You might already be aware that precious metals Individual Retirement Accounts (IRAs) offer investors a number of primary advantages, but if not, it is possible that you are aware of this fact. These advantages include the following: protection of the investor’s savings from the devaluation that occurs as a result of inflation; ongoing opportunity to grow the investor’s savings as the value of the precious metals appreciates; and provision of a channel through which the investor can invest in virtually all popular financial instruments without having to first convert the metals into cash. a. Protection of the investor’s savings from the devaluation that occurs as a result of inflation. b. Ongoing opportunity to grow the investor’s savings
Given the sizeable sums of money that are stored in accounts such as precious metal IRAs, it should not come as a surprise that the government has only given permission to a limited number of banks and other financial institutions to physically hold the contents of extremely valuable accounts such as these. There are currently seven depositories that have been given authorization by the IRS to store any and all of the major precious metals. This authorization allows these depositories to hold precious metals. Gold, silver, and platinum are some examples of these metals (and other platinum group metals like palladium and rhodium). In the paragraphs that follow, we will provide a brief summary of each approved depository in the following order:
When it comes to alternative asset management, Regal Assets is a well-known name all over the world. In addition, they offer depository services of the highest possible quality to their clients. They are widely regarded as the most trustworthy organization in North America for financial planning and gold investments. The company also maintains offices in the Dubai Multi Commodities Center (DMCC), which is home to one of the most secure vaults in the entire world. The bullion that the company stores for its clients in the Middle East and elsewhere in the world are kept at the DMCC.
At Regal Assets, the first year of storage is completely free, and after that, the company charges an affordable flat rate of $250 per year for storage (much less beat). They have received perfect marks from the three rating agencies, which are the Trustlink Review Company, the Better Business Bureau, and the Consumer Affairs Bureau.
Company for Providing Depository Services in Delaware
The Delaware Depository Service Company has been granted permission to operate by the Internal Revenue Service, and the CME Group has issued them a license to operate as an exchange-approved depository for the NYMEX and COMEX markets. Both of these markets are regulated by the CME Group. For shipments that are made by express carrier or through the mail, Delaware Depository provides coverage of up to one hundred thousand dollars per package under its all-risk insurance policy, which has a maximum limit of one billion dollars overall. This company works with customers of varying sizes, but its primary focus is on working with brokerage firms, manufacturers, refiners, coin dealers, retailers, and commodity trading houses. Its customers come from a wide variety of industries. Customers of the Delaware Depository are also eligible for a number of tax breaks that the state of Delaware makes available to commercial enterprises.
Brinks Global Services operates authorized depositories in both New York City and London. These depositories are both located in the United Kingdom. This is a popular option for a repository because it offers a number of appealing advantages, some of which include the following but are not limited to these:
- Complete accountability for any assets that are kept in the facility
- Management of stockpiles that can be accessed from any location with the help of an internet gateway.
- A transfer of precious metals to secure storage locations at the speed of light
- Methods of weighing that are common in the sector where the business is located.
- Facilities that are accessible to a third party for the purpose of conducting tests and inspections
- The preparation, acceptance, storage, and distribution of precious metals in accordance with the instructions provided by the account holder, in addition to:
HSBC Bank USA
It is common knowledge that the HSBC Bank is one of the most significant holders of precious metals in the whole wide world. According to a study that has been conducted annually by Risk and Energy magazine since 2003, they have been ranked the number one dealer in silver and gold every single year since then. In point of fact, they are the largest bullion clearer in the entirety of the entire world. The Internal Revenue Service has acknowledged the company’s status as a qualified precious metals depository on account of the fact that it has been at the forefront of the precious metals sector for such a significant number of years and that it has been in operation since 1817. The following are some additional significant characteristics that are possessed by the HSBC Bank in the United States:
- Support for clients on a global scale that is both comprehensive and accessible at all hours of the day and night
- A dominant player in the markets of the world’s six most important exchanges for precious metals
- The most significant facility in the world for the warehousing of precious metals
- The safe deposit box of this commercial bank is the largest in the world.
JP Morgan Chase Bank NA
Despite the fact that JP Morgan has been in business for such a long time, the company did not receive approval to operate as a depository until 2011. This is despite the fact that JP Morgan has been providing services related to precious metals for more than 30 years. In addition, JP Morgan Global Metals offers its customer’s risk management solutions and vault facilities in New York, London, and Singapore that are on par with the most advanced in the industry. These locations are all located in Asia. JP Morgan is in charge of the management of a variety of precious metals, including gold, silver, platinum, palladium, and rhodium, among others. The depository that JP Morgan manages is responsible for less than 10 percent of the COMEX at the moment because it only recently became authorized to operate as a depository.
The ScotiaMocatta depository is, in point of fact, a division of Scotiabank, which has been known for a considerable amount of time as “Canada’s gold bank” and which can trace its roots in the fields of investing and finance all the way back to the year 1671. The establishment of ScotiaMocatta was a direct result of the successful completion of the acquisition of Mocatta Bullion & Base by Scotia Capital Markets in 1997 from Standard Chartered Bank (SBC). In addition to providing round-the-clock coverage of markets around the world and a comprehensive selection of services associated with precious metals, ScotiaMocatta is an approved COMEX depository. Coins, certificate programs, leases/consignments/loans, rate agreements, and global physical delivery of stored metals are some of the services that are provided by this company. However, this list is not exhaustive. ScotiaMocatta, which also provides a vast array of services related to precious metals, covers the global market and is a provider of market coverage.
Repository for CNT
CNT Inc., which has its headquarters in Bridgewater, Massachusetts, is widely acknowledged as being the most important supplier of raw gold to the government of the United States. The company has been granted depository status by COMEX. This vaulting company, which has been in business for more than 35 years and has extensive experience in the field, is able to bring in annual revenue of more than $8 billion thanks to the fact that they keep direct ties of distribution and storage with some of the most important government mints in the world. In order to protect any and all precious metals kept in storage at the CNT vault, Lloyd’s of London offers comprehensive insurance coverage for those metals. The depository itself is a Class III facility that has more than 20,000 square feet of fully insured storage space. In addition, there are 1,400 square feet of vault space that are separated from other storage areas and 75 cubic feet of private vault storage space within the depository.