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Last Updated on: 10th January 2025, 01:40 am
As you may know, precious metals IRAs offer investors several primary advantages – it offers a potential protection of their savings from devaluation due to inflation, offers the ongoing opportunity to grow their savings as the precious metals appreciate in value, and it provides an avenue in which to invest in virtually all popular financial instruments without having to first liquidate the metals into cash.
Given the large amounts of wealth stored in precious metal IRAs, it makes sense that the government has only approved certain financial institutions to physically store the contents of these particularly valuable accounts. Right now there are eleven IRS-approved depositories that are allowed to store all of the major precious metals – which include gold, silver, platinum (and other platinum group metals like palladium and rhodium). In the following paragraphs we'll provide a brief overview of each approved depository:
Delaware Depository Service Company
The Delaware Depository Service Company is approved by the IRS and is licensed by the CME Group as an exchange-approved depository for the NYMEX and COMEX markets. Delaware Depository provides up to $1 billion of all-risk insurance coverage, including up to $100,000 coverage per package for shipments made by express carrier or mail. This company has clients of all sizes but generally caters to brokerage firms, manufacturers, refiners, IRA custodians, coin dealers, retailers, and commodity trading houses. Clients of the Delaware Depository also benefit from Delaware's numerous business tax advantages.
Brinks
Brinks Global Services has authorized depositories in New York City and London. This is a commonly preferred depository because it offers several appealing advantages, including but not limited to:
- Full liability for all stored valuables
- Globally accessible inventory management via an online portal
- Fast delivery of precious metals to secure storage locations
- Industry standard weighing practices
- Facilities available for conducting third-party assays and inspections
- Preparation, acceptance, storage, and release of precious metals based on the account holder's instructions
HSBC Bank USA
HSBC Bank is one of the world's most prominent holders of precious metals. In fact, they're the largest bullion clearer in the world, and have been ranked the #1 dealer in silver and gold every year back to back since 2003, according to an annual survey conducted by Risk and Energy magazine. The company itself has been around since 1817 and has been an industry leader in precious metals for decades, hence it being approved by the IRS as a precious metals depository. Here a few more interesting features about HSBC Bank USA:
- Comprehensive global customer service available 24-hours a day
- A leader on the world's six leading precious metals exchanges
- World's largest precious metals custodian
- World's largest commercial vault
JP Morgan Chase Bank NA
Although JP Morgan has more than 3 decades experience in providing services related to precious metals, the company became an approved depository relatively recently in 2011. JP Morgan Global Metals also offers risk management solutions to its clients, as well as state-of-the-art vault facilities in New York, London, and Singapore. Precious metals managed by JP Morgan include Gold, Silver, Platinum, Palladium, and Rhodium. Given its recent inception as an approved depository, JP Morgan's depository currently accounts for less than 10% of the COMEX.
ScotiaMocatta Depository
The ScotiaMocatta depository is actually part of Scotiabank, which has long been referred to as “Canada's gold bank” and has investment and finance roots going all the way back to 1671. ScotiaMocatta was founded in 1997 when Scotia Capital Markets acquired Mocatta Bullion & Base from the Standard Chartered Bank (SBC). ScotiaMocatta is an approved COMEX depository that provides 24-hour global market coverage as well as a wide range of precious metals-related services, including but not limited to coins, certificate programs, leases/consignments/loans, rate agreements, and global physical delivery of stored metals.
CNT Depository
CNT Inc. is a COMEX-approved depository based in Bridgewater, Massachusetts, and is known for being the largest seller of raw gold to the federal government. With more than 35 years in vaulting experience, generates more than $8 billion in yearly revenue by maintaining direct distribution and storage relationships with some of the world's largest government mints. All of the precious metals stored in the CNT depository are 100% insured by Lloyd's of London. The depository itself is a Class III facility with 1,400 square feet of segregated vault space, 75 cubic feet of private vault storage, and more than 20,000 square feet of fully insured storage.
Texas Bullion Depository
The Texas Bullion Depository, operated under the oversight of the Texas Comptroller's Office, is one of the most unique and highly secure storage facilities in the United States. It's the depository of choice of certain gold companies and custodians, like Noble Gold Investments. Established to provide Texans with a secure location to store precious metals, it also accepts deposits from individuals and institutions across the U.S. The depository offers a state-of-the-art facility with segregated and allocated storage options. Key features include:
- Government-operated and backed, ensuring high regulatory compliance.
- Advanced security measures, including 24/7 monitoring and biometric access.
- Allows individuals to store precious metals without having to leave the state of Texas.
Loomis International
Loomis International is part of Loomis AB, a global leader in secure logistics and valuables management. While widely recognized for its armored transport services, Loomis also provides world-class storage solutions for precious metals in several global locations, including the U.S. Features of Loomis International include:
- Segregated and allocated storage options tailored to client needs.
- A vast global network of vaults with facilities in major financial hubs.
- Specialized handling of precious metals, including assaying and quality verification.
IDS Group (International Depository Services)
The IDS Group operates COMEX-approved depositories in Dallas, Texas, and Toronto, Canada, catering to both U.S. and international clients. IDS is a popular choice for IRA account holders due to its focus on compliance and customer satisfaction. Features include:
- Segregated and allocated storage options for gold, silver, platinum, and palladium.
- Fully insured through Lloyd's of London.
- Robust security protocols and real-time inventory tracking for peace of mind.
Malca-Amit Depository
Malca-Amit provides specialized storage and logistics solutions for precious metals, diamonds, and other high-value assets. While primarily known for its global reach, Malca-Amit's U.S. facilities also meet IRS requirements for IRA storage. Features include:
- High-security storage options in major U.S. cities and internationally.
