Gold Silver Storage FAQ's
Q: What are the storage costs?
A: New customers will get the first three months of storage completely free! After that, SD Depository’s current costs start at as low as $9.99 per month. The costs are determined by the monthly closing spot price of each precious metal and the total weight of each precious metal in the customer's account. The percentages that are used to calculate the storage costs are at the top of this page. If the total comes out to less than $9.99, the customer would pay $9.99 per month. These payments will be processed at the beginning of the month (no prorated refunds for unused days). We are excited to offer the lowest cost of storage in the industry!
Q: Where is SD Depository located?
A: SD Depository's primary storage location is on our premises at the border of Ohio and Michigan. SD Depository also offers a storage location in the Cayman Islands. Please note, storing metals at this location may be offered at separate pricing.
Q: How much does shipping cost if I take delivery of my metals?
A: Due to weight and destination differences, shipping will have to be quoted on a case-by-case basis. Please note that shipments from your storage account will incur a $25 per transaction charge. This covers the overhead of our staff members securely packaging up your shipment.
Q: How can I request a storage contract?
A: To request a storage contract, a customer only has to call into our trade desk at 1-800- 294-8732 and request that a SD Depository storage contract be sent to them. The trader will ask the customer for basic information: Name, Address, & Email Address. The contract would be emailed to the customer, and the customer has as much time as they would like to fill out the contract.
Q: Is there a minimum amount of metals needed to store?
A: No, a customer can store any amount of metals at SD Depository. Whether it is 10 ounces or 10,000 ounces, we would be happy to store your precious metals in our safe, secure vault location.
Q: Why should I switch from my current storage option?
A: If you store with us, we are intend to:
- Supply you the safest and best value bullion storage services.
- Offer you various, fully insured, secure bullion storage option locations throughout the United States and Offshore.
- Afford you with the ability to easily move your physical precious metals both in and out of your bullion storage location.
- Provide you with fully transparent, competitive bullion storage rates invoiced in fiat currency, US dollar payment terms.
- Stand ready to provide you a liquid 2-way market at competitive rates and bid prices, if you ever do decide to sell any of your professionally stored bullion holdings in the present or future.
- Comply with Michigan state law by not charging sales tax on Gold, Silver or Platinum Bullion products stored in Michigan.
Q: What are the benefits of storing as opposed to taking physical possession of the metals?
A: The main benefit of storing your metals is that the metals will be fully insured and protected for as long as they are in the Depository. If you take physical delivery at your home, you run the risk of losing your metals due to theft or fire. And unfortunately, most homeowners' insurance policies do not cover bullion. Therefore, if you do not have “Bullion Home Insurance,” you would be out of luck with no way to recover the value of the metals. This risk is why we recommend that any of our customers concerned about potential theft, fire, or loss should consider SD Depository.
Q: Does the customer pay taxes on their metals when metals are shipped to them from the Depository?
A: No, tax would only be applied to metals at the time of purchase; if the metals are shipped to a state that taxes precious metals. However, SD Depository may be required to collect sales tax on the shipping charges to the customer.
Q: Can a customer visit the Depository?
A: Yes, the customer is able to visit their metals in the Depository. The customer would need to schedule that visit in advance. Many depositories do not offer this because they only guarantee that the customer has the metals in their account, not that the customer’s metals will be segregated from other customers’ items. However, SD Depository guarantees the customer’s metals will be fully segregated and they will have their items specifically assigned to them in our depository.
Q: When storing, does the customer or SD Depository own the products?
A: Unlike artificial derivative spot price proxies (futures contracts, ETFs, options, PM cryptos, etc), the physical bullion the customer purchases and elects to store through SD Depository services remain in the customer’s title and ownership.
Q: Is SD Depository required to report my transactions to any Government agency?
A: SD Depository is only required to report sales transactions which fall under the IRS Form 8300 requirements. SD Depository is required to report any buyback transactions that fall under 1099-b requirements.
Q: Are my products fully insured while stored at SD Depository?
A: Yes! The products are fully insured by our Lloyds of London insurance policy up to the melt value of the products stored in the depository.