Self-Directed Precious Metals

Choosing a Precious Metals Depository

Account-owned precious metals must be stored at a third-party depository, where they will be safely locked away and insured.

It’s important to select the right depository for your financial plans. 

 

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Why do you need a depository?

Depositories play a large role in the precious metals IRA process. The Internal Revenue Code states that metals owned by an IRA must be physically held by a non-bank trustee or a depository that meets IRS regulations. There are many things to consider when choosing a depository for your IRA-held metals. You may consider a depository that is geographically close to where you reside, or you may want your metals held at a facility outside the United States.

Types of Depositories

Most depositories offer commingled and/or segregated storage. Segregated storage involves an individual locker or storage unit for your account holdings only. Commingled storage refers to a general vault that holds metals owned by multiple owners. The bullion bars or coins removed from a commingled vault should have the same value as the ones deposited, but they may not be the exact bars or coins initially deposited. Depositories may assess different annual fees for commingled or segregated storage, so feel free to contact New Direction Trust Company for fee information pertaining to the storage facility you may want to use.

Choose a Depository

Once your account has been funded, you must choose which precious metals sponsor you’d like to conduct business with if you don’t have one already. Always remember that your self-directed account can purchase, sell, and exchange metals with any company you want.

Please note that precious metals owned by a tax-advantaged account must be stored in a depository. At NDTCO, you can choose from a variety of depositories across the United States and the world. Contact us to inquire about your depository options.

New Direction Trust Company does not recommend or endorse any depositories. Please speak with your dealer to see if there is a specific depository they work with exclusively, and make sure to do your due diligence while making your selection.