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Another Gold Rush for Wilmington Depository

Business already is good for a Wilmington, Delaware bullion and rare coin depository that opened three years ago, but it’s expected to be even better in the weeks ahead now that a major New York City bank depository has told many of its customers to remove their valuables.

fsd_112709“As soon as the news broke that HSBC was kicking out individual investors and even some commercial accounts to accommodate storage for large institutional accounts at its facility in Manhattan, I started getting phone calls from worried investors and even executives of some commercial firms who suddenly need a safe place for their gold and silver coins and ingots,” said Robert L. Higgins, CEO of First State Depository Company LLC that opened in Wilmington in June 2004.

The door to the 5,000 square foot vault weighs over 5,600 pounds. The depository has up to $400 million capacity insurance with Lloyd’s of London for the gold and other valuables shipped in from investors and companies nationwide, but Higgins says that insurance coverage may have to be increased with the anticipated additional requests for secure storage.

“It was surprising to see how many people who never owned gold before started buying it this past year. We’ve had many first-timers contact us to store their coins and precious metals purchases. Many people have put gold bullion coins in their IRAs.”

Higgins advises investors facing eviction from the HSBC depository to transfer their valuables prior to January first, whether to his depository or somewhere else, as long as it’s by year’s end.

“That way, you won’t have to pay HSBC’s annual storage fee that is payable in January,” he explained. “There’s another advantage for investors to move their valuables to Delaware. Unlike New York, there is no tax imposed on the payment of depository storage fees in Delaware.”

First State Depository provides secure custody services to institutional, commercial and individual investors. Precious metals are accepted in various forms; from small ingots to bars weighing 100 kilos (220 pounds) as well as gold, silver, platinum and palladium bullion coins like the popular American Eagle, South African Krugerrand and Canadian Maple Leaf.

Rare coins, those with a premium over their intrinsic bullion content because of their historic value and appeal to collectors, are accepted only if they’ve been certified by one of the major authentication firms such as Numismatic Guaranty Corporation or Professional Coin Grading Service.

For additional information, contact First State Depository at (302) 765-3352, or visit online at www.FSDepository.com.

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News media contact:
Robert L. Higgins, CEO of First State Depository Company LLCĀ in Wilmington, Delaware
Office: (302) 765-3352

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About the Author

First State Depository Company is a professionally managed, private depository company offering a full range of specialized certified coin and precious metals custody, shipping and accounting services to both commercial and individual participants in the rare coin and precious metals markets. http://www.fsdepository.com

RSS Feed for This Post2 Comment(s)

  1. Dean H. Anderson | Dec 2, 2009 | Reply

    Mr. Sinclair:

    I have been directed by my cousin to read your column on HSBC’s recent decision to close it’s vault to individual investors, and even some commercial accounts…reading your near-opening line that
    “we have reviewed all the present and potential economic problems and know them here better than anywhere else” caused me to pause. WHO ARE YOU to make this claim? And HOW do you KNOW what “potential economic problems” exist? Have you a crystal ball? Or maybe you have consulted the oracle at Delphi…? It seems a rather arrogant statement to make, and since I’ve never heard of you,wonder what predictions you might have made in the past which suggest you have the ability to make accurate predictions about the future?

    I cited Professor Nouriel Roubini as one who HAS made predictions which came true in the face of jeers from his peers. i have good reason to read what Dr. Roubini has to say. He was right the first time. But Jim Sinclair? Who are you?

    Please fill in the blanks for me, Mr. Sinclair. I mean no disrespect, but need to know how someone can make such a claim with a straight face!

    Many thanks.

    Dean H. Anderson

  2. CoinLink | Dec 3, 2009 | Reply

    In Reference to Mr. Anderson’s Comments, I believe he is referring to an article on Commodity Online titled “Why HSBC wants to get out of gold storage business”

    Here is the Link:
    http://www.commodityonline.com/news/Why-HSBC-wants-to-get-out-of-gold-storage-business-23481-3-1.html

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