Precious Metals Depository
A precious metals depository is a third-party storage facility designed to safely hold physical gold and silver. A quality depository offers optimal security, reporting, and insurance services.
Some clients feel uneasy keeping their precious metals at home or in a safe deposit box, however adding one as part of a home insurance policy comes with potential privacy drawbacks and is not FDIC insured.
Many investors prefer storing their precious metals at home, as this allows for 24-hour access and no storage fees. Unfortunately, though, doing this can put it at risk from theft or damage.
Alternative storage methods include using a private depository. Such facilities typically offer optimal security features, including advanced surveillance and 24-hour monitoring; additionally, many carry adequate levels of private insurance from Lloyd’s of London.
Storing your IRA gold at a bank may offer easy access and no fees; however, it could also be risky. In the event of financial collapse, your gold could be taken away from you through bail-in if the bank fails to meet its obligations – something which has happened numerous times during Europe’s debt crisis. Furthermore, your safety deposit box contents may not be insured against loss by the bank.
The Federal Reserve Bank of New York holds the second-largest amount of gold in the world, housed within its massive 22-story facility at 33 Liberty Street in Lower Manhattan. Central banks, international organizations and governments alike have utilized its storage services for years. Though its facilities offer an impressive tour, Glenn Hegar believes Texas needs its own precious metals depository which could allow financial institutions, cities, schools, governments, individuals or even countries to store their monetary gold assets there instead of paying New York banks almost $1 Million every year in storage fees alone.
The Texas Bullion Depository will ensure precious metals obtained through the United States Gold Bureau are stored safely within Texas, protected with multiple layers of security. Customers who place their gold bullion with us will receive a certificate from Lloyd’s of London insurance market that guarantees ownership.
California offers numerous excellent options for storing precious metals. Most locations will charge a small fee to store gold or silver bullion, similar to what banks charge when renting out safe deposit boxes; typically this percentage-based fee covers storage. Before making your final decision about where to keep your valuables safe and sound, compare their fees carefully before making a definitive choice.
Bullion depositories typically reside in commercial office buildings. From the outside, these buildings resemble any other, often being situated close to auto parts stores or pharmacies. When entering, however, you’ll be met by one of the depository staff who will confirm your identity and ownership before helping to distribute your precious metals.
Most precious metal depository facilities are not open to the general public, but will accept in-person visits from customers approved by their custodian. Most visits will consist of quick inspections to validate your ownership of precious metals.
Florida, known for its sandy beaches, orange groves, and amusement parks is also thought to hold many sunken treasures from pirate loot or hastily-buried gold from colonists or colonials; as a result of which Florida boasts several coin and precious metal dealers who specialize in such items.
Some investors opt to store their own bullion at home, which gives them direct control and easy access, but requires secure storage with an alarm system in place for optimal protection. Storing bullion in this manner may forgo some benefits offered by private depository storage facilities such as 24/7 surveillance coverage and optimal levels of insurance protection.
Coral Gables, Florida coin dealer has been in operation for more than half a century and offers instant price quotes on popular forms of gold and silver bullion as well as historic coins from medieval to ancient to Spanish Treasury coins. Furthermore, this store can provide both unallocated vault storage options or segregated vault storage – with segregated vault storage being more secure since you retain ownership rights to each bar or coin you purchase.
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