There are several reasons that you should not go for safety deposit boxes for your silver storage. Chief amongst them is that your goods will likely not be insured, and might not be accessible in the event of an economic collapse. The options therefore are to store at home, or in a specialized silver depository.
IRA Silver Cannot Be Kept at Home
With an IRA you will not be able to take possession of your silver until you receive a distribution, so there are approved storage facilities that you can choose from to hold your silver until that date. These storage facilities will be registered with the relevant bodies and will ensure that you are staying within the IRA regulations. They will charge you handling and storage fees.
Total Account Values and Average Monthly Fees:
- $0-$50,000 ($25/month)
- $50,001 – $100,000 ($55/month)
- $100,001 – $500,000 ($175/month)
- $500,001-$1,000,000 ($225/month)
Above are some rough prices of depository storage for various amounts of silver at USA depositories, including insurance. It is best to speak to a few service providers and get some quotes, as you can tend to play depositories off each other to get the best value possible.
Non IRA Silver Held in Depositories
The main problem with keeping Silver in a depository is that you will not have your silver in hand if there is a real disaster. If everything went belly up, and your money was instantly devalued, social order would disintegrate. Having silver in hand is, in this context, the ultimate wealth preservation asset.. If you can’t get to your depository, or it is closed, then it will be useless until you can.
Buying Silver Allocated and Unallocated
It is possible to buy silver on an allocated basis, which means that you hold a certificate to the exact silver that you own (specific bars or coins). The depository holds your silver for you and charges fees, and keeps your silver separate from other investors’ silver.
With unallocated silver purchases you do not own specific silver; you own a portion of a silver fund. The depository can send you silver if you request it, but they will charge fees to convert it to a form to be sent out.
Here are some depositories that you could choose from for IRA purchases:
NEW DIRECTION IRA, INC.
1070 W. Century Drive, Suite 101
Louisville, CO 80027
Toll Free 877-742-1270
SELF DIRECTED IRA SERVICES, INC.
600 Congress Avenue, Suite 400
Austin, TX 78701
Toll Free 866-928-9394
GOLDSTAR TRUST COMPANY
P O Box 719
Canyon, TX 79015
Toll Free 800-486-6888
STERLING TRUST COMPANY
P O Box 2526
Waco, TX 76702-2526
Toll Free 800-955-3434
THE ENTRUST GROUP, INC.
555 12th Street, Suite 1250
Oakland, CA 94607
Toll Free 877-545-0544
VANTAGE RETIREMENT PLANS, LLC
20860 N. Tatum Blvd. Suite 240
Phoenix, AZ 85050
Toll Free 866-459-4580
ADVANTA IRA TRUST, LLC
1520 Royal Palm Sq Blvd #320
Fort Myers, FL 33919
Toll Free 866-839-0429