Delaware Depository: Unique Highlights Overview
Delaware Depository, established in 1999, is a privately held precious metals custody and distribution center located in Wilmington, Delaware. The facility offers secure storage solutions for individual investors, IRA custodians, financial institutions, broker-dealers, and refiners.
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Key Highlights:
- Robust Security Measures: The depository employs a “defense in depth” strategy, featuring fortified physical structures, UL-rated vaults, 24/7 video surveillance, and advanced detection systems to safeguard assets against theft or damage.
- Comprehensive Insurance Coverage: Delaware Depository provides clients with up to $1 billion in all-risk insurance through London underwriters, ensuring extensive protection for stored assets.
- IRA Custody Services: The facility is qualified to store IRA assets under IRC-408(n), making it a preferred choice for individuals looking to include physical precious metals in their retirement portfolios.
- Regulatory Compliance: As a licensed depository for CME Group (COMEX and NYMEX Divisions) and Intercontinental Exchange (ICE) for gold, silver, platinum, and palladium bullion, Delaware Depository adheres to stringent industry standards.
- Experienced Management Team: The depository boasts a highly knowledgeable staff, with management alone possessing over 200 years of combined experience in precious metals.
- Geographical Advantage: Located in Wilmington, Delaware, the depository benefits from a region historically free from terrorist attacks, natural disasters, or geopolitical events that could disrupt operations, offering clients added peace of mind.
In summary, Delaware Depository stands out for its unwavering commitment to security, comprehensive insurance coverage, regulatory compliance, and experienced management, making it a trusted choice for secure precious metals storage.
What is the Delaware Depository?
Delaware Depository is a leading secure storage facility for precious metals, located in Wilmington, Delaware. Established in 1999, the depository provides high-security custody services for gold, silver, platinum, and palladium.
It caters to a wide range of clients, including individual investors, financial institutions, brokers, dealers, refiners, and IRA custodians.
Delaware Depository is recognized for its advanced security measures, regulatory compliance, and robust insurance coverage, making it one of the most trusted names in the industry for precious metals storage.
Secure Storage Solutions
Delaware Depository offers both segregated and non-segregated storage options, allowing clients to choose how their assets are stored. In segregated storage, clients’ metals are stored separately from others and marked with unique identifiers, ensuring that they maintain exclusive ownership.
Non-segregated storage, on the other hand, involves metals being held collectively in a shared vault while maintaining individual ownership records.
The facility employs a “defense in depth” security strategy, which includes hardened vault structures, 24/7 video surveillance, advanced motion detection systems, and armed security personnel. These features provide maximum protection against theft, natural disasters, or unauthorized access.
Insurance Coverage
Delaware Depository offers comprehensive insurance coverage through a syndicate of London underwriters, providing up to $1 billion in all-risk coverage. This insurance protects clients’ stored assets from risks such as theft, fire, and other potential damages.
IRA Custody Services
The depository is an IRS-approved storage facility under IRC-408(n), making it eligible to store Precious Metals IRAs. Investors who hold self-directed IRAs can store IRS-compliant metals, such as gold and silver bullion, at the Delaware Depository.
This service is popular among individuals looking to diversify their retirement portfolios with tangible assets.
Industry Certifications and Compliance
Delaware Depository is a licensed depository for major financial exchanges, including:
- CME Group (COMEX and NYMEX)
- Intercontinental Exchange (ICE)
These certifications ensure that the depository adheres to strict industry regulations and standards for the handling and storage of precious metals. The facility is regularly audited to maintain compliance with regulatory guidelines.
Expert Management
Delaware Depository boasts a management team with over 200 years of combined experience in the precious metals industry. This expertise ensures that the facility operates with precision, reliability, and integrity, giving clients confidence that their investments are in safe hands.
Strategic Location
The depository’s location in Wilmington, Delaware offers a low-risk environment. The region has historically been free from terrorist attacks, natural disasters, or geopolitical disruptions, making it an ideal location for long-term asset protection.
Thus, the Delaware Depository is a trusted and secure solution for individuals and institutions seeking to safeguard their precious metals investments. With advanced security measures, comprehensive insurance, regulatory compliance, and experienced management, it remains one of the most reliable depositories in the industry.
Whether for IRA assets, investment bullion, or institutional holdings, Delaware Depository provides peace of mind and unparalleled security.
Who are the People Behind the Delaware Depository?
