Allocated vs unallocated, vault providers, home storage, insurance. A complete 2026 overview of where the market sits and what to watch next.
Contents20 sections
- 01Allocated vs unallocated: the legal anatomy
- 02Allocated
- 03Unallocated
- 04The Credit Suisse precedent
- 05Vault provider reviews
- 06Brinks and Loomis
- 07Malca-Amit
- 08IDS Delaware
- 09BullionStar and Silver Bullion Pte
- 10Home storage options
- 11Practical home-storage rules
- 12Lloyd's specie insurance
- 13Coverage parameters
- 14Counterfeit detection
- 15Sigma Metalytics Precious Metal Verifier
- 16Ultrasonic thickness gauges
- 17Magnetic slide test
- 18Fire assay (destructive, definitive)
- 19Putting storage decisions together
- 20Read next
Storage, Vaulting & Security 2026: A Precious Metals Investor Overview
Storage vaulting decisions determine whether an ounce of gold on a confirmation slip is, in fact, an ounce of gold available to the holder under stress. The 2023 collapse of Credit Suisse and Silicon Valley Bank, and the 2022 freezing of Russian central-bank reserves, sharpened investor focus on the difference between specific-bar title and pool-claim exposure. This pillar overview consolidates allocated versus unallocated, vault provider reviews, home storage options, Lloyd's specie insurance, and counterfeit detection. The storage vaulting decision is not a back-office afterthought; it is the second-most important decision after the asset allocation itself.
Allocated vs unallocated: the legal anatomy
Allocated
Allocated storage means the investor holds full legal title to specifically identified bars, identified by refiner, serial number, gross weight, fineness and assayed fine weight. The bars sit on the vault provider's premises but never enter the provider's balance sheet. In an insolvency event, the bars belong to the investor and are not part of the bankruptcy estate. The investor pays an explicit storage fee, typically 0.10-0.50% per annum.
Unallocated
Unallocated storage means the investor has a credit claim on the bullion bank or dealer for a specified weight of metal — not a claim to specific bars. The metal is a balance-sheet liability of the institution. In an insolvency, the investor ranks as an unsecured creditor. Unallocated is typically free or very cheap because the institution earns the lease rate on the underlying.
The Credit Suisse precedent
When UBS absorbed Credit Suisse in March 2023, unallocated CS gold customers were reassured by the Swiss National Bank backstop, but the episode highlighted the latent counterparty risk. Many high-net-worth holders migrated to allocated arrangements at independent vaults thereafter. See /categories/allocated-vs-unallocated.
Vault provider reviews
Brinks and Loomis
Brinks operates LBMA-vetted vaults in London, Zurich, Singapore, Hong Kong and New York. Loomis International (formerly ViaMat) operates Zurich, Singapore and US facilities. Both are tier-one carriers with deep insurance capacity.
Malca-Amit
Malca-Amit operates the Singapore Freeport facility and a Hong Kong vault. The Singapore Freeport, opened in 2010 inside the Changi Airfreight Centre, offers GST-deferred storage for Investment Precious Metals.
IDS Delaware
International Depository Services of Delaware is a non-bank trustee approved by the IRS for SDIRA storage, with allocated and segregated options.
BullionStar and Silver Bullion Pte
Singapore-domiciled. BullionStar offers vault-my-vault storage with explicit auditing protocols. Silver Bullion Pte (operating The Safe House) specialises in non-bank vaulting and offers secured peer-to-peer lending against bullion collateral.
| Provider | Location | Storage fee (gold, allocated) | Minimum | Insurance carrier |
|---|---|---|---|---|
| Brink's | London/Zurich | 0.12-0.18% p.a. | Varies | Lloyd's syndicate |
| Loomis | Zurich/Singapore | 0.15% p.a. | Varies | Lloyd's syndicate |
| Malca-Amit | Singapore Freeport | 0.45-0.60% p.a. | None | Lloyd's specie |
| IDS Delaware | Wilmington, DE | 0.50% (SDIRA) | None | Lloyd's specie |
| BullionStar | Singapore | 0.39% p.a. | None | Underwriters at Lloyd's |
| Silver Bullion (Safe House) | Singapore | 0.55% p.a. (silver) | None | Lloyd's specie |
See /categories/vault-provider-reviews.
Home storage options
Home storage offers zero counterparty risk and zero ongoing fee, at the cost of physical security risk and insurance complexity. Standard homeowners' policies (e.g. UK ABI, US ISO HO-3) typically cap unscheduled bullion coverage at GBP/USD 1,000-2,500. Dedicated specie riders or scheduled-articles endorsements raise the limit but require a TL-30 or TL-15x6 rated safe and often a UL-listed alarm. The TL-30 rating means a safe has resisted forced entry by tools for 30 minutes in laboratory testing.
Practical home-storage rules
- A TL-30 safe weighing 750+ kg, bolted to a concrete slab, in an interior room.
- Monitored alarm (UL Grade 2 or EN 50131-1 Grade 3 minimum).
- No social-media disclosure.
- Rotation between home and external vault for diversification.
Lloyd's specie insurance
Lloyd's of London syndicates underwrite the bulk of global specie risk through specialist syndicates. A specie policy covers physical bullion against theft, mysterious disappearance, fire, flood and transit risks, with named perils typically excluding war, nuclear and confiscation by government order.
Coverage parameters
- Sum insured per location: typically capped per vault per syndicate (USD 1-2 billion per location is common).
- Premium: 0.05-0.15% of insured value per annum, depending on location and security rating.
- Deductible: USD 25,000-100,000 per claim for institutional policies.
Individual investors using third-party vaults rarely buy the policy directly; the vault operator carries an aggregate policy and allocates pro-rata cover. Always request the policy certificate and confirm the aggregate is sufficient. See /categories/insurance-bullion.
Counterfeit detection
The rise of high-quality tungsten-cored fakes — particularly during the 2010-2013 mania — forced the development of non-destructive testing tools.
Sigma Metalytics Precious Metal Verifier
The Sigma device measures electromagnetic resistivity through coins and small bars, comparing against a reference value for the alloy. Effective for distinguishing gold-clad tungsten from solid gold because tungsten has a different resistivity signature.
Ultrasonic thickness gauges
Ultrasonic devices (e.g. GemOro, ProGauge) measure speed of sound through the bar. Tungsten has a sound velocity of ~5,180 m/s vs gold's ~3,240 m/s, producing a clear discrepancy.
Magnetic slide test
Gold and silver are diamagnetic; a calibrated neodymium-magnet slide allows them to slide at a specific rate. Counterfeits with steel or nickel cores will stick or accelerate differently.
Fire assay (destructive, definitive)
Fire assay remains the LBMA-referee method, with cupellation accuracy to ±0.01% for gold. Used by refiners and on dispute resolution.
| Method | Cost (USD) | Destructive | Detects tungsten core |
|---|---|---|---|
| Magnetic slide | 50 | No | Indirectly |
| Sigma Metalytics | 700 | No | Yes |
| Ultrasonic gauge | 400 | No | Yes |
| XRF (handheld) | 25,000+ | No | Surface only |
| Fire assay | 100/sample | Yes | Yes (definitive) |
See /categories/counterfeit-detection and the cross-pillar /categories/recycling-refining-tech.
Putting storage decisions together
A practical storage stack for a high-net-worth investor in 2026: 5-10% home storage for liquidity (TL-30 safe, scheduled rider), 50-70% allocated and segregated at a tier-one vault outside the home jurisdiction, 20-40% allocated in the home jurisdiction. Avoid unallocated above what is needed for trading.
See /categories/gold-markets and /categories/regulation-tax.
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