Texas Gold IRA Depository Now Open For Business

May 12, 2017

gold bars

Storing incredibly valuable precious metals securely has been a problem since man first coveted them.

Pharaohs’ tombs in Egypt have been robbed of their gold and other valuables for centuries. Wars have been fought over them. Castles and fortresses have been built to protect them.

Their modern day equivalents can be found under the streets of Zürich, London, New York, and other world financial centers. If you decide to invest in an IRA, then you too, need to consider where you are going to keep your bullion.

IRS publication 590 states all IRAs (not just precious metals IRA holdings) must have a trustee, guardian or custodian overseeing them. This is to make sure the owner of the IRA does not have access to it. In the same way an executor looks after a will on behalf of the beneficiary – the idea is to keep the temptation to draw down the assets, earlier than legally entitled, at arms-length.

Publication 590 further states, “The trustee or custodian, must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.”

It is this section of the publication 590 code which is the most difficult to comply with. The reason being, most of the highest security vaults and depositories are either federally, or state-owned. Because of this, they cannot be used to store private deposits.

The next set of repositories are those owned by major banks and corporations. These are, of course, used by their own brokers, dealers, and customers. These institutions are both secretive, and careful, about their dealings. The chances of being able to use their facilities are slim unless you are a client, or have extreme high net worth.

For many years now there has been a gap in the market for gold IRA and silver IRA storage facilities.

Of the institutional facilities available, with the exception of one, in Bridgewater, Massachusetts; the remaining six depositories are all based in the New York area.

Many states have considered the possibility of building a depository for precious metals outside of the Wall Street corridor.

Most of these have been proposals for state-run ventures. Texas has been a key player in wanting to move forward with such a proposal, going so far as to pass a bill in 2015, which smoothed the way for three private companies to tender for the contract. These companies are still in contention, but have differing ideas as to how the depository should function. The state legislature and its committees have been locked into discussions for many years about the viability and proposed uses for such a facility within Texas with the firms concerned. Doubtless these meetings will rumble on for many years to come.

Noble Gold Investments of Pasadena, California, after months of negotiation and consultations.

The siting of a repository in the south is a shrewd move by IDS. Transporting precious metals of any quantity, brings with it a number of difficulties. Needless to say, security is one of them. Special armored vehicles equipped with sophisticated tracking, radio, and protection systems, together with highly trained staff, are expensive and difficult to maintain. Having to cover shorter distances to their destination reduces the risks involved in terms of robbery and hijack.

Precious metals are heavy and bulky. They need heavy handling equipment and specialized trucks and trailers. These use more fuel than lighter cargos so if the journeys involved are reduced, so are the costs.

Privacy is a major concern for all depositors and holders of precious metals. The guidelines and regulations laid down under the COMEX/CME/LBMA/ICE codes of practice have been implemented at the Dallas bullion repository - with all the very latest in security systems and encryption and failsafe mechanisms throughout.

These guidelines also cover the rules applying to segregated precious metals storage. Segregated gold depository services allow complete separation of client holdings. This prevents the accidental mixing or misplacement of bullion or coins within the facility.

Initial reaction to the new bullion depository has been enthusiastic. Not everyone is at ease with all of the repositories being located on the Eastern seaboard - this gives an option which did not exist before for holders of IRA accounts throughout the southern parts of the United States for the first time.

You can discover more about the Dallas bullion depository and investing in precious metal IRAs - from Noble Gold themselves here, or you can email them, or telephone 1-866-842-5719.

 

Charles Thorngren is the CEO of Noble Gold Investments. He has more than two decades of experience in financial investments - especially precious metals. Noble Gold prides itself on its personal approach to advising clients on gold and silver IRAs. To discover more visit their website or get your free investor's guide here.

Gold is widespread in low concentrations in all igneous rocks.