Delaware Depository is led by a team of experienced professionals dedicated to providing secure precious metals storage and custodial services. Key members of the management team include:
- Robert Masten: Serving as President, Robert Masten oversees the company’s operations and strategic initiatives.
- Jonathan Potts: As Managing Director, Jonathan Potts is responsible for the overall management and direction of the depository.
- Crystal Lentelle: Holding the position of Board Member and Vice President of Audit and Logistics, Crystal Lentelle manages audit processes and logistics operations.
- Chris Montgomery: As Vice President, Chris Montgomery contributes to the company’s leadership and operational management
- Mike Stott: In his role as Vice President of Security Facilities and Manager, Mike Stott is responsible for overseeing the security measures and facility management.
Collectively, the management team at Delaware Depository brings over 200 years of combined experience in the precious metals industry, ensuring a high level of expertise and reliability in their services.
Does Delaware Depository Offer IRA Services?
Yes, Delaware Depository offers IRA services by providing secure, IRS-approved storage for precious metals within self-directed IRAs.
The Internal Revenue Code (IRC) Section 408(n) mandates that physical precious metals held in retirement accounts be stored at an approved depository, making Delaware Depository a trusted choice for investors looking to diversify their retirement portfolios.
What is a Precious Metals IRA?
A Precious Metals IRA allows investors to hold physical assets like gold, silver, platinum, or palladium in their retirement accounts. This type of IRA is ideal for those seeking to protect their savings against inflation, economic uncertainty, and stock market volatility.
How Delaware Depository Supports IRA Services
- IRS-Approved Storage Facility
Delaware Depository is a recognized, compliant facility authorized to store precious metals for self-directed IRAs. The depository ensures full compliance with federal regulations, safeguarding the physical assets of retirement accounts. - Secure and Insured Storage
The depository employs state-of-the-art security measures, including 24/7 surveillance, fortified vaults, and armed personnel. Assets stored in the facility are protected under a comprehensive insurance policy of up to $1 billion, covering theft, loss, or damage. - Storage Options
Delaware Depository offers both segregated and non-segregated storage options. Segregated storage ensures that an investor’s metals are kept separate from other clients’ holdings, while non-segregated storage involves pooled holdings but maintains precise ownership records. - Custodian Collaboration
Delaware Depository works closely with various IRA custodians who specialize in administering self-directed IRAs. While the depository does not act as a custodian itself, it provides the physical storage solution required by custodians to remain compliant with IRS rules.
Advantages of Using Delaware Depository for IRA Storage
- Regulatory Compliance: As an IRS-approved facility, the depository ensures full compliance with federal guidelines.
- Comprehensive Insurance: Investors’ assets are protected by a robust, all-risk insurance policy.
- Experienced Management: With decades of experience in handling and safeguarding precious metals, the team at Delaware Depository provides expertise and reliability.
- Security and Accessibility: Investors have peace of mind knowing that their assets are stored in a high-security environment.
Thus, the Delaware Depository offers a highly secure and compliant solution for investors holding precious metals in self-directed IRAs. Its state-of-the-art facility, strong insurance coverage, and regulatory compliance make it a trusted partner for long-term retirement asset protection.
What Products Can You Purchase at the Delaware Depository?
Delaware Depository is not a direct retailer of precious metals but instead offers secure storage services for a wide range of precious metal products. Clients often partner with dealers and custodians to purchase metals that are then stored at the depository. Below is an overview of the types of precious metal products typically held at Delaware Depository.
1. Gold Products
Gold is a cornerstone of many investment portfolios due to its ability to retain value over time. Common gold products stored at the depository include:
- Gold Coins: American Gold Eagles, Canadian Gold Maple Leafs, and South African Krugerrands are popular choices for both investors and collectors.
- Gold Bars: Various sizes, such as 1-ounce and 10-ounce bars, from reputable refineries like PAMP Suisse and Credit Suisse.
These gold products often meet the purity standards required for inclusion in retirement accounts, such as those held within Precious Metals IRAs.
2. Silver Products
Silver is a more affordable option for investors who want to diversify their assets. Common silver products stored at the depository include:
- Silver Coins: American Silver Eagles, Canadian Silver Maple Leafs, and Austrian Silver Philharmonics.
- Silver Bars: Ranging from 1-ounce to 100-ounce sizes, typically sourced from well-known refineries and mints.
