Gold and silver stored at home are vulnerable to theft or damage. Therefore, it is advised that precious metals be stored safely and insured – however it should be noted that many homeowners policies don’t cover bullion.
Home storage of physical gold and silver should ideally involve using a safe. Be sure to keep its location discreet; less people know where your valuables lie, the better off you’ll be.
Safes
For home storage of bullion, it’s crucial to invest in a safe that is watertight, fireproof and large enough for your collection. Furthermore, consider investing in dehumidifiers, desiccants and an air ventilation system in order to minimize humidity levels and prevent coins from oxidation.
Be mindful when discussing where and how you store your gold with anyone who doesn’t trust you as this could attract unwanted attention. Some investors choose to bury their precious metals, but for optimal security it is advisable to find a safe location and use waterproof containers – some investors even buy fake valuables (such as inexpensive jewelry or fake coins) just in case there is a break-in attempt on your storage facility.
Storage options also include bank deposit boxes; however, this approach carries several risks. First and foremost is seizure for tax obligations, court orders or any other issues; as well as access limitations limited by bank hours.
Vaults
When physically owning and storing bullion at home, it’s important to remember that many standard homeowners and renters insurance policies do not cover losses of precious metals such as gold or silver bullion. Furthermore, large quantities must be stored in an expensive vault as well as purchasing desiccants and dehumidifiers to control air moisture, in addition to taking other preventive steps against theft or damages to its value.
Storage options available at home for precious metals include safe deposit boxes at banks or private depository facilities that offer 24/7 monitoring of precious metals storage, but remember that access may only be granted during their operating hours.
Install a high-quality safe in an inaccessible location, tell one trusted person where to find it, and establish complete trust between yourself and this individual in case of emergency or death.
Containers
If you decide to store your precious metals at home, make sure they are secured in an appropriately-sized safe. Coin capsules and tubes may provide added protection against tarnishing, mildew and rust as well as carbon purging technology which traps hydrogen sulfides responsible for tarnish.
Home storage can be both practical and cost-effective; however, theft risks increase without adequate protection measures in place. Also keep in mind that standard homeowners’ policies won’t cover all the value of your bullion portfolio.
Burying gold or silver on your property can be risky in areas prone to earthquakes, and can often result in forgetting where you have placed it. As a better solution, professional storage services provide secure depository options with full insurance policies for these precious materials.
Insurance
Gold and silver bullion is an academically and historically proven hedge against currency depreciation and safe haven asset, but to keep its value intact it must be stored safely. No matter whether they’re kept at home or stored away from view in a third-party facility – the more people know of their location, the higher their risk is of theft or loss.
Therefore, it’s advisable to keep your precious metals as secretive as possible. If storing at home, only one other person should know of its existence; inform them where exactly (this doesn’t have to mean underground!) the metals are kept so no-one accidentally discovers them by accident. Depository provides extra security by offering you space within a vault paid solely to safeguard investments like these.
