Proper storage of gold investments provides protection from damage or theft and helps preserve their long-term value, as well as providing easy access should you need to sell or redeem them later on.
Safety deposit boxes may seem convenient, but their limitations include only being accessible during bank opening hours and being prohibitively costly without providing insurance protection.
Home Storage
Home storage can be an economical and timesaving way to protect gold investments, offering fast access. But home storage comes with risks; theft may gain entry or it could even be damaged in an earthquake.
Many gold owners seek to ensure their bullion is stored securely by concealing it behind a false wall or under the floorboards, but it’s essential that at least one trusted confidant know where your gold is hidden so if something happens to you or someone in your family that needs access it can retrieve and deliver it accordingly.
Professional gold storage facilities typically boast advanced security measures, including 24/7 surveillance and armed guards, weatherproof construction and temperature-controlled environments to protect investments from damage or theft. Some offer insurance policies against loss or theft as an added layer of protection; they may even serve as the home base for managing self-directed Gold IRAs – just be mindful that compliance regulations may still apply!
Bank Safe Deposit Box
An attractive solution for investors who value quick access to their gold is storing it in a bank safe deposit box, which is relatively cost-effective compared with professional vault storage fees and requires less individual protection efforts (as the bank provides security).
Accessing bullion may be more challenging because you must do so during banking hours and must procure separate insurance to protect it.
Choose a depository with transparent record-keeping and regular audits if you plan to withdraw or sell your gold, and opt for non-bank depository as banks often engage in risky trading and lending practices that could compromise their balance sheets, leading to financial insolvency or bail-ins.
Depository Storage
Depository storage can be an attractive solution for investors who prefer keeping their gold investments away from home but still having easy access. Bullion dealers typically offer depository storage at their facilities with security measures in place including vaults and staff vetted to prevent theft as well as insurance policies in case of natural disasters or other catastrophes that might compromise stored bullion.
Investors should make sure their dealer offers segregated storage, in which their bullion bars are kept apart from those belonging to other investors. Unallocated storage could put bullion investments at risk in case of bankruptcy or liquidation of the dealer.
Final consideration should include how easy it will be for you to access your bullion during times of financial or other emergencies. Many safe deposit boxes require advance notice in order to gain entry and banks may even close or lock their vaults at certain times of year, making accessing bullion difficult or impossible altogether.
Offshore Storage
Many countries around the world provide highly secure offshore storage options for precious metals. But not all are equal: Some offer vaults worthy of James Bond movies while others may charge higher storage fees or provide inferior security measures.
Store gold at home can pose serious security risks if you have a family. Only one person knows where and how to access your bullion when stored at home, which creates a major security risk in case of your death or incapacitation; no-one can gain access to their gold reserves.
Professional storage facilities feature regular independent third-party audits and multi-redundant security systems to safeguard against theft or loss. Furthermore, some offer convenient delivery/shipment services while some even allow you to post your metal as collateral and borrow against it, thus avoiding taxes/fees associated with selling precious metals outright or partially.
