How to choose between U.S. Gold Depositories, Overseas Gold Storage, Bank Safe Deposit Boxes & Fireproof Home Safes.
Considering the value of gold and silver, savvy investors take the matter of precious metal storage very seriously. The most important rule of gold storage is to make sure it is safe, secure, and private from prying hands or eyes that might want to take it from you. Unlike cash, gold is, after all, real money.
Before amassing a hoard of gold bars and coins, you need to ensure that your gold will be well taken care of. The four most common forms of gold storage are:
- Bank Safe Deposit Boxes
- Private US Depositories
- Overseas Gold Depositories
- Home Gold Storage
Defining your level of risk and trust is important in determining the best gold storage option for you. Let’s start with:
Gold Storage in the United States
Bank Safe Deposit Boxes
Many U.S. banks and credit unions offer safe deposit boxes for $100-$250 per year. Check with your local bank to find out if it offers safe deposit boxes, and if it does, then ask about dimensions and pricing. Some banks may require you to have an active checking or savings account to be eligible to rent a safe deposit box. To find a bank near you that offers safe deposit box gold storage, call the Certified Gold Exchange directly at (800) 300-0715.
The benefits of storing gold in a bank include:
- Boxes are easily accessible during business hours.
- Safe deposit boxes allow you to store other valuables and important documents with your precious metals.
- Banks provide for affordable storage of up to $25,000 in silver or $1 million in gold.
- Boxes are only accessible via key and code and are protected within the bank’s vault by armed guards.
- Federal law stipulates that banks must send a certified letter to safe deposit box holders and provide those holders with at least 90 days to retrieve their assets if the bank fails, closes or gets bought out.
The disadvantages of bank gold storage include:
- Safety deposit boxes could compromise privacy, especially since the United States government has full access to their contents under the Patriot Act.
- Safety deposit boxes can be inventoried and confiscated by the IRS in the event of death.
- Bank safety deposit boxes are not FDIC-insured.
- In the event of a bank holiday you would not have access to your metal.
Private US Depositories
Blue Vault
Blue Vault gold and silver storage in San Diego, California has precious metal storage for as low as $15 per month, and the company has vaults up to six feet tall. No bank account or identification is required. Choose between vault storage and safe deposit box storage. Get more details at www.BlueVaultSecure.com or by calling (619) 342-8090 today.
Brinks Gold Storage
Brinks (www.BrinksGlobal.com) has secure gold storage facilities and service centers around the United States, including in:
- Boston, MA
- Chicago, IL
- Los Angeles, CA
- Miami, FL
- New York, NY
- Salt Lake City, UT
Brinks storage pricing differs depending on the metals being stored and the volume, so, for an exact quote, contact Brinks directly at (804) 289-9600. If you do not qualify for direct gold storage with Brinks, then you may wish to contact a third-party that already has an account with Brinks (www.GoldCore.com, www.GoldSilver.com and www.PreciousMetalStorage.net are three popular options).
Commonwealth Vault & Safe Deposit Company
Commonwealth offers safe deposit boxes customized to fit your needs, and they also offer standard vault storage. Store your gold and silver with Commonwealth in Ashburn, Virginia for as little as $120 annually (3”x5” safe deposit box) or opt for a 10”x10” box for $420 per year. Get your quote or more details at www.CommonwealthSafeBox.com or by calling (571) 919-4912 today.
Colorado Vault & Safe Deposit Box Company
Colorado Vault & Safe Deposit Box Company offers 24/7 access (by appointment) and can create custom-sized storage to fit your needs. Prices start at $100 per year for a 3”x5” box to $500 per year for a 10”x15” box. Get quotes on custom and larger sizes by calling (720) 879-7134 or visit www.CVsafebox.com for more details.
Delaware Depository Services Company (DDSC)
DDSC is not only the nation’s leading Precious Metal IRA depository, but it is also a popular gold storage facility for individuals who don’t feel comfortable keeping metals at home. Gold and silver storage fees vary depending the items in question and depending on volume. To get a precious metal storage quote from DDSC call (302) 765-3889 or visit www.DelawareDepository.com today.
