Finding the Right IRS-approved Depository | Precious Metals Investors

Precious metals are often the assets of choice for many investors as they offer a plethora of benefits. Unlike other investment vehicles, gold, silver, and other platinum group metals aren’t subject to inflation. When faced with economic uncertainty, many turn to precious metals as a store of value.

However, to own gold and other metals in an IRA, it is essential to choose an IRS-approved depository when storing these valuable assets. In this article, we’ll go over the various options available.

What Is an IRA Precious Metals Depository?

Investors in the US have the opportunity to invest in precious metals, such as gold and silver, for their retirement. Rather than just purchasing the metals outright, they can invest in a gold-backed individual retirement account (IRA).

However, the metals held in precious metals IRAs cannot be stored in a private location, and the IRS requires that investors ensure that their assets remain in an approved facility or depository. In essence, a precious metals depository is a dedicated third-party location where investors can store their precious metals held in an IRA.

They serve as secure safe houses for investors who wish to safeguard their precious metals until they reach retirement age and are ready to sell them. This relieves the investors’ worries about holding these assets in their homes and also gives them the assurance that their financial investments are indeed safe.

These facilities are required to meet certain standards to be approved by the IRS.

Why Is It Important for Investors to Choose Gold IRA-approved Depositories?

Depositories are approved by the Internal Revenue Service (IRS) to guarantee that the precious metals held there are kept in safe vaults.  You can’t legally have physical possession of a gold IRA.

Investors who want to hold valuable metals long-term are required by law to make use of a gold IRA-approved depository. These depositories are required to adhere to all applicable federal and state regulations.

Choosing a depository that is approved by the IRS is advantageous because you can ensure that the facility where your valuable assets will be stored has met certain minimum standards with regard to security, record-keeping, administration, and more.

The Top IRA-approved Gold Depositories in the US

As we have just seen, working with a regulated and approved facility is essential, which is why you should do your research to learn more about your options. We’ve done much of the hard work for you, so you can use the list below to find the right facility. Without further ado, here are our top picks for precious metals IRA depositories.

1. Delaware Depository Service Company

Perhaps one of the most well-known depositories in the US is the Delaware Depository Service Company. The company provides up to $1 billion in “all-risk” insurance coverage and is certified by the IRS and regulated by the CME on both the COMEX and NYMEX commodities exchanges.

The insurance coverage offered by the company provides a maximum of $100,000 for each package. What’s more, when you choose to work with the Delaware Depository Service Company, you have the assurance that you’re dealing with an experienced business that deals with both big and small clients.

This approved COMEX depository typically serves retailers, broker-dealer companies, IRA custodians, and more. It also offers investors the opportunity to take advantage of certain tax benefits.


BRINKS is a well-known establishment that is renowned for transporting big sums of money in armored vehicles. The company also offers a precious metals IRA depository in locations like Salt Lake City, Los Angeles, and New York City.

Many entrust this third-party depository with their assets because it offers many advantages, including an intuitive online global inventory management system, 100 percent liability coverage for all major precious metals, and third-party assays.

3. JP Morgan

While JP Morgan has over three decades of experience offering services linked to precious metals, the corporation only became an IRS-approved depository in 2011. Additionally, JP Morgan Global Metals provides its customers with cutting-edge vault facilities in Singapore, New York, and London, in addition to a number of risk management solutions.

The depository now makes up under 10 percent of the COMEX due to its recent establishment as an authorized depository, making it a worthy option for IRA investors.

4. HSBC Bank USA

Hong Kong and Shanghai Bank (HSBC) has been at the forefront of precious metals clearing and depository services and is another great IRS-approved facility to consider. HSBC is regarded as one of the biggest bullion clearance facilities in the world. Furthermore, the company has maintained its top spot in the gold and silver trading industry since 2003.

Another perk of working with HSBC Bank USA is that you get access to 24/7 customer support. You also get to work with the largest precious metals custodian in the world!

