policy. Their insurance policy should cover theft and damage of your precious metals.
Find out more about storing your precious metals in a trusted depository here.
Talk to your custodian and supplier
While you should have no issues with finding your own depository, your custodian or precious metals supplier will have insights on the industry that can help you make your decision. Remember, they’ve been in the business long enough to know all the details about each facility, and they know what you should consider when choosing a depository.
If you can, find out where your supplier houses their gold. This will tell you that it’s a trusted depository with the added bonus of seeing just how transparent your dealer is with their business (in cases like this, transparency is credibility).
United States Precious Metals Depositories
There are several precious metals and gold depositories in the United States. You can choose any option you’d like based on your current goals and research.
Here are the most well-known gold and precious metals depositories in the US:
- Delaware Depository
- HSBC Bank, USA
- Brinks Depository
- CNT Depository
- JP Morgan Chase Bank NA
At Gold Alliance, we recommend the Delaware Depository. We’ve worked with them for several years, and they are reputable, secure, and insured. Of course, you have the option of selecting a depository of your choice in the end.
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