An industry leader in the storage of precious metals, Delaware Depository is a name worth knowing if you are looking for a secure place to store your bullion while maintaining ready access to it. Read on to learn:
- What is Delaware Depository?
- How Does Delaware Depository Keep My Precious Metals Safe?
- Benefits of Delaware Depository
- Delaware Depository Fees
- Delaware Depository FAQs
What Is Delaware Depository?
The Delaware Depository service company offers exchanged-approved facilities that provide world-class storage for physical precious metals to financial institutions and individual investors. The Delaware branch is the nation’s largest depository of precious metals outside of New York City, and is licensed with the CME Group (COMEX and NYMEX Divisions) for the storage of gold, silver, platinum and palladium.
Delaware Depository is in full compliance with the Internal Revenue Service’s requirements for IRA custody and safekeeping of precious metals, meaning that customers of Birch Gold Group can use the facilities to store their metals within a Precious Metals IRA. Coins that can be stored for such purposes include American Eagle bullion and proofs, Gold American Buffalos and Canadian Maple Leafs. In addition, any bar or round that meets fineness minimums per IRS Code are eligible as well.
Birch Gold Group customers have the privilege of storing their precious metals in high-security vaults that are in compliance with the Bank Protection Act and UL standards. While some people may opt for a home storage gold IRA, there are many important benefits to working with a depository, such as Delaware Depository. Security is one of the biggest reasons keeping your precious metals with a depository makes great sense. While you may enjoy having your bullion within sight, no amount of home security will match the protections of a qualified depository. Because of the IRS’s stringent rules when it comes to opening a precious metals IRA, and maintaining it, a home storage option leaves you open to hefty non-compliance penalties and other legal concerns. Letting trusted professionals handle that for you adds a layer of legal protection and takes the administrative workload off your shoulders.
Delaware Depository Locations
Customers with Birch Gold Group have the option of keeping their metals in either of Delaware Depository’s locations in Wilmington, Delaware or Boulder City, Nevada. These depositories have the advantage of being located away from major financial and political centers while still being relatively accessible. At the same time, they take advantage of their respective state’s tax laws.
Delaware Depository has two locations:
- 3601 North Market Street, Wilmington, DE 19802
- 1009 Industrial Road, Boulder City, NV 89005
If you opt for Wilmington, Delaware, your facility will be located right next to the Police Athletic League of Wilmington building at the corner of West 37th Street/BUS-13. You can connect there easily from I-95 by following the signs for Highway 3 traveling through Bellevue State Park. It’s not a bad place for a day trip if you’re a park lover, with the Rockwood Park & Museum, Alapocas Run State Park, and Bringhurst Woods all nearby. The museums, art galleries, and dining in the city are all top-notch as well.
Delaware offers numerous tax benefits to depositories. When purchasing bullion, no net worth taxes, personal inventory, or transfer taxes are applied by the state, and no nexus status is generated for personal income taxes.
If Boulder City, Nevada is your chosen branch of the Delaware Depository, your facility will be located next to Sparc Welding. It’s an easy drive along BUS-93 to get there, located just off I-11 – which itself is a direct line to Las Vegas. Boulder City offers its own share of charming stops to visit, including Tom Devlin’s Monster Museum, the Nevada State Railroad Museum, and plenty of thrills at Bootleg Canyon Gravity Racing. Sightseers shouldn’t miss the nearby Hoover Dam.
Residents of Nevada who store their precious metals in a depository don’t need to worry about paying a capital gains tax when cashing in their IRAs or selling their bullion as the state does not collect personal income taxes.
Contact Delaware Depository
You can contact Delaware Depository by calling (302) 765-3889, sending a fax to (302) 762-2674 Fax, emailing ddsops@delawaredepository.com, or using the contact form on their website.
How Does Delaware Depository Keep My Precious Metals Safe?
Delaware Depository takes its role of securely storing precious metals on behalf of major commodity exchanges, institutions, industrial companies and individuals very seriously. To that end, it utilizes integrated physical and electronic security systems combined with top-of-their-field security experts to produce the most secure facilities in the world.
