Gold ETF posts sharp rally
The SPDR Gold Shares ETF was up 3.3% in morning trading, according to FactSet data, at last check. That brought its year-to-date gain to a massive 30.6%.
Source – Market Watch
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What are Goldbacks?
What are goldbacks? Well I’m happy you stumbled upon my blog to learn more about this amazing and innovative way to pay for goods and services with actual gold.
This isn’t paying with gold coins or bars but actually paying with gold bills. These bills contain gold within them and are measured on the bills itself. Gold foil if you will.
These bills are gold and have the amount of gold listed on the front of each bill from 1/2000th of a troy ounce to 1/10th of .999 fine gold (24k gold). They are beautifully decorated with art work from the Goldback artists and an added combination of anticounterfeiting features within each bill.
There are currently (as of 2025) 6 states with representation on these bills. Those states include Utah, Nevada, New Hampshire, Wyoming, South Dakota, and Florida. Florida is the newest goldback series for this year. The bills start at 1/2, 1, 2, 5, 10, 25, 50, and 100 gold bills.
I do not yet have any of the Florida or South Dakota goldbacks but I’m in the process of purchasing and I really can’t wait to have them.
As of this posting, Oklahoma will be available for preorder Aug. 1st, 2025 at various online sellers. If you’re lucky to find a vendor who is actually selling the goldbacks in person, pick them up! That’s how I learned about these, from a seller at a coin show.
New Hampshire Goldbacks 2023. $1 1/1000th troy ounce 24k gold & $10 1/100th troy ounce 24k gold Why Should you buy Goldbacks?
Well that’s a great question! Some could argue that getting these bills is not worth purchasing because you can’t spend these anywhere you want. Or, why are you buying such a small amount of gold when you can get gold bars for a much higher trade in value?
These bills are apart of the sound money movement. Sound money means it recognizes the value in gold and silver not paper fiat. Which is basically saying that paper money does not hold value like gold. For many investors, this is a real concern and is why this movement is a big deal during these economic times.
So why should you buy goldbacks? Goldbacks, like gold, retain their value and give you more purchasing power. While these have a very small amount of gold on each bill the form factor makes it easy to use your gold for everyday purchases.
On their website they say that goldbacks are “The currency for now, Currency for the future.” I for one am very into the idea of this being a great way to use my gold for purchases and my currency. Unfortunately, this cannot be used anywhere……Yet!
Pros and Cons of Goldbacks
As you just read, you cannot use these anywhere. Which is the biggest con but only for now. But they is much more to it than just spending.
The pros:
- Hedge against inflation – as gold has been known to be a safe haven against inflation
- Spendable – can be spent at small businesses that accept goldbacks
- Collectability – certain bills could be collectable
- Privacy – allows you to spend at your own leisure and without banks
- Substantial – Goldbacks are real they are physical and unlike digital currency this is in hand
The cons :
- Liquidity – this product my be hard to find buyers
- Volatility – this is tied to the gold prices and will
- Storage – if this product will need to be taken care of properly to avoid loss or damage
- Higher premiums – you will pay more than the gold value because of the cost of production to make these bills.
I feel that the pros outweigh the cons as the pros are more valuable when it comes to owning these bills. Storage and higher premiums are not that big of a deal to me. I wouldn’t not take care of my investments and I expect to pay a certain price when buying from someone anyway. Just like silver rounds. But that’s a different topic.
Are Goldbacks worth it?
In my opinion, I will not tell you to go and do something unless you feel it’s the right option for you. I believe it is worth it for those that appreciate all forms of gold and ways to spend their investments in person and upfront. This might also be right up your ally to collect these bills as they are absolutely beautiful and stunning to look at and hold in your hand
These goldbacks are still very new. They just started in 2019. I think that this will go a long way but we don’t know how long these will last. There are more and more small businesses that are accepting these as payment and that’s a good sign.
I will continue to purchase these and add to my portfolio and, as I said in previous posts, would actually use these if ever I needed or had the opportunity to do so. Even with some cons to these bills they won’t stop me or many others who are currently investing.
Make sure to do more research if you’re on the fence. Talk to dealers, get some reviews, and look up the website for more info here.
*Disclaimer: I have not received any payment, products, services, or other compensation for discussing this topic. My comments reflect my personal views only.*
Gold IRA storage requirements : What you need to know
You know what shocked me when I first started learning about Gold IRAs? Finding out that keeping your IRA gold in a home safe isn’t just inadvisable – it’s actually illegal! Can you believe that! After learning more about precious metals and IRAs, this is a shock.
Yes, the IRS does in fact mandate these storage facilities for IRAs (Individual Retirement Accounts) but specifically for precious metals held in these IRAs.
On the flip side, if you have personal gold investments that are not in retirement accounts, you have much more flexibility in storage options since those assets have already been taxed.
We can’t just bury our gold under the big oak tree southeast of some park no one knows about only you. Even if you do it’s not wise to do so. Its overall a bit of a risk and we have to be mindful of where we put our hard-earned precious metals.
