How you store gold and silver depends entirely on your personal needs. Some prefer keeping their bullion at home, which can save on storage fees while remaining convenient for their everyday routines.
Store your precious metals at home has its own disadvantages. Primarily, it’s vital that any at-home stash remain hidden.
Coins
Gold bullion coins offer investors flexible home storage solutions. By bypassing third-party storage facilities that may be costly and providing 24-hour security, this method gives investors access to 24-hour protection without incurring extra costs or insurance requirements. However, this solution lacks many of the same guarantees offered by third-party storage services.
One popular approach is burying coins in an undisclosed location. While this method provides both discretion and security, digging must take place during the night to maintain secrecy. Furthermore, moisture from the air may soak into the earth, potentially leading to tarnish and spoilage on coins that were stored there.
No matter which storage method you opt for, silver coins and bars must be handled carefully to avoid damage. For instance, when storing bullion at home it’s wise not to use PVC containers or sleeves; such materials decompose under heat release acidic gasses that corrode certain metals and could even dissolve completely if exposed for extended periods of time.
Bars
When it comes to storing gold bars or coins, the best practice is keeping them in mint condition. Avoid handling them directly as this could damage their surface and decrease in value; use soft cloth or velvet instead for this task.
Customers looking to store precious metals at home or private property should employ creative hiding places to protect against theft. This may include sound speakers, false bottom drawers or burying them within your own yard on private property owned by them.
Renting a safe from a bank may also be an option, although this method may be less secure and may require purchasing extra insurance coverage.
Paper Money
Silver bullion coins offer an investment option with intrinsic value that cannot be forgeried – unlike fiat currency. Furthermore, physical precious metals have long been trusted as money by society at large – providing an excellent hedge against inflation and political turmoil.
To protect coins or bars from fire and water, the ideal storage method is in a fireproof safe designed for that purpose. Furthermore, invest in a dehumidifier so as to reduce moisture build-up that could potentially cause tarnishing of these precious materials.
Some customers choose to store their coins and bars at home as it gives them more control of their investments. However, this method may leave you vulnerable to theft or natural disaster. Therefore, it is wise to keep this part of your investment secret by only telling one trusted family member.
Jewellery
At home storage can be beneficial to those looking for easy access to their precious metals; however, doing so may prove costly and time consuming – often necessitating buying a safe or subscribing to home security service as well as purchasing dehumidifiers and desiccants to ensure optimal conditions are created for storing gold at home.
At home, bullion should not be handled or touched too often as this can cause damage and tarnishing. Plastic/PVC containers and bags release acidic gases which corrode bullion while plastic can release acids that damage it further.
Investors who prefer not storing their gold themselves at home may benefit from professional gold services that offer secure vault storage – they provide increased levels of protection, easy accessibility and full ownership rights compared to bank safety deposit boxes.
Bullion
Experts generally advise against keeping bullion at home because it can be difficult to protect it from thieves, fire, and flooding; additionally, most homeowner insurance policies don’t cover bullion.
If you plan to store bullion at home, it is advisable to do so in an inconspicuous place and wash your hands before handling coins or bars to reduce corrosive oils from damaging its surface.
Silver stored at a bank may be tempting, but this option should be approached with caution due to various risks. First of all, most banks aren’t covered by FDIC insurance, and second deposit boxes could become targets of theft and other crimes. Finally, large boxes may exceed most safe deposit box capacities.