- Specialized handling of luxury items, including rare coins and bullion.
- Fully insured vaults with stringent access controls and monitoring.
First State Depository
First State Depository, based in Wilmington, Delaware, offers secure storage solutions for a range of clients, including individual investors, IRA custodians, and financial institutions. As part of Delaware's tax-advantaged financial system, First State Depository provides:
- Comprehensive custody services, including segregated storage.
- Secure transport and logistics for incoming and outgoing precious metals.
- Full insurance coverage through leading providers.
Key Points for Comparison Across Gold Depositories
To help you compare all these gold depositories even more, here's a brief comparison table comparing the key points and features of each one of them:
| Depository | Location | Key Features | Insurance Provider | Specialties |
|---|---|---|---|---|
| Delaware Depository | Delaware, USA | COMEX-approved, $1 billion insurance, business tax advantages | Lloyd’s of London | Large-scale institutional storage |
| Brinks | Global | Full liability, online inventory management, secure transport | Self-insured | Vaulting and logistics |
| HSBC Bank USA | New York, USA | World’s largest commercial vault, 24/7 service | HSBC Group | Institutional gold and silver |
| JP Morgan Chase Bank | New York, London | New York facility, COMEX-approved, global reach | Internal insurance | Risk management solutions |
| ScotiaMocatta | Global | 24-hour global service, COMEX-approved, physical delivery | Lloyd’s of London | Bullion trading and storage |
| CNT Depository | Massachusetts, USA | COMEX-approved, largest gold supplier to U.S. Mint | Lloyd’s of London | Raw gold distribution |
| Texas Bullion Depository | Texas, USA | State-backed, advanced security, accessible for individuals | Internal insurance | Public and private accounts |
| IDS Group | Dallas, Toronto | Segregated storage, real-time tracking, IRA-focused | Lloyd’s of London | COMEX-approved, IRA services |
| Malca-Amit | Global | High-security vaults, luxury asset storage | Lloyd’s of London | Rare coins, international reach |
| First State Depository | Delaware, USA | Segregated vaulting, tax-efficient location | Lloyd’s of London | Secure individual storage |
As always, do your due diligence and shop around. Don't just go with the first company you come across. Prices are known to change regularly.
Gold: $2,687.38
Silver: $30.09
Platinum: $945.92
Palladium: $963.02
Bitcoin: $96,652.44
Ethereum: $3,199.16
Hi Chris,
I am looking into the self directed IRA and wondered, Is there a IRS approved depository in Oklahoma?
What is the nearest depository to Phoenix, AZ?
It’s interesting that immediately upon seeing the news of the credit downgrade that my and Doc’s initial reaction was to speculate that silver my sell-off on this news. But after some deliberations and research, particularly reading about the APMEX suspension of the purchases prior to the Asian open, that it became obvious what was going to happen. This became the case in my mind anyway. That’s what a good blog with many good thinkers connected to the right way to think about what’s really happening to our economy at the hands of these criminals is all about. THIS IS WAR against the EVIL-PAPER DOERS!We must use every piece of information at our disposal to defeat them and bring back REAL MONEY TO REPLACE THIS PAPER FANTASY!40 BUCKS AS I WRITE THIS!
I stored my gold at First State Depository in Wilmington,Delaware and everyone’s gold and silver was embezzled. I thought I was insured but I wasn’t. That depository is closing can I roll over what I have left in yours? If I do what assurance do I have knowing lm insured this time.
Hi Perry, I would say it’s best to contact each depository directly to ask them those questions.
In the recent revealing of real truth about the BLUE Parties far right political pervasive persuasive activistic ideolog against our freedoms (aka UN’s non-elected leaders of NGOs like the WEF, Facebook, Microsoft, Google, etc.). It is interesting how ALL of these are in BLUE states. Communist/Progressive/Marxist all the same entities, same ole political tyranny with new names. These BLUE states are ruled by those who do NOT believe in the constitution or the rule of law. How can we get guarantees that our physical precious metals won’t get confiscated by these leaders in these states? You talk about trust, NOT in these 6, knowing what we know now. The 6 donor class favs more like it.
Hi Mikael, there are no guarantees. Many investors choose to store their metals in a depository that is located close to their home, so they can take ownership of their metals quickly if need be.
Yes, I am investigating where all these IRS approved vaults are physically located and have found that most of them are in well fortified Blue states, California, New York and Delaware. There are a few in Red areas, but in the end of the day, when and if I need to actually take physical possession of my assets can I, or will I be able to transfer it to a new non-fiat currency, or what will be the currency to transfer it over to in the future? No and None! So, is it really a good asset class to hedge against an economic collapse? No! Will I be able to drive to the physical vault location with my pick-up truck and physically get it all with no problems in the midst of social unrest? No! Have we even thought about this, this far? No, but I have!
Hi Mikael, most custodians use Brinks, IDS or other popular depositories that have vaults all over the country. You should be able to find a vault close to you so you can easily have access to your metals if need be. That’s why we don’t recommend offshore storage. It makes it very complicated to have access to your metals. You definitely want to be physically close to your metals so you expedite taking physical possession if need be. Thank you.
I will be purchasing large quantities of Gold and Silver and would like to be secure in the knowledge with a local storage facility with BBB and other credit ratings high marks!
Will be looking to move near Southern California beaches, Orange County, San Diego area!
My Question is where can I have a Secured depository or Vault in those areas with easy access?
#2). Is it possible to purchase directly from a Bank and have them store in their Vault? Banks have to have a Certain Amount in their Vaults per Government regulation and with President Trump now setting US as a Republic, renewed enthusiasm in Metals Values will Soar!
Thank you…