- 03 May 2022
- Precious Metals
- Comments: 0
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Whether you've already started investing in precious metals or have just started looking into diversifying your portfolio with gold and silver, you've likely heard of the Delaware Depository. However, while you may know that the Delaware Depository is one of the most trusted and secure depositories in the country, do you know why it has earned that reputation?
Today, we're going to take a closer look at the Delaware Depository to help you understand exactly why you may want to transfer your precious metals to one of their vaults or choose them as you begin your precious metals investment journey.
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About the Delaware Depository
The Delaware Depository is one of the most trusted precious metals depositories in the country. They are known for their numerous safety precautions and advancements that work to protect the holdings of investors.
The depository has been licensed by the CME Group (both COMEX and NYMEX) as a storage facility for gold, silver, platinum, and palladium. Additionally, they are also licensed to store gold and silver by the ICE Futures US.
The Delaware Depository stores their customers' assets in highly-secure vaults that meet all the regulations set forth by UL standards and the Bank Protection Act. Each vault has automatic re-locking devices with time locks along with dual control access regulations.
Another benefit of choosing the Delaware Depository is the highly secure regulations that are in place throughout the entire building. We'll look more closely at how metals safely make their way through the facility upon arrival in the next few sections, but once your metals are in their vault, you can rest easy knowing they are secure.
The facility is constantly monitored with redundant alarms and security systems. Digital recordings monitor anyone who enters or exits the facility. Any employees of the facility undergo a detailed background check before starting their job, along with random drug testing during employment.
When you store your metals with the Delaware Depository, you remain the sole owner. Additionally, your bullion is fully insured and protected with a $1 billion all-risk insurance policy protecting against theft, loss or damage. The policy is underwritten by Lloyd's of London.
The Delaware Depository offers two locations. The original location, as you may guess, is in Delaware. Being in Delaware, the depository is located away from threats posed to the financial and political centers of New York City and Washington, DC. However, it is still easily accessible from these locations and other major transportation hubs.
Another benefit of storing your precious metals in Delaware is that the state doesn't apply sales tax to the purchase or storage of metals. Additionally, you won't be charged personal inventory, transfer, or corporate net worth taxes on your precious metals transactions.
Recently, the Delaware Depository opened a second location in Nevada. This Silver State facility also offers storage for gold, silver, platinum, and palladium. Nevada was selected to hold this new depository location due to its friendliness towards businesses and regulations. As with the original location of the Delaware Depository, the Nevada location is highly secure with the latest in technological and security enhancements.
Procedures Upon Arrival of Precious Metals
Once your precious metals arrive at the Delaware Depository, they will be safe and secure as they make their way to the storage vault. The staff at the depository take care to inspect and record each package on their ledger, open and record the contents of each package (as verified by two different employees), and test each coin or bar for authenticity.
Storage and Transfers
The Delaware Depository offers investors two different storage options: segregated or non-segregated.
Segregated storage ensures that the exact coins and bars you purchase remain yours. Your bullion is stored in its own personal vault and is never co-mingled with the bullion of other customers. As you may guess, this storage option is more costly, but it is also the best option if you want to guarantee that you'll receive back the same coins and bars that you stored.
Non-segregated storage, on the other hand, will still protect your investment. However, your coins and bars will be stored in a secure vault alongside those of other customers. The contents of the vault will be regularly audited to ensure that all the bullion is accounted for. However, when you collect the contents, you may not get the exact coins or bars back.
Non-segregated storage is significantly less expensive due to the savings associated with storing your coins and bars in bulk with those of other investors.
In addition to being a secure choice for storing your personal bullion, the Delaware Depository is also an approved storage facility for Precious Metals IRAs. They meet the standards laid out by the IRC's and can hold gold, silver, platinum, or palladium for a Gold IRA.
In fact, most IRA custodians recommend working with the Delaware Depository due to their highly secured vaults. The IRS also won't mistakenly assume that you have distributed or collected the precious metals for an IRA when they are stored with the Delaware Depository. This is not true of many other precious metals depositories that have not followed the steps needed to meet the IRS' requirements.
There are additional benefits to choosing the Delaware Depository as well. For example, because they are regulated by the banking commissioner, the depository is required to adhere to best practices and banking standards. They also don't engage in "high-risk" banking operations, such as accepting cash deposits or offering loans.
Choosing the Right Precious Metals Provider
Who are you using as your precious metals provider? If you're looking to increase your holdings in precious metals, like gold and silver, working with the right precious metals dealer is essential. We'd highly recommend taking a look at our #1 recommended company Goldco.
They are one of the most trusted names in the precious metals investment industry. In fact, celebrities such as Sean Hannity and Chuck Norris use and recommend them to their followers. They have thousands of positive customer reviews, holds an A+ rating from the Better Business Bureau, and an AAA rating from the Business Consumer Alliance. Not to mention they already protect over 1 billion dollars in retirement savings and have been around since 2006!
Whether you're looking to open a Gold IRA or wish to purchase precious metals as an individual purchase, they can help. They will also assist you in shipping your precious metals to the Delaware Depository for secure storage.
They are even offering 10% back in free silver with qualified purchases, which is the best promotion we've been able to find.
If you are looking for a secure storage solution for your precious metals, you won't find anything that compares to the Delaware Depository. Purchasing precious metals from Goldco, one of the most trusted and highly-rated precious metals providers in the industry, and storing them at the Delaware Depository is certainly the way to go. What do you think? Are you ready to begin or continue your precious metals investment journey?