Delaware and New York no longer have a monopoly on storing gold and precious metals for IRAs. This month, Noble Gold Investments opened an IRA depository in Dallas, the first of its kind in this region of the country.
Charles Thorngren, CEO of Noble Gold, said they will store everything from bullions to coins and platinum to palladium at the high-security facility. He could not disclose the location, only that it is in Dallas.
Gold IRAs give people tangible assets that can hold their value and aren’t as vulnerable to inflation as currency.
“You own every ounce that you buy,” he said. “It’s not leveraged. We only deal in tangible assets. It’s not electronic. It’s not ETF. It’s physical metal.”
Like any asset, gold prices do fluctuate from day-to-day based on economic conditions and demand. On May 4, spot prices for gold were at $1,234 an ounce.
“It will go up and down,” Thorngren said. “We’re here with our clients for the life of their IRA account.”
Noble Gold stores the precious metals for a flat $300 annual fee.
Don’t mess with Texas
Noble Gold was founded last year in Pasadena, California but Thorngren said Texas was the ideal location for a new depository.
“Texas is one of the few states that stands up for its state rights,” he said. “It stands up for its people. In this day and age, people are tired of Washington. They want a little bit more control. A little bit more security.”
Once they narrowed it down to the Lone Star state, the company had to find a state-of-the-art building.
“Dallas had the best facility for us. We did a lot of research,” Thorngren said.
It’s got segregated storage for every customer, electronic security and a huge insurance policy. The Dallas depository is meant to appeal to IRA investors throughout the southern United States but it’s open to anyone who wants to store their metals in Texas.
The company also has depositories in Delaware and Toronto.
Bill Humphrey, co-founder and CEO of New Direction IRA, said he works with depositories all over the country and is glad to see one open in Dallas.
“There are a lot of people in the middle of the country who want it stored more locally,” Humphrey said.
New Direction IRA, which manages IRA transactions, has seen a 50 percent increase in precious metals in the last two years. They make up $500 million of their total asset portfolio and 25 percent of their clients, Humphrey said.
“It’s certainly a big part of our business,” he said.
If more people had used precious metal IRAs when the recession hit a decade ago, they could have been better protected, Thorngren said.
Thorngren founded Noble Gold in 2016 after spending 20 years in the gold and IRA sector.
“We wanted to focus on a customer experience,” Thorngren said. “We have some of the best prices in the industry but we still maintain a service experience for our customers.”