As you are aware, NDTCO makes a number of metals storage depository facilities available for IRA owned metal secure storage. Either you or the dealer from whom your metals were purchased made this selection. Although we have received many calls regarding depository-related issues, there is little that we can do on this end as they are independent service providers. We have been notified by many of the depository facilities of the impact of Covid 19 (Coronavirus) on their operations.
1. Due to the Corona virus’s impact, many depositories are overwhelmed with requests for physical distribution of the metal they hold. This sudden demand has caused delays in processing shipments.
2. Similarly, depositories are facing the same stay at home orders that many of us are, and thus are operating with limited staff due with social distancing orders causing further delays.
3. Shippers, such as FedEx and UPS who want to limit physical contact with customers have selectively implemented rules for their drivers to limit interaction with customers. Obtaining wet signatures for deliveries, a requirement for insurance on shipments, can often not be provided.
4. As a result of #3 above, some depositories have elected to withhold shipping for liability reasons until signatures and insurance are back in place.
5. Covid 19 is impacting all depository operations, not just shipping but also in fulfilling requests for information such as shipping price quotes and delivery updates.
Information updates provided by the depository such as recording the arrival of metals is delayed as is information related to the shipment or sale of your IRA-owned metal because of those points made above. Be aware that there will likely be a delay in depositories’ ability to process your request or provide information at this time. We understand that delays in your requests can be frustrating but due to the Pandemic situation and the stay home orders there is little that we or the depository management can do to correct this until the demand slows and their staff can return to full force.