Physical Gold — Buy, Store, Sell
Royal Canadian Mint vs Brinks vs Loomis: Gold Vaulting Compared
By Michael Tanguma, Founder & CEO of Heirfolio. Reviewed by Diana Cruz, GIA Graduate Gemologist. Updated May 25, 2026.
TL;DR. Royal Canadian Mint, Brinks Global Services, Loomis International, and Delaware Depository are the four major gold vault providers used by individual and institutional clients. RCM is the deepest sovereign mint with a public audit history. Brinks and Loomis are global logistics companies with vault operations in dozens of countries. Delaware Depository is the IRS-approved depository most US gold IRAs use. Storage costs cluster at 0.50–1.20% per year. The right choice depends on jurisdiction preference, minimum size, and whether the position needs to live inside a tax-advantaged wrapper.
A reader bought $400,000 in allocated gold last year and asked which vault to use. Royal Canadian Mint, Brinks, Loomis, or one of the IRS-approved depositories for an IRA wrapper?
The honest answer involves four different trade-offs, not one. Each provider sits in a different jurisdiction, offers a different cost structure, and serves a different client type.
The failure mode to name first: most gold storage comparisons reduce the decision to "which vault is cheapest." Cost is the smallest variable in this category. Jurisdiction, audit transparency, insurance terms, and the operational maturity of the inheritance handoff process matter more — and the cost spread between the cheapest and most expensive provider is roughly 0.6 percentage points per year, which is meaningful but not decisive.
This article gives you all four variables.
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The four providers at a glance
| Provider | Jurisdiction | Type | Best fit |
|---|---|---|---|
| Royal Canadian Mint (RCM) | Canada (Ottawa) | Sovereign mint | Clients seeking jurisdictional diversification from US, with sovereign-backed audit transparency |
| Brinks Global Services | US + 30+ countries | Private logistics / vault operator | Clients seeking multi-jurisdiction options under a single provider |
| Loomis International | US + 20+ countries | Private logistics / vault operator | Similar to Brinks; secondary choice in the same category |
| Delaware Depository | US (Delaware) | IRS-approved private depository | Gold IRAs and US-tax-advantaged structures |
Other providers worth knowing: Malca-Amit (high-end private vaulting, Switzerland focus), International Depository Services (IDS Group, US), Loomis International (Singapore vault for Asia-Pacific clients), J. Rotbart & Co (Hong Kong, family office focus).
The full feature-by-feature comparison
| Feature | Royal Canadian Mint | Brinks | Loomis | Delaware Depository |
|---|---|---|---|---|
| Founded | 1908 | 1859 | 1852 (Sweden), 1925 (US) | 1999 |
| Jurisdiction | Canada | Multi (US, UK, CH, SG, HK, AU, others) | Multi (US, UK, CH, SG, others) | US (Delaware) |
| Ownership | Crown corporation (Canadian government) | NYSE: BCO | Stockholm: LOOMIS | Private |
| Allocated storage | Yes | Yes | Yes | Yes |
| Pooled / unallocated storage | Yes | Yes | Yes | Limited |
| Annual storage fee (allocated) | 0.50–1.00% of value | 0.65–1.20% | 0.50–1.00% | 0.50–0.75% |
| Minimum position | $5,000 (pooled) / 1 kg (allocated bar) | $25,000 typical | $25,000 typical | $5,000 (IRA), no minimum direct |
| Insurance carrier | Lloyd's of London / Canadian sovereign | Lloyd's of London | Lloyd's of London / private syndicates | Lloyd's of London |
| Insurance limit | Full market value | Full market value | Full market value | Full market value |
| Audit transparency | Annual published audit (sovereign mint) | Annual audit, client-disclosed only | Annual audit, client-disclosed only | Annual audit (Inspector General of Delaware) |
| Physical delivery available | Yes — to address or another vault | Yes | Yes | Yes |
| Sell-back spread | 1–2% off spot | 2–3% off spot | 2–3% off spot | 1–2% off spot |
| IRS-approved for IRA | No (foreign depository) | Yes (selected locations) | Yes (selected locations) | Yes — primary US IRA depository |
| Approved metals | Gold, silver, platinum, palladium | Gold, silver, platinum, palladium | Gold, silver, platinum, palladium | Gold, silver, platinum, palladium |
| Settlement time (buy/sell) | 1–3 business days | 1–5 business days | 1–5 business days | 1–3 business days |
| Account types | Individual, joint, corporate, trust | Same | Same | IRA primarily, plus standard |
| Online portal | Yes (via partners like Heirfolio, Sprott) | Yes (via partners) | Yes (via partners) | Yes |
| Direct retail relationship | No (via partners) | No (via partners) | No (via partners) | Limited (mostly via IRA custodians) |
| Inheritance workflow | Beneficiary form via partner; bar re-titling | Beneficiary form via partner | Beneficiary form via partner | IRA beneficiary form |
| Years held by largest known sovereign client | 60+ (Bank of Canada) | 100+ (multiple sovereign and bullion bank clients) | 75+ | N/A (younger institution) |
Where Royal Canadian Mint wins
The Royal Canadian Mint is the only sovereign mint in this comparison and the one most often cited by clients seeking jurisdictional diversification from the United States.