One of the best ways to understand the security behind Delaware Depository’s facilities is to visit them yourself. Customers with Birch Gold can arrange a visit with the depository to see their precious metals in person. When you do, you’ll be met with multiple layers of security, including metal detectors, surveillance cameras, and many locked doors – and you’ll never be left alone. If you want your bullion kept safe, Delaware Depistory’s high-tech vaults are an excellent option.
For added peace of mind, Delaware Depository maintains $1 billion in “all-risk” insurance coverage, including a $100,000-per-package shipping insurance coverage.
Benefits of Delaware Depository
Delaware Depository offers a number of benefits to those who are looking for secure precious metals storage for their gold, silver, palladium, or platinum.
- State-of-the-art security systems using best-in-class technology provide constant surveillance of your bullion to ensure that no unauthorized intruders breach the premises.
- $1 billion in insurance coverage, meaning that, in the extremely unlikely event that theft were to occur at the facility, you will be reimbursed for any assets lost.
- With no debts, borrowers, or investments, Delaware Depository holds all of the bullion it stores off its balance sheets, meaning your bullion will be there when you want it.
- Delaware Depository operates fortified facilities equipped with sensors capable of detecting any kind of instruction, combined with multiple security checkpoints for complete access control.
- Utilizing comprehensive inventory control and reporting systems, Delaware Depository maintains constant awareness of incoming and outgoing bullion transfers.
- Deposits are made available rapidly, with most bullion moves accredited to accounts and physically moved into your storage unit by the next day.
- The Delaware facility affords particular tax advantages, including no net worth, personal inventory, or transfer taxes applied by the state, and no nexus status generated by bullion moves.
- Delaware Depository handles all of its customer service on-site, meaning anyone you speak with on the phone is an employee of the depository. This means you’ll have direct access with knowledgeable, professional staff who can answer your questions immediately.
Delaware Depository Fees
Delaware Depository’s fees are very competitive, according to their website, but the official fees aren’t publicly available.
One site reports that the depository charges for segregated storage at $1.80 per $1,000 investment (with a $220 minimum), or commingled storage costing $1.00 per $1,000 investment (with a $125 minimum).
Another reports that storage for your gold, platinum, palladium and silver from your precious metals IRA has a fee of $0.80 per $1,000 with a $95 minimum.
It’s your choice whether you’d prefer segregated or commingled storage. Segregated storage means that your bullion will be kept in a separate locker, affording an extra measure of security for those who desire it.
Delaware Depository FAQs
What types of precious metals can be stored at Delaware Depository?
Delaware Depository accepts gold with a purity of 99.5%, silver with a purity of 99.9%, and platinum and palladium with a purity of 99.95%. Gold American Eagle coins are also allowed, thanks to their official IRS-approved status.
Can you visit your precious metals at Delaware Depository?
Yes! Those who open a precious metals IRA and appoint Delaware Depository as their custodian have visitation privileges, meaning you can contact the depository and schedule a time to come and see your precious metals in person. Seeing your accumulated bullion can be an experience, and it informs you that your investments are safe.
What are the reasons to store precious metals at Delaware Depository?
While some may find it tempting to take physical possession of precious metals, there are many challenges to creating a home storage facility with sufficient security – and no home facility will come close to the kind of protection offered at Delaware Depository.
If you choose to store your precious metals at Delaware Depository, your assets will be protected by advanced security measures, access controls, alarm systems, and guards around the clock, all of which are working to ensure your precious metals are safe.
For those who are looking to open a gold IRA or a silver IRA and take advantage of the tax benefits such an account offers while sheltering your wealth from the declining dollar, you’ll need to store your precious metals in a qualified depository to meet IRS requirements. Considering the many benefits associated with Delaware Depository – from the added tax advantages to the top-notch insurance to the state-of-the-art security – it’s high on the list of choices for many investors for good reasons.
Store Your Precious Metals at Delaware Depository
With its high tech, fortified facilities on both the East and West coasts, Delaware Depository offers incomparable security to individuals looking to store their precious metals in a convenient yet protected location.
Whether you’re looking to purchase precious metals to create a cushion in the uncertain economy or are considering investing in precious metals as part of your retirement plan, you’ll need a place to store your bullion. (At Birch Gold Group, we’ve been working with Delaware Depository’s world-class facilities for some time and are familiar with their high quality level of service.)
Contact Birch Gold Group today to find out how you can acquire precious metals and store them safely with Delaware Depository.
