One of the most notable benefits that precious metals Individual Retirement Accounts (IRAs) provide investors is protecting their investments from devaluation caused by inflation. The IRAs also offer investors a progressive opportunity to grow their savings concurrently with the value appreciation of their precious metals. In addition, they offer investors an avenue to diversify their portfolios without needing to liquidate the precious metals.
The government has certified strictly selected financial institutions to store the contents of such valuable IRAs. This is a result of the large amounts of wealth stored in gold IRAs. Currently, there are seven IRS-approved depositories permitted to hold all the major precious metals. The metals include Silver, Gold, and Platinum, among others like Platinum group metals such as Rhodium and Palladium.
Below is a compilation of each approved depository in the US.
1. DELAWARE DEPOSITORY SERVICE COMPANY
This IRS-approved company is certified by the CME Group as an exchange-approved depository for the COMEX and NYMEX markets. It provides up to $1 billion of all-risk insurance coverage, including up to $100,000 per package for mail or express carrier shipments.
Delaware Depository’s clientele is widely diverse. However, the company primarily caters to brokerage firms, IRA custodians, refiners, manufacturers, retailers, coin dealers, and commodity trading houses. Their clients also get to enjoy some of their several unique business tax benefits.
Brinks Global Services has London and New York-based authorized depositories. Brinks is a favorite among most clients since it has some rare perks uncommon in other depositories. These perks include:
· Full liabilities for all stored valuables
· Customized precious metal preparation, acceptance, storage, and release
· Availability of facilities for clients to conduct third-party assays and inspections
· Industry-standard weighing practices
· Swift delivery of clients’ metals to safe storage locations
· Internationally accepted inventory management that is accessed through an online portal.
3. HSBC BANK USA
The institution is a globally recognized and preferred precious metal holder. As a matter of fact, HSBC Bank is the largest global bullion clearer. According to an annual survey done by Risk and Energy magazine, HSBC Bank has constantly been ranked number one gold and silver dealer every year since 2003.
Established in 1817, the institution has proudly been an industry leader in precious metals for decades. As such, the IRS approved it as a reliable and legitimate precious metals depository. Some of the features and perks of this financial institution include:
· It has the world’s largest commercial vault
· It is the world’s largest precious metal custodian
· It leads the top six global precious metals exchanges
· It has an all-inclusive 24/7 international customer service.
4. JP MORGAN CHASE BANK NA
The company has over three decades of experience in providing precious metal-related services to clients. However, JP Morgan was recently approved in 2011 as a licensed depository. All JP Morgan Global Metals clients enjoy risk management solutions. The company has state-of-the-art vault facilities located in Singapore, London, and New York.
JP Morgan stores and manages precious metals including Silver, Gold, Platinum, Rhodium, and Palladium. However, since JP Morgan was recently approved as a depository, its depository accounts for less than 10% of the COMEX.
5. SCOTTIAMOCATTA DEPOSITORY
This institution is an elemental part of Scotiabank—commonly known as Canada’s gold bank with investment and finance roots from as early as 1671. The depository was founded when Scotia Capital Markets acquired Mocatta Bullion and Base from Standard Chartered Bank (SBC) in 1997.
It is an approved COMEX depository providing 24/7 global market coverage and several precious metal-related services. These services include certificate programs, coins, rate agreements, stored metal physical delivery globally, and leases/consignments/loans.
6. CNT DEPOSITORY
CNT. Inc is an approved COMEX depository located in Bridgewater, Massachusetts. It is common to be the largest vendor of raw gold to the federal government. CNT Inc has over three decades of vaulting experience.
The depository is a class II facility featuring 1,400 square feet of segregated vault spaces. It also has 75 cubic feet of private vault storage and over 20,000 fully insured storage square feet.
Additionally, it generates over $8 billion in annual revenue by maintaining direct distribution and storage relationships from a few of the world’s largest government mints. CNT Depository stores precious metals that are 100% insured by Lloyd’s of London.