5. CNT Depository

CNT is headquartered in the Massachusetts town of Bridgewater and is another recognized exchange-approved depository for COMEX. The facility has been around for roughly four decades and has a good history of offering superior storage services.

It is most commonly known for being the biggest supplier of raw gold to the American government. What’s more, the company generates revenues in the billions annually.

Furthermore, it has direct connections to some of the biggest federal mints in the world for distribution and storage. Assets stored within the vaults are covered by Lloyd’s of London, an AAA-rated insurance company.

6. Scotia Mocatta Depository

The ScotiaMocatta Depository, a subsidiary of the well-known Scotiabank (often referred to as Canada’s gold bank), was established in 1671.

As an IRS-approved depository, ScotiaMocatta also provides 24-hour coverage of the world’s precious metals, financial markets, precious metals, and associated services, such as international physical shipment of stored precious metals, coins, and more.

What to Look for in a Gold IRA Depository

Gold IRA Depository

When it comes to precious metals investing, choosing the right precious metals dealer isn’t the only thing to think about. You will also need to select the right depository. After all, this is the company that will hold your assets for years, if not decades, so you want to ensure that you’re making the right choice.

However, with so many options available to you, it can be hard to know which one you can trust with your precious metals investment. To ensure that you’re making an informed decision, we have drawn a list of criteria to consider when assessing depositories for your precious metal IRAs:

Check That You’re Working with an IRS-approved Depository

Precious metals that are held in an IRA must be stored in an approved facility, so this is the first and most important thing to look for when considering your options. This will ensure that you are compliant with laws and regulations, which can prevent fines, penalties, and more.

Insurance Coverage to Ensure That You Are Covered in the Event That Something Goes Wrong

Another important quality to look for is insurance coverage. This would be your backup plan if something were to go wrong. Many gold IRA depositories offer 100 percent coverage, providing complete peace of mind that your investment is protected.

Reputation and Experience

To ensure that you have a good experience, you should also look at the reputation and number of years that the company has been around. The more experience a depository has, the greater the chances that it will be able to provide great customer service and responsible storage.

Fees and Associated Costs

When it comes to investments, keeping your costs low is essential to ensure that you get the most out of your investment when you reach retirement age. However, it’s important to mention here that your decision should not be based on the fees and costs alone. Consider the overall service offerings, reputation, and more.

Security Measures

One of the most important things to look at is the security measures the facility has in place to protect your assets. Although there are minimum standards set out by the IRS, many go above and beyond to ensure that their clients’ assets are safe at all times.

Customer Support

Because gold storage is often a long-term affair, it’s essential to find a company that will provide excellent customer service. You should be able to get in touch with the company quickly to find out details about your investment and associated fees. Many companies provide 24/7 support as they cater to clients around the world.

Final Thoughts

Whether you choose Augusta Precious Metals or Goldco to set up your gold IRA, it’s important to find a trustworthy depository that is approved by the IRS. We have drawn up this list to make your life easier, but it’s important for you to consider your own needs and preferences when taking your pick.

Want to learn more about precious metals investing? Browse our website for more IRA-related information.

Frequently Asked Questions

1. Do I have to store IRA-approved Precious Metals in a depository?

Yes. The IRS requires that all precious metals purchased in an IRA must be stored in a depository and not at home or in a private storage facility. If you are found with precious metals stored at home and not in an approved depository, you could face fines, penalties, and taxes.

2. Can a depository help me set up precious metals IRAs?

The truth is that most depositories are simply storage facilities, so they do not deal with gold, silver, platinum, and other precious metals. However, some offer both services, so it’s best to enquire with the depository you’re interested in working with. In most cases, if the company is unable to offer this service, it will point you to a reliable service provider that can help.

3. Are there fees associated with depositories?

Yes, depositories will charge you annual fees for their services. However, some do offer promotions and discounts, offering you the chance to save money.

Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.