Silver products are widely used in both investment and retirement accounts due to their liquidity and affordability.
3. Platinum and Palladium Products
For investors seeking further diversification, platinum and palladium offer opportunities to invest in industrial and rare precious metals. Products stored at the depository include:
- Platinum Coins: American Platinum Eagles and Canadian Platinum Maple Leafs.
- Platinum and Palladium Bars: Offered in various sizes and sourced from globally recognized mints.
These metals are valued for both their rarity and industrial applications, making them attractive options for long-term investment.
4. Precious Metals Eligible for IRAs
Delaware Depository specializes in storing metals that meet IRS requirements for Precious Metals IRAs. Approved products must meet certain purity standards, such as:
- Gold: 99.5% purity or higher.
- Silver: 99.9% purity or higher.
- Platinum and Palladium: 99.95% purity or higher.
These requirements ensure that the stored assets comply with federal guidelines for retirement accounts.
5. Collectible and Numismatic Metals
In addition to investment-grade bullion, some clients may store collectible coins and numismatic items at Delaware Depository. While these items may not qualify for IRA inclusion, they hold value for collectors and investors interested in rare or historic pieces.
6. Secure Storage Options
While Delaware Depository does not sell these products directly, clients benefit from secure, fully insured storage solutions once they acquire their metals through approved dealers. Options include both segregated and non-segregated storage, depending on client preferences.
Therefore, the Delaware Depository provides secure, IRS-compliant storage for a wide range of precious metal products, including gold, silver, platinum, and palladium.
Whether you’re investing in bullion for a retirement account or safeguarding valuable collectibles, Delaware Depository offers peace of mind, security, and compliance for all your storage needs.
Delaware Depository Fees and Pricing:
Delaware Depository offers secure storage solutions for precious metals and works closely with various dealers, IRA custodians, and financial institutions.
While the facility itself does not publish exact fee schedules online, storage fees and related costs are influenced by factors such as account type, storage method, asset value, and insurance coverage.
Below is a detailed breakdown of the typical fees and pricing structure associated with Delaware Depository’s services
1. Storage Fees
Storage fees at Delaware Depository vary depending on whether clients opt for segregated or non-segregated storage.
- Segregated Storage: Metals are stored separately from other clients’ assets and are assigned unique identifiers. This option offers enhanced security and privacy but often incurs higher fees.
- Non-Segregated Storage: Metals are pooled with those of other clients but tracked through detailed records. This option has lower fees due to shared storage.
Storage fees are typically calculated as a percentage of the total value of the metals stored, often ranging between 0.5% to 1% annually. The specific percentage may vary based on the asset type and custodian agreements.
2. Insurance Costs
Delaware Depository offers comprehensive all-risk insurance coverage through a syndicate of London underwriters, with policies covering up to $1 billion. Insurance is included in the storage fees, protecting against risks such as theft, fire, natural disasters, and other damages.
The cost of insurance is factored into the storage fees but may be higher for segregated storage due to the additional handling and tracking required.
3. IRA Custodial and Administrative Fees
While Delaware Depository is not a custodian, it partners with IRA custodians who charge their fees for managing self-directed IRAs. Typical custodial fees may include:
- Account Setup Fee: A one-time fee for opening a self-directed IRA, often between $50 and $150.
- Annual Maintenance Fees: Ongoing administration fees ranging from $100 to $300 per year.
- Transaction Fees: Some custodians charge fees for buying, selling, or transferring assets within the account.
These fees are separate from the storage fees charged by Delaware Depository.
4. Shipping and Handling Fees
Clients who wish to take physical possession of their metals may incur shipping and handling fees. These fees depend on:
- Weight and Value of the Metals: Heavier and more valuable shipments require specialized packaging and higher insurance coverage.
- Destination: Domestic and international shipping costs vary based on the location.
- Courier Services: The depository typically uses insured courier services to ensure safe delivery.
5. Transfer and Transaction Fees
For clients transferring metals from one facility to another or conducting asset audits, additional fees may apply. These fees typically cover:
- Handling and verification of the assets.
- Documentation and record-keeping to ensure compliance with audit and transfer requirements.
- Transport logistics, if necessary.
The exact pricing for these services may depend on the volume of assets and the nature of the transaction.
6. Account Minimums and Discounts
In some cases, Delaware Depository may have account minimum requirements for institutional clients or bulk storage agreements. Additionally, clients with large asset values may qualify for discounted storage fees due to economies of scale.
