If you are interested in rolling the funds in your traditional IRA into physical precious metals, you must decide how you wish to store them before funding a Self Directed IRA. Your Allegiance Gold account executive will answer any questions you may have and help you determine which type of storage will work best for your retirement savings needs.
Depository Storage Facility for IRA
A Depository Storage Facility is a third party storage facility where all precious metals in storage are insured. With depository storage, your precious metals are stored in a high-security facility that’s 100 percent insured against all loss, damage, theft or other liability These Depository Storage facilities have highly advanced security mechanisms and tools such as timed locks, 24 hours monitoring system, automatic relocking, and vibration, motion, and sound detectors. All depositories provide all risk insurance and maintain a $1 billion insurance coverage through Lloyd’s of London.
According to the IRS, gold and other precious metals in a retirement account are required to be stored in the custody of an IRS-approved custodian at a third party storage facility until the funds are withdrawn on reaching the predefined retirement age. Putting your precious metals in depository storage ensures that they are fully protected
There is an added layer of security with any depository. When a depository receives any products, it will first inspect, audit, confirm, key in the product annotating the type, quantity and weight and then securely store the precious metals products.
Top Three Depository Storage Facilities:
Allegiance gold works with the following nationally recognized depositories for the safekeeping and storage of our clients’ precious metals:
- Delaware Depository (Wilmington, Delaware)
- International Depository Services
- Brinks (Los Angeles, CA or Salt Lake City UT)
Commingled Vs. Segregated Storage
Precious metals stored in a commingled storage option are held in a communal area along with other people’s products. Precious metals kept in segregated storage will be separated from all other precious metals at the depository in a storage compartment reserved for private use. Both segregated and non-segregated storage provide an equally strong degree of protection.
There are two options of storage:
- Commingled: A commingled storage in a Gold IRA or a Custom Precious Metals IRA simply means that your precious metals will be held in a segregated storage area based on the custodian but will be commingled with other customers within the storage area. When you later decide to sell, exchange or take an in-kind distribution of your precious metals, you will receive “like” precious metals and not the exact metals that you initially purchased.
- Segregated: A segregated storage in a Gold IRA or a Custom Precious Metals IRA ensures that your precious metals will be held in a separate storage area and will be segregated, marked and stored with your name and IRA account number. When you later decide to sell, exchange or take an in-kind distribution of your precious metals, you will receive the exact metals that you initially purchased.
Your Allegiance Gold representatives will help you navigate the options of your storage that meet your needs.