- Sovereign backing and public audit. RCM is a Crown corporation of the Canadian government. Annual audits are public; the Bank of Canada has stored gold there for decades. The audit transparency is meaningfully better than private operators.
- Lower minimum than most US vault operators. Pooled positions start at roughly $5,000; allocated bars start at 1 kg (currently around $84,000 at $84/gram).
- Lower sell-back spread than private operators. Typically 1–2% off spot vs 2–3% for Brinks/Loomis.
- Strong settlement infrastructure. The mint's institutional relationships allow 1–3 day settlement, faster than most private vault operators.
- Jurisdictional diversification. Canadian sovereignty over the metal provides legal protection independent of US jurisdiction, which matters for clients whose threat model includes US-specific risks (capital controls, jurisdictional disputes, etc.).
Recommended for: US-based holders seeking jurisdictional diversification with sovereign-grade audit transparency. Clients who buy allocated gold through partner platforms (Sprott, Goldmoney, Heirfolio) and want institutional-quality vaulting at modest minimums. Multi-decade holders who value the longest sovereign track record available.
Not recommended for: Clients who need a US-jurisdiction IRA-eligible depository (RCM is not IRS-approved for retirement accounts). Clients who want the absolute lowest storage cost (some private operators undercut RCM by 10–20 basis points for very large positions). Clients who want direct retail access without going through a partner platform.
Buy allocated gold at Royal Canadian Mint
Where Brinks Global Services wins
Brinks is the largest private vault and logistics operator in the world. Their gold vaulting is part of a broader business that moves billions of dollars of physical value daily across dozens of countries.
- Most jurisdictions available under one provider. Vaults in over 30 countries, including the US (multiple cities), UK, Switzerland (Zurich, Geneva), Singapore, Hong Kong, Australia, and beyond. A client can hold gold in multiple jurisdictions without managing multiple provider relationships.
- Largest operational scale. Daily physical-value flows of $10B+ globally. Operational maturity is real and measured in decades.
- Strong institutional relationships. Brinks is the default vault for many bullion banks, central banks, and family offices. The infrastructure is built for institutional-grade requirements.
- IRS-approved for IRAs (at selected US locations). Brinks' US vaults (Salt Lake City, New York, others) are approved for gold IRA storage.
- Physical delivery globally. If you need bars shipped between jurisdictions, Brinks operates the logistics in-house.
Recommended for: Family offices and high-net-worth individuals holding gold across multiple jurisdictions. Clients whose threat model includes geographic risk and who want one provider managing the multi-vault relationship. Clients with positions large enough (typically $250K+) to justify the operational overhead.
Not recommended for: Small positions (under $25K typical minimum). Clients who specifically want sovereign-mint-grade audit transparency (RCM and Delaware Depository's annual audits are more publicly transparent than Brinks' client-disclosed audits). Clients who want the lowest possible storage cost (Brinks typically prices at the higher end of the range).
Where Loomis wins
Loomis is Brinks' closest peer. Same business model, similar global footprint, generally slightly lower costs for comparable services.
- Slightly lower storage rates than Brinks for comparable services. Typically 0.50–1.00% vs Brinks' 0.65–1.20%.
- Strong European and Asia-Pacific presence. Loomis' Swedish heritage gives them deep European operational relationships; their Singapore and Hong Kong operations are strong for Asia-Pacific clients.
- Operational reliability comparable to Brinks. No major operational incidents on record in their gold vaulting business in the last decade.
- IRS-approved for IRAs (at selected US locations).
Recommended for: Clients who want a Brinks-equivalent global vault provider at slightly lower cost. European clients who prefer a European-headquartered provider. Asia-Pacific clients with Singapore or Hong Kong storage requirements.
Not recommended for: Clients who specifically value Brinks' larger US footprint. Clients with very small positions (similar minimums to Brinks).
Where Delaware Depository wins
Delaware Depository is the most-used IRS-approved depository for US gold IRAs. They are not a logistics company; they are a specialized depository whose entire business model is precious-metals storage.