7. Other Possible Fees
Depending on the specific agreements with IRA custodians or dealers, clients may encounter additional fees related to:
- Asset audits and inspections (often requested by large institutional clients).
- Periodic account statements and reporting services.
- Custom storage requests, such as high-value collectible storage require special handling.
Delaware Depository offers secure, compliant, and insured storage solutions for precious metals, with fees structured around storage type, asset value, and service requirements.
While exact fees may vary, clients can expect competitive rates that reflect the depository’s state-of-the-art security measures, comprehensive insurance, and regulatory compliance.
Investors are encouraged to consult with their IRA custodians or dealers to get a detailed breakdown of applicable fees.
What Do Delaware Depository Reviews Say?
#1. Excellent facility; perfect for a tour to observe all their security systems in place.
#2. Very good treatment of valuable metals. Great security.
#3. I had to pick something up there this week along with my wife. quite a remarkable building. Every person present was quite friendly. We dealt with Sharmaine on this. She was highly courteous and flexible. Greatness all around.
Why aren’t There Many Delaware Depository Complaints?
Delaware Depository has built a strong reputation for security, reliability, and compliance, which has resulted in a low number of customer complaints.
As a key player in the precious metals storage industry, the depository adheres to strict standards, offering secure storage solutions, comprehensive insurance, and regulatory compliance. Below are several reasons why Delaware Depository faces few complaints.
1. High-Level Security Measures
Delaware Depository employs state-of-the-art security systems that protect clients’ assets against theft, loss, or damage. These measures include UL-rated vaults, 24/7 video surveillance, armed security personnel, and advanced detection systems.
This “defense-in-depth” strategy ensures that clients’ precious metals are protected under multiple layers of security.
This strong emphasis on security minimizes risks and reduces the chances of customer dissatisfaction related to asset safety.
2. Comprehensive Insurance Coverage
The depository provides up to $1 billion in all-risk insurance coverage through a syndicate of London underwriters. This coverage offers protection against risks such as natural disasters, theft, or fire, giving clients peace of mind that their investments are secure. Since insured protection is included in the service, clients are less likely to raise concerns regarding asset safety.
3. Regulatory Compliance
Delaware Depository is licensed and compliant with CME Group (COMEX and NYMEX) and Intercontinental Exchange (ICE) standards, ensuring adherence to strict regulatory guidelines for the handling and storage of precious metals. Furthermore, the facility is IRS-approved to store precious metals for self-directed IRAs under IRC Section 408(n).
This high level of compliance instills confidence in clients, reducing complaints related to mishandling or mismanagement of assets.
4. Experienced Management Team
With over 200 years of combined industry experience, the leadership team at Delaware Depository is well-versed in precious metals storage, logistics, and risk management. This extensive experience helps ensure smooth operations, minimizing service disruptions and errors that could lead to complaints.
The company’s knowledgeable staff also provides professional support to clients, addressing concerns promptly and accurately.
5. Transparent Policies and Pricing
Delaware Depository emphasizes clear communication and transparent fee structures. Clients are informed about storage fees, insurance coverage, and service options before committing to the depository’s services. This transparency helps prevent misunderstandings about costs or service terms, which are common sources of complaints in the financial services industry.
6. Strong Partnerships with IRA Custodians and Dealers
The depository works closely with dealers and IRA custodians to ensure smooth account setup, asset transfers, and compliance with IRS rules. By collaborating with these partners, Delaware Depository reduces errors or delays that could frustrate clients.
Clients benefit from a streamlined process when storing their precious metals, particularly for retirement accounts, which reduces the likelihood of complaints related to service inefficiencies.
7. Positive Client Feedback and Trust
Many clients have praised Delaware Depository for its secure storage options, responsive customer service, and professional staff. The company’s commitment to maintaining high standards of service has earned it positive reviews and industry trust. This strong reputation helps deter formal complaints, as clients feel confident in the company’s ability to protect and manage their assets.
8. Effective Complaint Resolution
In the rare instances where concerns arise, Delaware Depository is known for its efficient complaint resolution process. The company promptly addresses any issues related to storage, asset transfers, or account management, helping to maintain customer satisfaction.
Delaware Depository’s reputation for security, compliance, and excellent service has resulted in a low number of complaints.
The company’s advanced security measures, comprehensive insurance, transparent policies, and experienced management foster trust and confidence among clients.
