Many of our customers are uncertain of how best to store their gold and silver bullion. They may worry about theft or robbery as well as misplacing it. We offer multiple solutions for our clients who wish to store their precious metals safely with us.
There are various ways you can store gold and silver at home, from locking it away in a safe or vault to hiding it out of sight in places no one would suspect of searching.
Safe Deposit Boxes
One of the most convenient and cost-effective ways of storing precious metals is in a bank’s safety deposit box, offering convenient access without incurring third party storage fees.
Unfortunately, this solution has one major drawback – accessing gold and silver from its box can take time, as banks are closed during business hours. Furthermore, theft could occur and many home insurance policies don’t cover full value of items stored therein.
Storage at home can result in dings and scratches that reduce the value of coins or bars, even those stored in plastic coin cases designed to provide protection. Even these cases are vulnerable to water and chemical corrosion – saltwater damage to silver could even corrode through them! To combat corrosion using desiccants and dehumidifiers can help.
Security Boxes
Security boxes with tamper-proof seals are popular among home gold investors, offering similar levels of security as a safe. Usually kept locked at home when not being used, or stacked to create storage cabinets if desired. They can be purchased both offline and online. Ideally these should be kept somewhere cool and dry so as to prevent corrosion of coins or bars stored therein.
At-home storage of precious metals should be done with caution as burglary risks exist and many homeowner insurance policies don’t cover gold bullion. Furthermore, diversifying how much precious metals you keep at home would also be wise.
Consider hiring a specialist vault provider as another means of storage, rather than banks. Vault companies operate without being subject to government control, making them safer than banks in terms of safety and control.
Vaults
Vaults offer professional storage of precious metals. Designed to protect them from theft and other risks such as extreme heat or cold, vaults are an excellent way to ensure their valuables remain protected from theft or other hazards like extreme temperatures or climate. Vault facilities are often provided by companies specializing in precious metals.
A vault offers the ideal solution for those who require greater levels of security than what home storage can provide. These facilities specialize in protecting bullion, and may include additional features like insurance and chain of custody verification as well as convenient access without being restricted by banking hours.
Switzerland and other safe haven countries come to mind as safe haven jurisdictions with stable governments and investor-friendly data privacy laws, but other good options for international vaulting exist as well. Diversifying where your precious metals are stored could provide multiple paths toward financial independence in case of crisis.
Depository Storage
Depository storage offers customers the safest option as it removes their precious metals from their possession, decreasing risk of theft or burglary and protecting investments by eliminating the need for costly insurance policies that exclude bullion coverage or limit it up to an agreed maximum value.
At-home storage of precious metals involves keeping them away from sunlight, humidity and sudden temperature changes to avoid oxidization or damage. Coin storage requires extra care as dings or nicks could significantly lower their resale value.
At-home storage can be vulnerable to theft and robbery, especially if the safe is visible or easily accessible by children or guests. Furthermore, standard homeowners’ insurance typically only covers up to a minimum value for items stored at home; bank safe deposit boxes or alternative paid storage solutions offer enhanced protection and expert oversight.
