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Why Do You Have to Use an IRA-approved Depository?

If the precious metals in your account are yours, why do you have to choose to store them in an IRS-approved depository? Can't you just store them in your home or place them in a safety deposit box at your local bank?

The answer to these questions is no. IRS rules prohibit individuals from being the custodian for the funds for their own IRA. You are required to store your metals in an IRS-approved depository.

In fact, taking physical possession of some or all of the precious metals in your account can even get you into trouble with the IRS. You could be facing large fees or penalties if you are holding your gold or silver bullion before you have reached 59 ½ (the age where you're allowed to begin withdrawing the funds from your account).

What Is a Precious Metals IRA Depository?

Depositories are designed to provide a secure location to hold valuable assets. IRA-approved depositories are specific companies and locations that have been chosen by the IRS as a viable choice for individuals looking to store the precious metals for their retirement account.

IRA-approved depositories are required by the IRS, but they also offer a number of benefits to investors. As these locations offer top-notch security, you can feel confident that your precious metals investment will stay safe and sound until you're ready to retire and start taking disbursements.

Each depository is slightly different (and we'll look at some of those differences in the next few sections), but some of the common security measures they share include armed security guards, heavy-duty structures designed to withstand disasters, on-site and off-site monitoring at all times, and full-coverage insurance for all of your precious metals.

IRS-Approved Depositories

Below are some of the depositories that are approved by the IRS. When you store your precious metals in one of these depositories, you can feel confident that your metals are being stored according to IRS regulations and that you won't face any surprise taxes or penalties.

Let's take a closer look at these depositories to learn more about each option. Then, you'll be able to decide which approved depository you'd like to use for holding your precious metals for an IRA.

Delaware Depository

If you've started looking into setting up a Gold IRA and have read about any IRA-approved depositories, chances are you've heard of the Delaware Depository. The Delaware Depository is a highly-trusted storage facility that is licensed by the CME Group (COMEX and NYMEX) and the ICE Futures US.

There are actually two different Delaware Depository locations in the United States. The original location, as you may guess, is in Delaware. A second location was recently established in Nevada. Both locations are conveniently located, but not too close to major financial or political centers.

The Delaware Depository offers top-notch security and measures to protect your precious metals. The vaults have automatic time locks and dual control access regulations. Additionally, the Delaware Depository takes digital recordings to monitor comings and goings and uses a series of redundant alarm systems.

All precious metals stored in the Delaware Depository are fully insured with a $1 billion full-coverage insurance policy underwritten by Lloyd's of London. This policy protects your holdings against loss, theft, or damage.

The Delaware Depository offers both segregated and non-segregated storage solutions, and you can choose which best matches your preferences and budget.

Brink's Global Services

Brink's Global Services is another name you're likely familiar with. We're willing to be that you've seen their armored cars securely transporting valuables, but did you know that they also offer secure storage solutions for precious metals?

Brink's is known for their ability to keep assets secure and protected against theft, damage, and loss. Their storage facilities offer the latest in technological advancements to ensure that the precious metals in your IRA remain secure and safe until you're ready to make withdrawals from your account.

When you store your precious metals for a Gold IRA with Brink's Global Services, you can choose from segregated or co-mingled storage. With segregated storage, your precious metals will remain in their own secure location, and they will not be intermingled with the investments of other individuals. This option ensures that the exact coins and bars you add to your account are the ones that come out when you make a withdrawal.

Co-mingled storage means that your coins and bars will be stored with those of other individuals. However, you may not get the exact same coins or bars out when you make a withdrawal. For example, if you set up your account with a 2010 Gold American Eagle Coin, you'll still receive a 2010 Gold American Eagle Coin when you take a disbursement, but it may not be the exact same coin.

Either storage option offers pros and cons that you'll need to weigh based on your financial situation and preferences. However, whichever option you choose, you can feel confident that your precious metals are secure and protected with Brink's Global Services.

International Depository Services

Another one of the most-trusted names when it comes to precious metals storage is International Depository Services, or IDS. IDS has three locations: Delaware, Texas, and Canada. The Delaware and Texas locations are both approved IRA storage locations for United States residents.

IDS goes to great lengths to keep the investments of their customers secure. They employ off-site security specialists, run 24/7 video monitoring, and require that at least two employees work together when they are handling physical precious metals.

IDS uses class 3 gold vaults to secure their clients' precious metals. These are the most secure vaults according to testing that was performed by Underwriters Laboratories (UL). Additionally, a full-coverage insurance policy underwritten by Lloyd's of London should offer additional peace of mind that your precious metals are secure.

Other IRA-Approved Depositories

The Delaware Depository, Brink's Global Services, and International Depository Services are the best IRA-approved depositories in our opinion, but there are a few other good options to consider as well. These include:

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