Hello and welcome to my Delaware Depository Review!
Individual retirement account and investments on precious metals are rising in popularity nowadays. Companies and firms are trying to persuade you with all sorts of products and services.
In this review, we are going to look at Delaware Depository. It is a scam or not? What are some information regarding this company that might interest you?
These are just some of the questions that we will be giving answer to in this review. As a potential client and investor, you might want take a few notes from this article.
Delaware Depository Review Quick Summary
What is Delaware Depository?
Gathering essential information about Delaware Depository would be our first task. The Delaware-based company is a private precious metals custody and distribution center founded in 1999.
It is a depository that is approved by the New York Stock Exchange and offers a comprehensive range of specialist precious metals custody, accounting, and shipping services.
IRA custodians, investment banks, brokerage firms, refiners, manufacturers, commodities trading houses, big retailers, coin dealers, and private investors are among the company's clients.
In their website, they claim that they are the biggest precious metals depository outside of New York City.
Products and Services Offered
Delaware Depository will certainly be appealing to many potential clients and investors for their wide array of products and services that has good potential for return of investment.
Also, I am sure that this collection of products and services will gather the interest of of would-be customers. Here are some of the reasons why.
First, processing of bullion can take about three business days. If you wish to withdraw any asset you have, it will only take a couple of hours and it will already be in your hands.
Second, you can rest easy knowing that your bullion is insured. This is made possible by the company's account structure, stringent internal controls, excellent security systems among other reasons.
In addition, the Delaware Depository has $1 billion in "all risk" insurance for bullion housed in its high-security vaults, as well as $100 million in contingent vault coverage.
The insurance is provided by London underwriters and covers all hazards of physical loss and/or damage, as well any unfortunate and unexplainable circumstances.
Listed below are some of the products and services one can avail on Delware Depository.
Fungible and Non-fungible Bullion
Fungible bullion is made up of things that can be swapped out for shipping or storage. Small bullion coins and bars are examples of fungible bullion goods. 1-oz. is similar to a stack of fungible $20 bills.
Serial numbers are assigned to gold bars. Although each bar has a unique serial number, they all have the same value and are interchangeable, just like $20 dollars.
Each non-fungible bullion bar is distinguished by a combination of four attributes (weight, fineness, hallmark, and serial number).
Because of variances in weight, purity, or hallmark, each bar may have a different value than the others in the same family; they are not interchangeable. There are no two bars with the same markings.
IRA and Non-IRA Account
Bullion held on deposit in an IRA is within the trustee/supervision. Delaware Depository has IRA custodian relationships with a number of companies.
The custodians, in turn, keep track of their clients' agreements. Individual IRA account holders should direct any questions to the IRA custodian who is running the IRA.
Reports and instructions are delivered and received directly to or from the IRA custodian.
On the other hand, bullion stored on deposit in a non-IRA account (personal storage) is controlled by the individual customer, their chosen representative, or the dealer.
The customer has a written contract or agreement with Delaware Depository. The customer receives all statements, invoices, and correspondence. For any questions, non-IRA account holders can call 302-765-3889.
Segregated and Non-segregated Storage
Physical bullion is assigned on our system and physically separated by product in non-segregated storage (comingled). This is the best option for those who have fungible assets.
Customers who have purchased a product like 1 oz. Gold American Eagles will have their bullion will be stored in the same safe place as other customer's 1 oz. Gold American Eagle.
Physical metal is allocated on our system and physically separated by the customer for segregated storage. Customers who opt for segregated storage get their own container in which their metal is kept separate from the rest of the metal.
Upon withdrawal, the exact material put is returned. For exceptional years, specialized brands, numismatic coins, or sentimental items, segregated storage is a popular option.
Service and Protection Overview
Internal and external cameras are installed throughout the Delaware Depository's facilities. All precious metal delivery are videotaped in high definition.
Two Delaware Depository vault employees and the courier's driver must inspect and record the total number of parcels, then initial a ledger to keep track of each delivery.
During each delivery, security pays attention to the workers and the driver. The only person who has the authority to open the truck bay doors is security.
Before workers and packages are allowed to access the main vault, security must ensure that it is safe.
Packages are released to the initial processing team after they arrive at the main repository. This well-trained group is in charge of documenting the package's details as well as its contents.
The important paperworks and bullion are placed in a cage to await the next phase of the procedure after the contents are recorded and reviewed by two staff.
Each package must be processed by a separate staff at the Delaware Depository, which decreases the risk of internal theft. From start to finish, no one has access to a package.
The Internal Verification Department of the Delaware Depository is in charge of verifying the accuracy of all parcels registered the day before.
This group consists of both vault and office personnel. Original documentation is compared to system entries, and metal is compared to system entries.
This phase in the customer service process is crucial since it catches human error before metal is reported to customers.
Testing of Authenticity
To test and authenticate bullion, a variety of procedures are employed, including visual inspection, precise scales, magnifiers, ultrasounds, eddy-current testers, x-ray machines, and exedra.
While no one test can ensure authenticity, combining several tests considerably improves the capacity to detect fakes.
After each package's contents have been recorded, validated, and authenticated, it is inspected one more time before being stored in our client inventory vault.
For global exchange or private customers, segregated or non-segregated accounts, the same procedure is used.
Customers entrust Delaware Depository with the responsibility of safeguarding the bullion held in our vaults. The company stand by their signature phrases "trust, service, and security".
Ratings and Reviews
As of 2022, Delaware Depository has received little to no reviews and customer complaints on various reputable websites and business organizations.
Although it is BBB (Better Business Bureau) accredited, it is appalling to think that this company has yet to received reviews regarding its work ethics and performance.
Here are the rundown of its reviews and ratings:
Pros and Cons
- $1 Billion in all-risk insurance through
- Detailed & comprehensive inventory controls and
- Bullion is fully allocated and held off balance sheet
- Easy to navigate website
- Management team information mostly hidden
- Cannot buy bullion without contacting a representative
- Not enough reviews and customer ratings
- Does not state how large their client base is
To conclude this Delaware Depository Review, it is best to answer the question of its legibility as a company
With all the information given, Delaware Depository is not a scam. It is a legit company that has a diverse selection of products and services. It also gives emphasis to asset protection and management.
As with its ratings and customer reviews, it really needs to step up its game to garner more of these. Some customer might get dissuaded seeing as to how it has almost no reviews.
Even if it is a legitimate company, I cannot recommend it to you. If you are looking for the best precious metals dealer in the industry today, you can click here.
Thank you so much for reading my Delaware Depository Review! Any comments and suggestions are well appreciated and can be written down in the section below.