By maintaining high operational standards and strong partnerships, Delaware Depository continues to be a trusted solution for secure precious metals storage.
Are There Any Delaware Depository Lawsuits?
As of now, there are no publicly reported lawsuits or legal actions against Delaware Depository. The institution has maintained a strong reputation for security, compliance, and customer satisfaction, which has contributed to its standing as a trusted entity in the precious metals storage industry.
It’s important to note that Delaware Depository is distinct from First State Depository Company, LLC, another Delaware-based precious metals storage facility.
First State Depository and its owner, Robert Leroy Higgins, have faced significant legal challenges, including charges of fraud and misappropriation of client assets.
In October 2024, Higgins was convicted of mail, wire, and tax fraud related to a scheme involving the misappropriation of precious metals.
Additionally, in July 2023, a federal court ordered First State Depository and Argent Asset Group LLC to pay nearly $146 million for misappropriation and fraud related to a precious metals scheme.
These legal issues are specific to the First State Depository and do not involve Delaware Depository. Delaware Depository continues to operate without any known legal disputes, underscoring its commitment to ethical practices and client trust.
Can You Trust Delaware Depository? Is Delaware Depository Legit?
Yes,
They are reputable gold dealers with vast experience.
Before working with a precious metals company, do your research.
Here are some tips to ensure a gold IRA company’s legality:
Tip #1: Check Their Regulatory Compliance and Accreditation
Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).
Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).
It will help you check how credible they are.
Tip #2: Look into The Company’s Background
- Research the company’s history, including years in business and any name changes.
- Examine the Better Business Bureau (BBB) rating and accreditation status.
- Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.
Tip #3: Does the Company Offer Good Resources?
- Assess the clarity of information provided about fees, storage options, and buyback policies.
- Evaluate the quality and depth of educational resources offered to investors.
- Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.
Tip #4: What are Their Product Offerings and Pricing?
- Ensure the company offers IRS-approved precious metals for IRA investments.
- Compare pricing with other reputable dealers to ensure competitiveness.
- Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.
Tip #5: Confirm the Storage and Custodian Partnerships
Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.
You’ll need a certified third-party storage provider.
Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.
Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.
Keep in mind that storage providers charge extra for segregated storage.
Some popular custodians include Equity Trust and Goldstar Trust.
Red Flags to Watch For in Gold IRA Companies
- Promises of guaranteed returns or claims of “secret” investment strategies.
- Pressure to act immediately or make large investments without proper consideration.
- Lack of physical address or unclear company ownership structure.
- Unwillingness to provide detailed information about fees or policies in writing.
By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.
Delaware Depository Review Summary:
Delaware Depository, founded in 1999 and based in Wilmington, Delaware, is a leading provider of precious metals storage services. It caters to a wide range of clients, including individual investors, IRA custodians, financial institutions, and brokers.
Known for its state-of-the-art security, regulatory compliance, and comprehensive insurance coverage, Delaware Depository is one of the most trusted facilities for safeguarding gold, silver, platinum, and palladium.
One of the depository’s standout features is its “defense-in-depth” security system, which includes UL-rated vaults, 24/7 surveillance, armed security personnel, and advanced motion detection systems. These measures ensure maximum protection for stored assets, minimizing risks of theft, damage, or unauthorized access.
The facility also offers IRS-approved storage for Precious Metals IRAs, helping retirement investors diversify their portfolios with physical metals. Delaware Depository complies with CME Group (COMEX and NYMEX) and Intercontinental Exchange (ICE) standards, ensuring strict regulatory adherence. This high level of compliance reassures clients that their investments are managed professionally and securely.
Delaware Depository provides both segregated and non-segregated storage options to meet varying client needs. Assets stored in the facility are insured for up to $1 billion through a syndicate of London underwriters, giving clients peace of mind regarding asset protection.
The company has a highly experienced management team with over 200 years of combined industry expertise, ensuring smooth and reliable operations.
Many customers have praised Delaware Depository for its professional service, transparent policies, and secure storage solutions.
Thus, the Delaware Depository is a top-tier choice for anyone seeking secure, insured, and compliant precious metals storage.
Its advanced security infrastructure, regulatory compliance, and strong reputation make it a trusted solution for investors, financial institutions, and retirement account holders.
Whether you’re safeguarding investment bullion or storing metals in an IRA, Delaware Depository provides industry-leading protection and service.
