Home storage may not be suitable for many investors, as even with strong secure facilities and clever hiding spots in place, bullion stored at home remains vulnerable to theft and burglary.
Additionally, homeowners insurance may not cover precious metals in the event of loss and it can be challenging to sell gold and silver stored at home when prices increase.
Storage Options
Gold and silver purchases are typically used as investments that allow customers to safeguard their wealth, yet remain easily accessible. This may lead them to store it at home in hiding places such as fake cookie jars or hidden beneath floorboards; however, thieves might become attracted by this approach and be tempted by its potential to make quick gains in thefts.
Also, these hiding places may not be completely safe and could leave your bullion vulnerable to damage, tarnishing and loss. Furthermore, most insurance policies don’t cover this type of coverage at home.
Large quantities of gold and silver should not be stored at home due to security risks – particularly if living with untrustworthy roommates or in unsafe neighborhoods. It is advised to store bullion at professional, secure storage facilities. You can still order precious metals to be delivered directly to you home address but any significant amounts should be stored elsewhere.
Security
Take extra steps to protect your gold and silver investments at home, such as purchasing a secure safe or vault, installing a security system and making sure that your home insurance covers precious metals as an extra measure against theft.
As well, it’s beneficial to spread out the storage locations within your home so if one area becomes compromised, other metals still exist somewhere else. Other helpful home storage measures include keeping an accurate inventory and using organization tools like padded trays, protective sleeves, coin capsules or display cases to organize investments properly.
Make sure your storage of precious metals is discreet; the less people who know about them, the better it will be for your precious investments. Avoid sharing pictures of gold investments on social media to avoid unwanted attention – that way, you can rest easy knowing they will always remain secure.
Insurance
If you decide to store your bullion at home, only you and a trusted confidant should know where it is kept. Too many people knowing can pose risks if they come to find or require viewing it (they could then spread word among others about its location leading to thefts and robberies).
Standard homeowner’s policies typically don’t cover the value of gold and silver, so you should read your individual policy closely to be certain it does. Depending on your policy, it may be worthwhile paying extra for storage in a safe deposit box at a bank instead.
Storing gold or silver at home can be dangerous if you live in an area prone to natural disasters like fires and floods, even with strong safes and other precautions in place. When considering this option, it’s essential that you carefully consider all risks and devise an action plan in case an event does strike.
Liquidity
Home storage of gold and silver comes with its own set of risks, but can be an attractive option for investors concerned about losing their bullion in banks or professional storage facilities. Unfortunately, however, this method requires long-term commitment as you won’t be able to sell or exchange them as easily due to being locked away for so long.
As with any home safe, home safes may be vulnerable to theft and fire hazards. When choosing to store precious metals in one, be sure that your insurance will provide adequate coverage should there be any disaster or theft incidents.
Some investors choose to store their gold at home by burying or hiding it somewhere within the house. This option can be an affordable way of providing more privacy; however, care must be taken not to reveal where your precious metals are stored as this could make finding them harder than expected if you forget where you put them!