- The primary US IRA depository. Most self-directed IRA custodians default to Delaware Depository for gold storage. If you're rolling a 401(k) into a gold IRA, the path of least resistance routes here.
- Annual public audit by the Delaware Inspector General. Sovereign-grade audit transparency for a private depository.
- Lower storage rates than Brinks/Loomis for comparable services. Typically 0.50–0.75%.
- Lloyd's of London insurance at full value.
- Specialized in precious metals. Their entire operation is built for this asset class, which translates to operational efficiency and lower error rates than logistics operators who handle gold as one product among many.
Recommended for: US gold IRAs and US-tax-advantaged structures. Clients who specifically want a US-jurisdiction depository with audit transparency. Direct (non-IRA) clients who want institutional-grade vaulting at lower cost than the global logistics providers.
Not recommended for: Clients seeking jurisdictional diversification outside the US. Clients holding gold in multiple jurisdictions under a single provider (Brinks and Loomis are better fits for that requirement).
The cost comparison on a $250,000 position
10-year all-in cost for a $250,000 allocated gold position, assuming flat gold price (a conservative assumption used here only to isolate the cost variable).
| Provider | Annual storage | 10-year storage | Sell-back spread | Total 10-year cost |
|---|---|---|---|---|
| Royal Canadian Mint | 0.70% ($1,750/yr) | $17,500 | 1.5% ($3,750) | $21,250 (~0.85%/yr) |
| Brinks | 0.95% ($2,375/yr) | $23,750 | 2.5% ($6,250) | $30,000 (~1.20%/yr) |
| Loomis | 0.80% ($2,000/yr) | $20,000 | 2.5% ($6,250) | $26,250 (~1.05%/yr) |
| Delaware Depository | 0.65% ($1,625/yr) | $16,250 | 1.5% ($3,750) | $20,000 (~0.80%/yr) |
The cost spread between the cheapest (Delaware Depository at 0.80%/year all-in) and the most expensive (Brinks at 1.20%/year all-in) is roughly 0.40 percentage points. Real, but smaller than the jurisdictional, audit-transparency, and operational differences between the providers.
The inheritance workflow
This is where most articles end and where the inheritance question actually starts.
For each provider, the inheritance process follows roughly the same pattern but the operational specifics differ:
| Step | Royal Canadian Mint (via partner) | Brinks (via partner) | Loomis (via partner) | Delaware Depository (IRA) |
|---|---|---|---|---|
| Beneficiary form on file | Yes — via the partner platform | Yes — via the partner platform | Yes — via the partner platform | Yes — IRA beneficiary form |
| Death certificate required | Yes | Yes | Yes | Yes |
| Bar re-titling | Yes, standard process | Yes, standard process | Yes, standard process | IRA → inherited IRA conversion |
| Tax basis steps up | Yes (US tax treatment) | Yes | Yes | Inherited IRA rules apply |
| Average time from death to access | 60–120 days | 60–120 days | 60–120 days | 30–60 days |
| Required documentation | Will or trust naming the partner account | Same | Same | Beneficiary form on file at custodian |
The single most important thing for inheritance: document the holding before the principal dies. Most vault holdings that are difficult to inherit are difficult because the family doesn't know they exist. The vault's inheritance process works fine; the family has to know to invoke it.
This is exactly what Heirfolio's Heir Protocol exists to handle. The vault holds the gold; Heir Protocol documents that the gold exists, where it's held, in what amount, and who should inherit it.
Document your vaulted gold in Heir Protocol — free for 5 items
The bottom line
Four honest verdicts:
- For US holders wanting jurisdictional diversification with sovereign-grade audit transparency: Royal Canadian Mint. Lower minimums, lower sell-back spreads, longest sovereign track record in the comparison.
- For multi-jurisdiction global holders: Brinks. Most jurisdictions available under one provider, deepest operational scale, IRS-approved for US IRAs at selected locations.
- For Brinks-equivalent service at slightly lower cost: Loomis. Especially strong for European and Asia-Pacific clients.
- For US gold IRAs and US-tax-advantaged structures: Delaware Depository. Lowest cost in the comparison, sovereign-grade audit, specialized in precious metals.
The cost differences are real but small. The bigger questions are jurisdiction, audit transparency, and the operational maturity of the inheritance handoff. For most clients, Royal Canadian Mint and Delaware Depository are the right starting points (depending on whether the position is IRA-wrapped). Brinks and Loomis become the right answers when the position lives across multiple jurisdictions.
