Gold IRA Depository Options
IRA metal must be held by the account's trustee, which in practice means an IRS-approved depository — not a bank box, not a home safe, not an LLC vault. The depository is chosen once and rarely revisited, yet it sets your annual storage cost, determines whether you get back the exact coins you bought, and is the counterparty holding the asset.
The legal requirement
IRC §408(m)(3) permits IRAs to hold bullion only if it is "in the physical possession of a trustee" described in §408(a). The trustee is a bank or an IRS-approved non-bank custodian, and the metal sits in a vault the trustee controls. You never take delivery while it remains an IRA asset.
The Tax Court applied this directly in McNulty v. Commissioner (157 T.C. No. 10, 2021). An IRA owner formed a single-member LLC, had the LLC buy American Eagles, and kept them at home in a safe. The coins were eligible products; the arrangement still produced taxable distributions equal to the purchase amounts, plus accuracy-related penalties. Marketing that promises "home storage IRA" or "checkbook IRA gold at home" is describing that fact pattern.
The depositories you will actually be offered
- Delaware Depository (Wilmington, DE) — the most widely used in the industry; a licensed COMEX and CME-approved facility, all-risk insured through Lloyd's of London. Offers both segregated and commingled storage.
- Brink's Global Services (Salt Lake City, Los Angeles, New York) — the global logistics and vaulting operator; used by several large custodians.
- International Depository Services (Delaware and Texas) — IDS Group facilities, CME-approved, common alternative to Delaware Depository.
- Texas Precious Metals Depository (Shiner, TX) — state-chartered facility, popular with investors who prefer in-state storage.
- HSBC Bank USA and other bank vaults — used by some custodians for larger institutional-style accounts.
Ask which facility your custodian uses and whether you get a choice. Many dealers default you into a single depository without mentioning that alternatives exist at different prices.
Segregated versus commingled
| Commingled (allocated pool) | Segregated | |
|---|---|---|
| What you own | A quantity of identical product | Your specific coins and bars |
| Typical cost | $100–$150/yr | $150–$300/yr |
| In-kind distribution | Equivalent product returned | The exact pieces returned |
| Best for | Bullion bars, cost-sensitive accounts | Larger accounts, coin collections, planned in-kind distributions |
Commingled is sometimes called allocated pooled storage, and the distinction from unallocated storage matters: allocated means specific metal exists and is owned by clients; unallocated means you hold a claim against the vault operator's balance sheet. IRA storage should always be allocated. Confirm that word appears in the agreement.
What to verify before you commit
- Insurance. Ask for the certificate, the carrier, the aggregate limit and whether coverage is all-risk including mysterious disappearance. Depository insurance is usually robust; verbal assurance is not evidence of it.
- Audits. Reputable facilities undergo independent audits — commonly annual, by a national accounting firm. Ask how often and by whom.
- Reporting. You should receive holdings statements listing products, quantities and, for segregated storage, serial numbers on bars.
- Access rights. Some depositories allow scheduled in-person inspection of segregated holdings. Rarely used, but a meaningful signal about the facility.
- Fee model. Flat annual, per-ounce, per-box or percentage of value. This is what decides whether a silver-heavy account is affordable.
Why the fee model matters more for silver
At current prices $50,000 of gold is roughly fifteen ounces; the same value in silver is about 1,250 ounces — around 85 pounds occupying real vault space. A flat-fee or percentage-of-value depository charges the same for both. A weight-based or box-based facility can charge several times more for the silver position.
If your allocation is silver-heavy, ask for the storage quote in dollars for your actual expected holdings, not the headline rate.
What happens if something goes wrong
The metal is held in the IRA's name, not on the custodian's balance sheet, and not on the depository's. If the custodian fails, accounts transfer to a successor custodian and the metal is unaffected. If the depository fails, allocated holdings belong to clients rather than to the estate — which is precisely why the allocated-versus-unallocated distinction is worth confirming in writing.
Segregated storage strengthens the position further: identified, serial-numbered metal is easier to claim than a pro-rata share of a pool.
Changing depositories later
It is possible and not a taxable event — the custodian arranges an insured transfer between facilities. Expect shipping and insurance charges of a few hundred dollars and a two-to-four week process. Worth doing if a fee model turns out to be wrong for your allocation; not worth doing over $50 a year.
Frequently asked questions
Can I store IRA gold in a bank safe deposit box?
No. A box rented in your name is your possession, not the trustee's, and produces a deemed distribution.
Can I visit my metal?
At some depositories, with an appointment, for segregated holdings. Commingled holdings cannot be inspected individually because no specific pieces are yours.
Is offshore storage allowed?
Several custodians offer vaulting in Canada, Switzerland or Singapore through affiliated trustees. It is workable but adds reporting complexity and cost with no tax advantage; domestic storage is the simpler compliant answer.
Who pays the storage fee?
It is billed by the custodian, usually annually, and can be paid from inside the IRA or from outside it. Paying from outside preserves more metal in the account.
Next step: storage terms differ by provider. Compare the five firms in our 2026 ranking on depository choice and annual storage cost.