IRS Storage Requirements for Gold IRAs
Let’s start by a short break down of the essential storage requirements that the IRS mandates:
- Approved Depository Requirement
- Must use IRS-approved depositories
- No personal possession allowed
- Strict security protocols required
- Regular audits mandatory
- Segregated Storage Options
- Individual storage (your metals kept separate)
- Commingled storage (grouped with other investors)
- Allocated vs. unallocated considerations
- Different pricing tiers
- Location Requirements
- Must be within U.S. territory
- Exception: Some international facilities approved
- State regulations may vary
- Transportation considerations
Understanding Different Storage Options
Here are pros and cons of various storage methods:
- Segregated Storage Pros:
- Your exact coins/bars returned
- Extra peace of mind
- Better for rare coins
- Easier insurance claims
Cons:
- Higher fees (usually 20-30% more)
- May require minimum holdings
- Limited facility choices
- Commingled (mixed) Storage Pros:
- Lower fees
- Same quality guaranteed
- More facility options
- Faster liquidation
Cons:
- Don’t get exact same metals back
- Less control over specific items
- May worry some investors
Major IRS-Approved Depositories
Here are the most reputable storage facilities:
- Brink’s Global Services
- Longest track record
- Multiple U.S. locations
- High insurance coverage
- Competitive pricing
- Delaware Depository
- Preferred by many custodians
- Excellence in segregated storage
- Full insurance coverage
- Easy dealer access
- International Depository Services (IDS)
- Multiple location options
- Modern security systems
- Competitive rates
- Good customer service
These are just a few locations but there are plenty more to choose from.
Storage Costs and Fees
Let me share some real numbers I’ve seen recently:
- Annual Storage Fees
- Segregated: 0.5-1% of metal value
- Commingled: 0.3-0.7% of metal value
- Minimum fees: $100-250 annually
- Setup fees: $0-100
- Insurance Costs
- Usually included in storage fees
- Additional coverage available
- Value-based pricing
- Carrier quality matters
Security Measures Required by Law
The IRS doesn’t mess around when it comes to security requirements:
- Physical Security
- 24/7 armed security
- Multiple vault doors
- Motion detectors
- Vibration sensors
- Electronic Security
- CCTV surveillance
- Digital access controls
- Cyber security protocols
- Remote monitoring
- Personnel Security
- Background checks
- Limited access rights
- Dual control procedures
- Regular training
Common Storage Mistakes to Avoid
Try to avoid these mistakes that could trip up investors:
- Home Storage Schemes
- Absolutely prohibited by IRS
- Can invalidate entire IRA
- Heavy penalties possible
- No exceptions allowed
- Using Non-Approved Storage
- Must be IRS-approved facility
- Bank safety deposit boxes don’t qualify
- Foreign storage usually prohibited
- Proper documentation required
Required Documentation and Reporting
Here’s what you need to keep track of:
- Storage Agreements
- Facility contracts
- Insurance certificates
- Access procedures
- Fee schedules
- Annual Reporting
- Account statements
- Storage receipts
- Transaction records
- Valuation reports
Emergency Access Procedures
Something often overlooked – how to access your metals in an emergency:
- During Business Hours
- Proper ID required
- Advance notice needed
- Custodian approval
- Transport arrangements
- After Hours
- Emergency contacts
- Special procedures
- Additional fees likely
- Limited circumstances
Custodian Relationships with Storage Facilities
Understanding this relationship is crucial:
- Direct Relationships
- Preferred facilities
- Negotiated rates
- Streamlined processes
- Better communication
- Third-Party Relationships
- More options available
- Potentially higher fees
- Additional paperwork
- Longer processing times
Transportation and Transfer Requirements
Let me share some insider knowledge about moving your metals:
- Initial Transport
- Fully insured shipping
- Secure carriers only
- Chain of custody
- Delivery confirmation
- Facility Transfers
- Custodian approval required
- Coordinated timing
- Security protocols
- Transfer fees
Conclusion
Proper storage of your Gold IRA assets isn’t just about security – it’s about maintaining IRS compliance and protecting your retirement savings. Remember these key points:
- Always use IRS-approved depositories
- Understand your storage options (segregated vs. commingled)
- Consider all costs involved
- Maintain proper documentation
- Never attempt home storage
Take time to research different storage facilities and their specific offerings. Compare fees, security measures, and accessibility options. Most importantly, work with reputable custodians who have established relationships with top-tier storage facilities.
Remember, cutting corners on storage requirements isn’t worth risking your retirement savings or facing IRS penalties. When in doubt, always consult with qualified professionals who can guide you through the requirements specific to your situation.
Important Disclosure : This guide id for informational and educational purposes only. I am not a financial advisor, tax professional, or legal expert. The information provided is based on research and general knowledge of IRA regulations. Always consult with qualified financial, tax and legal professionals before making any decisions about your retirement accounts.