The Gold Center
The Gold Center offers three convenient gold storage options at its secure vault in Springfield, Illinois. A 20”x24”x14” storage locker costs $504 annually. The 24”x20”x38” option costs $1,368 per year, and the 30”x32”x46” locker costs $3,312 annually. The Gold Center encourages investors to contact them at www.TheGoldCenter.com or at (217) 793-8000 to determine how much storage space is needed for each precious metal portfolio.
Gold Silver Vault
The Gold Silver Vault (www.GoldSilverVault.com) offers gold storage at home and abroad. Storing gold and silver in GoldSilverVault.com’s Idaho depository costs as little as $300 per year for up to $50,000 in gold or silver. From there, annual fees range from 0.78% of the market value of your metals to 0.5% depending on volume. Silver storage is 0.2% more expensive than gold storage based on volume. Visit the Gold Silver Vault’s website or call (208) 468-3600 today.
GoldSilverVault.com also offers Singapore gold storage, discussed below.
International Depository Services
International Depository Services (IDS) is an Intercontinental Exchange approved depository and offers gold storage locations domestically in Delaware and Texas with an international option in Canada. IDS offers state of the art facilities containing Class III vaults and multi redundant security systems. IDS annual fees start at 1.25% of the account value up to $100,000 and scale down from there. You can visit IDS website at: https://www.ids-delaware.com/ or call them at (888) 322-6150 and ask for Tina.
Inwood Security Vaults
Inwood offers a 3”x5”x24” safe deposit box for $395 per year, a 4’x4’x10’ walk-in storage closet for $6,995 per year, and everything in between. This Dallas, Texas gold depository offers complete anonymity and two keys are required to access metals – yours and the master vault key. Inwood is open six days per week and you can make an appointment to talk about gold storage options with them at www.InwoodVaults.com or by calling (214) 357-6888 today.
Mountain Vault
Mountain Vault in Phoenix, Arizona offers gold storage for individuals and businesses alike. The company boasts on its website www.MountainVault.net that it has never lost a single ounce of gold or silver, and while the website does not provide specific prices, it does mention that it has a wide range of storage options, and the vault itself is “embedded in a mountain.” Call Mountain Vault today at (602) 943-9796 for more information.
Romney Precious Metals Storage
This Palmyra, Utah-based gold and silver depository offers private vault storage for individuals and companies alike. While www.PreciousMetalsSpanishFork.com does not list the prices or sizes of its safe deposit boxes, it encourages investors with precious metals to call (801) 798-2242 for a free, live gold and silver storage quote.
Safe-Haven Private Vaults
Safe-Haven Private Vaults (www.SafeHavenVaults.com) offers boxes ranging in size from 3”x5” to 30”x60” and pricing varies depending on lease term and the items being stored. Prices start at $14.99 a month at this Utah-based depository and you can access your metals 24/7/365. Insurance is available and the company ensures your metals are protected by using pressure sensors, armed guards and over 50 cameras. Call (801) 569-3000 today for a quote.
Texas Bullion Depository
The Texas Bullion Depository is a “state-run” depository in Leander, Texas. It’s one of the most affordable large scale gold storage facilities with fees starting at 0.5% of an accounts value up to $2,499,999.99. Customers are invoiced quarterly and the minimum storage fee is $25 per quarter. You can visit their website at: https://www.texasbulliondepository.gov/ or call them at (844) 416-GOLD.
Texas Precious Metals Depository
The Texas Precious Metals Depository features a fully underground, state of the art gold storage facility. They offer no set-up, withdrawal or deposit fees. Their gold storage fees start at just 0.5% of the accounts value up to $100,000. While their silver storage fees will run you 0.6% of the accounts value. You can contact them directly at: https://texasdepository.com/ or call them at (361) 594-3624.
The Security Center
The Security Center (www.SecurityCenter.com) offers safe storage varying in size from 2”x5” to 24”x36” (all boxes 24” deep) and all safe deposit boxes are guarded by a 38-ton steel vault door. No Social Security Number is required to open an account, and you can access your wealth 24/7/365. For gold storage pricing options or to make an appointment to visit the vault call, (504) 522-SAFE (7233) today.
