- Posted in: IRA Solutions
Precious metals storage is important to maintain the value and integrity of your collection, and keep it safe. If you are considering investment in precious metals, or you have a coin collection, where do you store it? Three factors can affect what you decide.
- How much or what is the value of your precious metals?
- How accessible do you want your precious metals?
- What is the purpose for holding precious metals – collecting or self-directed IRA?
Storing your precious metals isn’t like the jar of coins on your kitchen counter. Even in a metal box, exposure to the elements and corrosion can occur. Storing them outside or burying them will not protect your investment and can affect the value of your collection. Consider how much you really need easy access to, then store the rest in another location. If you choose to store your precious metals or collectible coins at home, GMRgold recommends storing them in a fireproof upright or floor safe.
Bank or Trust Company
A local bank or trust company safe deposit box is another option for storing your precious metals. These boxes vary in size and you pay a nominal monthly fee to rent the box. You gain access to you safe deposit box via a double key system. Many banking institutions offer secure private rooms where you can access the contents of your box.
Self-Directed IRA Rules
The only time you cannot store your physical precious metals at home is if they are part of a self-directed Precious Metals IRA. Precious metals must meet minimum fineness requirements established by the IRS. They must be stored according to IRA rules which mandates storage in a bank or third party administrator. For our clients who invest in Precious Metals IRAs, GMRgold utilizes the IRS approved Delaware Depository Service Company in Wilmington, DE.