Protecting gold and silver investments is an integral component of owning precious metals, and this article explores different storage solutions so you can make an informed decision that will maximize returns for your investments.
An effective home storage option involves investing in a secure and fireproof safe to protect your bullion. Some individuals also choose to rent out safety deposit boxes for an annual fee.
Home Storage
Home storage is a popular and cost-effective choice for individuals who wish to keep their gold and silver close at hand, yet secure against possible damage. All it requires is a sturdy safe or vault, along with appropriate insurance coverage to safeguard against loss.
Before choosing this option, there are a few points to keep in mind. First and foremost is security risk: gold bars and coins could easily be stolen if not properly hidden and even the most secure safes or vaults could become vulnerable in case of fire or natural disasters. Furthermore, home storage may be less convenient for those who require frequent access to their precious metals for either selling back to dealers or admiring collections.
Banks provide high-level security for items stored with them, including strong physical protection and restricted access. Furthermore, they’re relatively affordable – many even specialize in precious metal storage! However, accessing their gold and silver can be inconvenient as most banks require appointments or limit after-hours accessibility.
Bank Vaults
Opting to store precious metals at bank vaults offers more secure solutions. These facilities typically boast high-level protection, conduct frequent inspections, and offer comprehensive insurance protection for the gold they store.
Banks offer investors safe deposit boxes at relatively low fees to store gold and silver investments safely; The Federal Reserve vault in New York City alone houses most of the world’s gold reserves and is specially constructed to withstand criminal attacks as well as natural disasters.
Depository services like Delaware Depository Service Company (DDSC) and International Depository Services Company (IDS) offer customers segregated storage options where their metals are kept separately for their own use, while others take a more communal approach by housing precious metals alongside those belonging to other customers in one facility.
Safe Deposit Boxes
Many investors choose to store some of their bullion in a safe deposit box rented at a bank’s vault or safe. This option may provide quick access to their gold and silver, with no storage fees involved; however, this method has its own risks.
Access is often limited, as you must visit the bank during regular working hours or attend special emergency openings to gain access. Furthermore, most contents of safety deposit boxes aren’t covered by insurance unless extra payments are made; should this coverage become necessary to you, additional premiums will have to be paid if desired.
Note that when storing precious metals at home, its important to keep their location hidden from other family and friends in order to prevent accidental damage caused by excessive handling, damp exposure or other external sources.
Secretive Storage
Some of our customers require additional security than what bank vaults can provide, preferring direct access to their precious metals through specialist gold dealers.
These companies provide secure storage services. Their vaults are only open during business hours, providing safe and private rooms to store physical gold bullion, where only you will have access to it.
This method is the safest and simplest solution, yet still comes with some risk. If you store many bars and coins this way, they could potentially be stolen by criminals tunneling into the facility and tunneling out through any vulnerable points in its construction.
Another problem lies in not having immediate access to your gold, making it more difficult to keep this secret from family and work colleagues. Furthermore, if storing gold at home in its entirety requires purchasing a high quality fireproof safe.
