At home, there are various ways to store gold. Some individuals choose to conceal it behind false ceilings or other empty spaces.
Others opt for buying a safe and taking out appropriate insurance policies; however, this can be costly as your homeowners policy might not cover it. Therefore, it’s essential that your bullion remains hidden – be mindful about who you reveal this investment to.
Safe
Many gold investors opt to store their bullion at home in order to reduce storage fees and have easier access to precious metals. Before making this decision, however, several key considerations need to be taken into account.
One key concern of home storage of gold is security. Storing precious metals at home gives you direct control, yet increases their risk of theft or other forms of damage. If this option is chosen, be mindful about who and how much information is shared about your investments with others.
Avoid hiding your bullion in containers such as cookie jars and sock drawers that can easily be reached by thieves and not very safe; rather invest in a safe that provides fireproof and environmental protection measures. Some people even opt to bury their precious metals as an effective preventative measure against burglary and natural disasters.
Vault
Many bullion investors opt to store their physical gold at home for easy access and the pleasure of looking at their investments. This method of storage is cheaper than professional storage services; however, there may be disadvantages.
Storing bullion at home requires disclosing its location to others, which poses a security risk. Should someone discover your gold, they could either steal it themselves or tell others who could steal it from you. Therefore, only allow trusted individuals access to know where your bullion resides.
At-home storage exposes bullion to natural disasters like fires, floods, tornadoes and earthquakes. If you live in an area prone to these events, investing in a secure safe with sufficient air flow to reduce moisture content as well as purchasing desiccants/dehumidifiers/humidifiers as well as an alarm system may help safeguard it – and keep in mind that homeowners insurance may not cover these precious metals without an additional rider policy.
Security Box
Gold storage at home may be an attractive alternative for investors who appreciate easy access in case of emergencies or just for viewing purposes.
One of the easiest and cheapest ways to store gold at home is with a security box. These containers feature tamper-proof seals and can be locked to prevent unauthorised access – proving useful as storage options without incurring high costs for safes or vaults.
As opposed to in a bank vault or safe, bullion stored at home poses the risk of theft, fire and natural disasters; and is typically not covered under most homeowners or renters insurance policies. We advise using multiple hiding spots so as to make it harder for thieves to locate your wealth; also remember not to advertise this fact to others as this may draw unwanted attention to you and your treasure.
Insurance
Many investors choose to store their bullion at home because it provides immediate access and convenience, though this method comes with its own set of risks.
Storage of gold at home requires an expensive fireproof safe or vault, while homeowners insurance typically doesn’t cover it; to protect yourself adequately, take out a separate “personal articles” policy instead.
If you want to hide bullion at home, be sure to find an obscure spot that would be difficult for thieves to discover. Gypsum boards or false ceilings are ideal spots as these make it hard for burglars with metal detectors to locate it quickly.
As much as it may be tempting, it is also wise to keep the location of your bullion private; this reduces the risk of individuals sharing its location and potentially leading to theft or damage of your bullion. If need be, only inform trustworthy friends or family. Also avoid placing coins in obvious containers like socks drawers or fake cookie jars that could draw too much unwanted attention.