U.S. Private Vaults
U.S. Private Vaults in Beverly Hills, California offers completely anonymous gold and silver vault storage starting at $33 per month. There is a 20% discount for renting a safe deposit box for an entire year and you can get a 30% discount if you prepay. Boxes available include 3”x5”, 3”x10”, 5”x5”, 5”x10” and 10”x10”, and all boxes are 22” deep. Visit www.USPrivateVaults.com or call (888) 948-8778 for more details or to make an appointment.
The Vault
The Vault in Tempe, Arizona does not list safe deposit box sizes or prices on its website (www.TheVaultAZ.com) but the website does have a number of photos showing boxes of varying sizes secured within a UL-rated vault. Your holdings are stored confidentially, and you can get more information on this company by calling (602) 288-9150 today.
Gold Storage Depositories in Popular Offshore Destinations
Storing gold in overseas depositories is considered by many gold experts to be the most secure method of storage today. Major depositories work hand-in-hand with armored truck and security service companies to provide the utmost security. You might find the following facts helpful when considering international gold depositories:
- Gold depositories are not part of the banking system so they do not have the same laws and jurisdictions as banks, allowing many of them to stay open 365 days per year.
- Gold depositories usually offer both “allocated” and “unallocated” storage. Allocated or “segregated” storage allows you to retain the rights to the exact same bars and coins you purchased, and you will always get a certificate of storage verifying this, so you can retrieve the exact same items you bought. In order to qualify for segregated vault storage, you may need to own a large volume of gold.
- Gold that enters depositories is immediately audited through various stages of security under tight video surveillance. It is then signed and tagged with your name, account number and a description of the contents before being secured inside the depository.
- Offshore gold depositories can often ship your gold to your doorstep within 5-10 business days under normal circumstances.
- Gold stored in depositories can be sold quickly since it doesn’t need to be re-inspected once inside the depository’s system.
Below you will find contact information and company details for gold storage companies in 5 of the most popular countries for U.S. citizens to store precious metals. Some of these countries may be in the process of changing their gold storage laws for U.S. citizens due to recent adjustments to the U.S. tax code, so you might want to speak to a tax attorney before attempting to store gold overseas.
1. Gold Storage in Australia
- ABC Bullion offers unsegregated storage, segregated storage and safe deposit boxes with 24/7 access. Storage fees are .75%-1.5% of the market value of your gold and silver depending on volume. Go to www.ABCbullion.com.au to contact ABC Bullion.
- Gold Bullion Australia works directly with the Australian Treasury Reserve to provide storage for gold bullion bars and coins. Accounts are audited monthly and investors can request delivery at any time. Visit www.GoldBullionAustralia.com.au to learn more.
- Gold De Royale provides secure bullion storage in Brisbane for clients who buy gold from Gold De Royale. This company uses double-blind auditing methods to ensure your wealth is protected and your privacy remains intact. Visit www.GoldDeRoyale.com.au for more information.
- Guardian Vaults has locations in Sydney and Melbourne and is home to the largest personal vaults in Australia. The smallest safe deposit box is 13”8”56 and the largest vault is 68”x140”x30” – allowing you up to 1 ton of gold or silver bullion storage. Get a price quote at www.GuardianVaults.com.au today.
- The Perth Mint of Australia offers depository storage of gold but does not allow accounts to be opened or managed online. To get up-to-date pricing and details about gold storage options at the Perth Mint, visit www.PerthMint.com.au now.
- The Reserve Vault in Brisbane offers both vault storage and safe deposit boxes. Safe deposit boxes can hold between 5 and 22 kilograms of gold, while private vaults can hold up to 2,000 kilograms. Minimum storage amounts, exact pricing and instructions for making an appointment to open an account can be found at www.ReserveVault.com.au or by requesting a callback via the website.
2. Gold Storage in Austria
- Bank Austria requires a photo I.D. and other information to lease you a safe deposit box, but prices are low at less than $200 per year. Sizes and costs vary depending on the Bank Austria location you visit. Visit www.BankAustria.at/en/ to learn more.