Buy allocated gold at Royal Canadian Mint
Frequently asked questions
What's the safest place to store gold?
For institutional-quality storage, all four providers in this article (Royal Canadian Mint, Brinks, Loomis, Delaware Depository) are safe in the sense that the gold is fully insured at Lloyd's of London, the bars are titled to the client, and the vaults have multi-decade operational track records without major incidents. The "safest" question is more about which jurisdictional and counterparty risks you're optimizing against. For US holders wanting jurisdictional diversification, RCM is typically the right answer. For US-tax-advantaged structures, Delaware Depository. For global multi-jurisdiction holders, Brinks or Loomis.
Can I store gold in a Swiss vault?
Yes. Brinks operates vaults in Zurich and Geneva; Loomis operates a Swiss vault; specialty providers like Malca-Amit operate private high-end Swiss vaulting. Swiss vaults are popular for clients seeking maximum jurisdictional diversification, though the cost is typically slightly higher than Canadian or US options, and Swiss vaults are not IRS-approved for US gold IRAs.
Is allocated gold storage insured?
Yes, at all four providers in this comparison, at full market value, primarily through Lloyd's of London syndicates. The insurance covers physical loss, theft, and vault failure. The specific terms (deductibles, exclusions) vary by provider; review the client agreement before committing a large position.
What's the minimum to store gold in a vault?
Minimums vary by provider and product. Royal Canadian Mint pooled gold starts at roughly $5,000; allocated bars start at 1 kg (currently around $84,000). Brinks and Loomis typically have higher minimums for direct relationships ($25,000+) but lower minimums via partner platforms. Delaware Depository has effectively no minimum for direct accounts; the practical minimum is set by your gold IRA custodian if you're using the IRA structure.
Can I take physical delivery of my vaulted gold?
Yes, at all four providers. Physical delivery is a standard right of allocated gold ownership. The mechanics vary: typically a fully insured FedEx or Brink's transport to your address or to another vault, with delivery costs (paid by you) of roughly 0.50–1.5% of the value depending on jurisdiction and destination. International delivery may involve customs paperwork.
How does gold vault storage work for an IRA?
A self-directed IRA custodian holds the account; an IRS-approved depository holds the metal. The process: open a self-directed IRA, fund it (rollover from 401(k)/Traditional IRA, or contribution), the custodian purchases IRS-approved bullion through a dealer, the dealer ships to the depository. Delaware Depository is the most-used US depository for this purpose. Annual costs typically run 1.0–1.5% all-in (custodial fee + storage fee).
Are there capital gains taxes on selling vaulted gold?
Yes. Gold is taxed at the collectibles rate, up to 28% federally on long-term gains, plus any state tax. Inside an IRA wrapper, gains are tax-deferred (Traditional) or tax-free (Roth) until distribution. Outside an IRA, the 28% collectibles rate applies. For inherited gold, the stepped-up basis applies — the cost basis resets to fair market value on the date of death.
What happens if Brinks (or any provider) fails?
In the worst-case scenario of provider failure, the gold is still your property — allocated bars are titled to you, not to the provider, and the vault's failure does not transfer ownership. The practical question is operational: who takes over custody, how long does access take, what insurance applies. Major providers (Brinks, Loomis, RCM, Delaware Depository) all have published continuity plans, and the metal is insured at Lloyd's. The historical incident rate for major precious-metals depositories is extremely low.
What to do next
If you want to buy allocated gold and have it vaulted at the Royal Canadian Mint: start the process at Heirfolio's buy gold page. Quote locked for 60 seconds, settlement in 1–3 business days, allocated bars at 1 kg or higher with conversion path from pooled positions.
If you want gold inside an IRA wrapper: open a self-directed IRA with a custodian that uses Delaware Depository (Equity Trust, STRATA Trust, Kingdom Trust, and others), fund it via rollover, and purchase IRS-approved bullion through a partnered dealer.
If you already hold vaulted gold and want to document it for inheritance: build a free Heir Protocol. The free tier covers up to five items, including vaulted positions with their custodial relationships.
The gold is durable. The documentation around it is what determines what your family can do with it.
Michael Tanguma is the founder and CEO of Heirfolio. He previously founded Onramp Bitcoin, a Bitcoin financial services firm focused on multi-institution custody. This article was reviewed for accuracy by Diana Cruz, a GIA Graduate Gemologist and Heirfolio's Valuation Lead. Provider data verified against published rate schedules and operational documentation from Royal Canadian Mint, Brinks Global Services, Loomis International, and Delaware Depository as of May 25, 2026. Audit transparency claims verified against publicly available annual reports where applicable.