Does Utah Have a Gold Depository?

Does Utah have a gold depository

Utah has an illustrious past when it comes to mining, refining and storing precious metals. Prospectors first discovered some flakes of gold there in 1847.

Gold Accounts provided to clients by banks are physically held by them; either in their vaults or high-security storage facilities managed by companies specialized in physical precious metal storage.

Location

Utah lies in the southwest corner of the US, and is home to numerous gold dealers who specialize in numismatics as well as bullion products eligible for precious metal IRAs. Some dealers even provide Goldbacks – an innovative form of Sound Money which allows small transactions using physical gold and silver in-person.

As individuals and pension funds alike are exposed to unanticipated expenses, saving extra funds is key in protecting against these unexpected costs. Unfortunately, however, most government pension funds in this country invest their assets in non-correlated investments with low returns on investments and poor purchasing power protection – making a plan an essential step.

Texas is a leading example of sound money practices, requiring its pension funds to hold 40% of their reserves in gold and silver bullion reserves. Utah can follow in Texas’ footsteps to offer residents protection from rapidly depreciating Federal Reserve notes.

Fees

Utah residents can take advantage of low prices for precious metals as their state does not impose sales tax, although they should consult a tax professional before investing as there may be local use taxes that need to be considered before investing in gold or silver products.

Collectors typically purchase U.S. Mint coins to use as investments or collections, though they can sometimes serve as cash when merchants accept them at market value rather than at their face value of $50 per ounce. Coin dealer Craig Franco near Salt Lake City hopes to make this happen with his Utah Gold and Silver Depository.

He plans to store gold and silver in a secure vault, issue his own currency backed by these holdings, and allow customers to spend them using debit-like cards. His hope is that over time this process will result in “reverse Gresham’s law”, where gold and silver push out paper currencies such as Federal Reserve notes.

Insurance

As an added security measure, many gold depository facilities provide insurance policies ranging in cost depending on the value of your precious metals. You may also opt to add third-party coverage – providing more peace of mind.

Many people prefer storing their valuables at home, but this may not always be feasible. Home storage systems are vulnerable to natural disasters and theft; furthermore, this form of storage could leave your items vulnerable.

Many financial experts consider physical gold and silver the ideal way to diversify an investment portfolio, unlike stocks, bonds or other paper assets that may correlate. Gold and silver offer non-correlated assets that provide protection from economic uncertainty.

Access

Utah’s state bullion depository provides investors with multiple storage solutions to suit their investment needs, with multiple levels of protection in their fully secure facilities and each ounce insured for market replacement value. They also offer services designed to make investing simple and straightforward.

This company provides multiple vault locations around the globe and 24-hour online access. They have a transparent pricing structure and various IRA custodial accounts tailored to individual investors’ needs, and allow customers to transfer metals between vaults as needed.

Since 2005, this company has provided clients with dedicated representatives and secure vaults. Furthermore, the firm provides various IRA custodial options and assists investors with setting up self-directed IRAs – its fees being more competitive with those of other gold storage providers and offering a free trial period to give customers time to evaluate its service before making their final decision.


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