- Das Safe offers both standard and completely anonymous gold and silver storage. All you need to access your precious metals is a pin code and a special key. It costs around $600 per year for a 9x30x48 (centimeters) safe deposit box and can cost as much as $6,000 per year for a walk-in vault. Log on to www.dassafe.com/e_index.html for more information.
- RBI (Raiffeisen Bank International) offers gold and silver storage in cooperation with the Reserve Bank of Austria. Investors need to store at least $250,000 in precious metals to be eligible for RBI storage. Make an appointment with RBI to discuss your storage options by visiting www.RBInternational.com today.
3. Gold Storage in Canada
- Bullion Management Group (BMG) allows investors to buy 1-kilogram, 100-ounce and 400-ounce gold bars that can then be stored by BMG. Holdings are audited monthly and you can request delivery of your bullion at any time. Visit www.BMGbullion.com for more details.
- First Canadian Depository (FCD) provides allocated gold and silver storage to individuals, companies and government agencies. You can purchase your own metals and ship or deliver them to FCD yourself, or use one of FCD’s authorized gold dealers. Pricing plans and directions to FCD’s locations across Canada are available at www.FCD.ca or by calling (416) 645-8731.
- Kitco offers gold and silver bullion storage when you purchase your metals from Kitco. You must purchase at least 10 ounces of gold or 500 ounces of silver to qualify, and pricing depends on volume and the product(s) being held. To inquire about delivery times, visiting hours and to receive your storage quote today, visit www.Online.Kitco.com/cas or call (877) 775-4826.
- Sprott Money offers fully-insured private vault storage for gold and silver in Toronto, Ontario and Langley, British Columbia. You must buy your precious metals directly from Sprott to be eligible, and a minimum $15,000 investment is required. Call (888) 861-0775 or visit www.SprottMoney.com to get started.
4. Gold Storage in Singapore
- Brink’s of Singapore offers personal storage, mass vaulting, counterfeit detection and more at its Enterprise One location. For specifics, contact Brink’s at www.BrinksSingapore.com.sg today.
- Gold Silver Vault provides U.S. investors with physically segregated, insured storage of gold and silver. Get information on this company’s “highly competitive pricing structure” at www.GoldSilverVault.com or by calling (208) 468-3600 today.
- Malca Amit has a 25,000 square meter facility near the Changi International Airport and insures stored metals with an international Lloyd’s of London policy. Choose between safe deposit boxes starting at 2”x5”x24”, dedicated private vaults, and many options in between. For specific details or to set up an appointment, visit www.Malca-Amit.com today.
- The Singapore Freeport uses electronic staff monitoring to provide safe, insured precious metal storage at its North Crescent facility. This depository stores gold for companies and government entities in addition to individuals so security is taken very seriously. Visit www.SingaporeFreeport.com for more details.
- The Singapore Silver & Gold Vault uses full-body scanners, vibration sensors, 7-ton vault doors and armed guards to protect the gold and silver stored in its depository in Changi. The 270,000 square foot facility requires a minimum of $15,000 in cash or assets to accept you as a client. Fees can be as low as $25/month. Get the specifics on storage options and costs at www.goldsilver.com/article/singapore-silver-and-gold-vault-gst-free/ or by calling (888) 319-8166 today.
5. Gold Storage in Switzerland
- Brink’s of Switzerland provides precious metal storage at its facility in Geneva and Zurich. Brink’s does not make its vault sizes or prices available online at wwwuat.brinks.com/locations/switzerland.html#locations-content but you can get answers to your questions by calling (800) BRINKS-5 or (804) 289-9600 now.
- Gold Switzerland offers secure storage in its Swiss Alps mountain facility as well as in Zurich. Prices are lower for the mountain vault but you must have a minimum $5 million portfolio of precious metals to be eligible to use that facility. For details regarding fees and storage capacities, visit www.GoldSwitzerland.com today.
