The Delaware Depository claims to be the largest depository of precious metals in the United States of America. This claim has been supported by many individuals and organizations to be true.
Therefore, in this article, we will take a closer look at this depository to provide you with all the knowledge you need to know about this company.
Location
The Delaware Depository has its location in the city of Wilmington, Delaware. Click here to find out some interesting facts and information about this city.
The location ensures that the storage area is kept distant from the dangers that are related to the financial and political settings of New York and Washington D.C. However, it still has access to major hubs of transportation to enable easy movement from and to the company’s site.
Another thing that makes the site perfect is that Delaware unlike most other areas in the country doesn’t experience natural disasters of any kind. This further guarantees the safety of the assets that are stored on the site.
Features
As we said, this company claims to be the largest depository of precious metals in the U.S. and this is possible because many investors recognize it for its processing, security, and storage capabilities.
As expected, the company is licensed as well as reviewed by different commodities exchanges. It is also chartered, examined, and regulated by the Delaware State Banking Commissioner’s office.
The organization offers services to commodities exchanges, bullion dealers, individual investors, and major custodians. Since they are a regulated trust company, physical possession and bullion storage is IRS compliant and can be used for IRAs.
Storage
The precious metal bullion in the possession of this organization is kept in highly secured and discrete buildings. To ensure the security of every building and protect it from being compromised, the equipment and buildings of the depository are owned; no property is shared, rented, or leased. Visit https://www.diffen.com/ to find out the differences between a lease and rent.
The organization has a well-capitalized structure and setup. Therefore, it doesn’t owe debt or mortgages that could affect its operations in a negative manner.
Access into the building of this company is very regulated and restricted by a layer of control measures. The buildings are designed with several groups of steel doors that are bullet-resistant and have interlocking control access. Hence, entry into high-security zones is heavily restricted.
The vaults are surrounded by steel walls that are reinforced with 21 inches thick concrete. These vaults fall under Class 3 and are constructed as well as maintained according to the Bank protect Act. There are automatic re-locking and time lock devices on the vaults to secure all the precious metals stored within them.
The high-security zones are fitted with metal detectors to ensure that these areas are well-monitored. When a person goes through the system, the system compares the metal on the person’s body with an already saved custom-made profile. If any difference is detected, such a person will not be allowed to pass through.
A database that has every employee profile and image, as well as the transit of each employee, is maintained. Every zone is fitted with security equipment that detects vibration, sound, and motion and redundant alarms that go off when a breach is detected.
Security
The security of the facilities is round the clock. Hence, every second of activity around and within the facilities is digitally recorded. Redundant communication sources and power is used to ensure that operations do not get interrupted.
The organization not only fortifies the vaults and buildings but also combines ultra-modern facilities with strict internal controls, proven inventory control structures, a definite account structure, as well as general insurance coverage.
Apart from the electronic and physical security measures, this company ensures that the bullion of its customers is protected by using internal controls and proprietary systems. Dual control and duty separation methods are utilized.
Every digital recording and computer data is securely stored and backed up in both offsite and onsite data vaults. Inventories are audited internally from time to time. There is also an annual review of operations by external and independent certified public accountants, while independent security advisers and insurance underwriters review the security of the facilities.
There are disaster and data security recovery contingencies in case of emergencies. 250 years is the collective experience years in precious metals of the supervisory and managerial personnel.
Before individuals are employed, the company runs a criminal background check, different drug tests, and credit verification. Employees are frequently tested for drugs and strict monitoring of personnel credit is maintained.
Another thing that is done to protect the holdings of the customers is that the bullion is allocated as well as kept on a particular balance sheet and can only be altered according to instructions from the client. What this means is that the customer is regarded as the precious metal’s title owner and sole owner.
Since the Delaware Depository doesn’t lend and is free from debt, creditors cannot lay claim to the bullion they store.
Insurance
The last piece in the puzzle of the protections put in place by the Delaware Depository is insurance. The company keeps an insurance policy of $1 billion which Lloyds of London has underwritten for all its precious metals.
Therefore, not only is your bullion safe as a result of electronic and physical security, internal controls, and experience, but insurance is also the last line of protection if ever something happens to your investment.
With the multiple physical security layers, systems, electronic security, legal protection, experience, internal controls, and massive insurance policy, it is safe to say that the Delaware Depository is well-prepared to keep your precious metals safe.
We still recommend that you learn more about the Delaware depository before you store your assets with them. You can contact their customer service to get further information that we didn’t provide in this article.
Conclusion
The Delaware Depository has made a name for itself as America’s number one depository. Not to take the company by its words alone, we have researched and reviewed its operations, and we can say with confidence that they are indeed number one in the country.
