Most gold investors understand that it is crucial to safeguard their bullion from damage, tarnishing and theft; however, some may struggle with how best to store precious metals at home.
Storing gold at home may be easy and inexpensive, but it does not offer the security provided by third party storage solutions. Furthermore, home storage makes gold vulnerable to natural disasters such as floods and tornadoes.
Invest in a Safe
People find creative solutions for storing gold at home, but these methods often pose serious risks. One such risk is having someone access your bullion in an emergency situation such as natural disaster or economic collapse if someone knows where you have stored it – leaving your family financially exposed if disaster strikes or an economic collapse ensues. Therefore, it is advisable that only trusted confidantes know where your bullion resides.
Home storage leaves your bullion vulnerable to fires, floods, tornadoes and earthquakes that can easily wipe out all your wealth no matter how well hidden or strong the safe may be. Therefore, investing in long-term fireproof and waterproof safes is recommended if possible; some upright safes can even be bolted directly down so as to be less easily stolen.
Hiding Places
Some individuals get creative when hiding gold. If someone knows where you have stashed your bullion, they could potentially dig it up before you have time. However, that can also pose problems since if anyone knows where it was hidden they could potentially gain access to your stash before you ever do!
One popular method for hiding gold at home is in the freezer, so long as you take care to make it seem natural when found. For instance, try placing it inside an innocuous cookie jar or book. That way when someone discovers it they won’t think anything out of place when discovering it!
Buy some fake jewelry or coins as decoys to hide with. Doing this may make it harder for someone to realize there’s gold there before they start digging it up, and ensures your bullion won’t all come to light at once. Additionally, it would be prudent to spread its hiding spots throughout your house so all your bullion won’t all come to light at once.
Diversification
Some customers feel uneasy storing their precious metals at home, as thieves or burglars could target it. Instead, these customers opt to place it in a bank depository or safe deposit box as banks provide multiple layers of internal and external security – although this method could cost hundreds of dollars annually in fees.
Storage your gold in your home presents another risk: exposure to natural disasters like fires, floods, tornadoes and earthquakes. Be wary about telling too many people where your bullion is stored if it remains stored in an at-home vault or storage location.
Invest in physical gold through a self-directed IRA with caution; so-called “Home Storage Gold IRAs” should be avoided at all costs as they may lead to fines and penalties from the IRS. Instead, opt for an investment with a reliable provider who stores precious metals at an IRS-approved depository facility.
Insurance
Owning gold at home comes with certain risks that need to be carefully evaluated against its advantages. Even with proper hiding spaces in place, thieves could still break in and take your precious metals – therefore a wise investment for anyone who plans on keeping precious metals stored at home would be purchasing insurance coverage against such theft.
Storing gold at home may not be suitable for everyone, but those with sufficient resources can find ways to do it successfully. Some individuals even purchase or build safes specifically designed to store their precious metals at home allowing them to tailor the storage space according to their specific needs.
An alternative option for storing precious metals may be keeping them in a bank safe deposit box, although this option is often not covered by homeowners’ policies and may incur annual fees of several hundred dollars. Furthermore, these facilities do not always offer 24-hour surveillance or security. They may also expose valuables to currency fluctuations and inflation risks that need protection. Seek advice from a storage specialist when selecting your home storage solution.