- Suisse Gold has a vault in Zurich where you can store your metals in a fully segregated, allocated vault. Storage fees vary depending on whether you purchased your metals from Suisse Gold, another gold dealer in Switzerland or a gold dealer from another country, and based on volume. Get a storage quote today at www.SuisseGold.com.
*Via Mat, formerly a popular overseas gold storage company with facilities in Hong Kong, Singapore and Switzerland, is no longer offering gold storage to U.S. citizens due to changing U.S. tax laws. If you wish to be notified if (or when) other international precious metal storage facilities change their policies regarding U.S. citizens please subscribe to our mailing list.
Gold Storage at Home
There are many ways to safely store gold and silver at home.
Fireproof Safes for Gold & Silver
Investors who do not trust the depository and banking systems tend trust in their own personal home safes for gold storage. Just like with cash, storing gold in a home safe is free, but security must be taken to the next level in order to be truly safe from intrusion or loss. Remember, gold stored at home is susceptible to theft and damage, so it’s important that you use your safe properly to ensure that you are the only one with access. Remember the following when considering a fireproof home safe:
- Home safes used for gold storage are usually placed out of sight, usually in very clever locations such as inside walls, under floor panels or behind bookcases.
- Home safes should always be fully bolted to the floor and wall in order to ensure that an intruder cannot simply walk out with the safe. A safe can be brought in on a dolly and wheeled out on a dolly if it hasn’t been attached to a building or at least hidden.
- You pay for what you get, so if you want top-notch security, pay the top-notch price for a high-quality safe.
- Never hire a private contractor to install your home safe. This takes all the security of your home safe out of the equation.
- Home safes are susceptible to fire and flood. Ensure that your safe is fireproof and waterproof in order to obtain maximum security.
- Combine your home safe with a high-quality home alarm system with motion detectors and instant police notification in order to ensure the utmost security of the gold inside your safe.
You can buy sturdy, fire-rated home safes from a local gun or security store, or from any of the following retailers:
- Amazon (www.Amazon.com) $179-$3,000
- Best Buy (www.BestBuy.com) $199-$6,100
- Dick’s Sporting Goods (www.DicksSportingGoods.com) $319-$1,349
- Home Depot (www.HomeDepot.com) $129-$4,399
- Lowe’s (www.Lowes.com) $199-$599
- Patriot Gun Safes (www.PatriotGunSafes.com) $499-$4,999
- Sam’s (www.SamsClub.com) $199-$1,199
- Tractor Supply (www.TractorSupply.com) $149-$1,299
To protect from the effects of corrosion, airtight protector tubes and holders should be used whenever you are going to store gold or silver for more than three years.
- Amazon (www.Amazon.com)
- Air-Tites (www.Air-Tites.com)
- eBay (www.eBay.com)
- Fuerte Cases (www.FuerteCases.com)
- Safe Pub (www.SafePub.com)
Some people scatter their gold and silver around their properties like Easter eggs, while others tear up floorboards or rip the stuffing from their mattresses in attempts to hide their precious metals from would-be thieves. Unfortunately, such tactics have led to lost gold. Last year, a California couple found over $11 million in pre-1933 gold coins buried in cans on their property. Just a few months ago, workers found more than 2,000 silver coins stuffed inside the walls of a deceased Florida man’s house.
Even if you remember where your wealth is stored, what if something happens to you? If you want to ensure your loved ones are able to benefit from your gold and silver then you might want to consider something a bit more professional than socking coins and ingots away around your yard.
The first photo below shows the type of safe that a thief would only take 15 minutes to break into. The safes in the following photos are the quality you should seek if you have at least $7,000 worth of gold and silver.
Conclusion
Choosing a method of precious metals storage is a topic that deserves your time and attention, much like choosing a car seat for your newborn child. Owning gold is all about peace of mind, so shouldn’t your gold be protected in a way that allows you to sleep at night? For more information on gold storage options, call the Certified Gold Exchange toll-free at (800) 300-0715 and speak with one of our senior precious metal advisers about gold and silver storage options that could work for you.
Categories: Gold News Tags: fire-proof, gold storage, home safe, safe deposit box, safety deposit box
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