No matter where your precious metals are stored – from an at-home safe or secret location like a bolted down decoy safe – its’ important that they’re secure. That means storing it somewhere nobody will accidentally stumble upon and not informing too many people at once about your stash.
Beyond home storage, there are various other solutions which offer different advantages and drawbacks.
Safe Deposit Boxes
Safe deposit boxes are the go-to choice for individuals looking to store precious metals safely and legally. Available for rent for a fee, they can be accessed during banking hours for access. Unfortunately, however, these safes aren’t insured by banks so may need an add-on coverage policy such as homeowners insurance to provide some form of coverage against loss.
One drawback of home safes is their ease of access; burglars with basic tools can gain entry within minutes.
Consider installing a floor safe as a low profile solution, built directly into the foundation of your house and enclosed in concrete for maximum security and discreteness. They’re very discreet yet costly compared to other options and cannot be moved from home to home without damaging their foundations.
Secure Vaults
There are various storage solutions for precious metals beyond a standard home safe. From hidden compartments in the floor to placing gold bars within walls, there is no shortage of creative ways to secure your bullion. Unfortunately, even these innovative approaches may come with potential drawbacks that require careful consideration before choosing them as safe keepers.
Once word is out about your at-home stash, thieves could target it as an attractive target. Therefore, it’s crucial that as much information remains concealed about its existence in order to reduce risk of targeted theft.
Storage your bullion internationally also provides greater asset protection, since any laws or executive orders that confiscate bullion would be much harder for authorities to enforce when held outside of the US. As such, we recommend choosing a non-bank specialist vault provider. They offer segregated storage ensuring your precious metals do not get traded, loaned out or made part of any bank’s overall investment account or platform’s overall account portfolio.
Home Storage
Home storage offers convenience to those who value instant access to precious metals at any moment; however, this approach also presents potential security vulnerabilities from burglary attacks and limited insurance coverage in case of natural disaster. Furthermore, individuals may lack the professional expertise required for safely storing their assets.
Home storage enthusiasts should invest in a strong, fireproof safe that can be securely bolted down and concealed from view. Furthermore, consider investing in home security systems as well as moisture control products or systems for climate regulation.
Finally, it is crucial to comprehend the tax ramifications associated with home storage of precious metals. Seeking professional guidance and understanding storage fees and insurance options can give individuals peace of mind while simultaneously optimizing investment returns. Self-insuring assets allows individuals to avoid third-party storage fees altogether.
Third-Party Storage
Many investors choose to store their precious metals at home due to its convenience and immediate access. Unfortunately, however, this method can be less secure than alternatives and may not be an appropriate solution in certain neighborhoods or housing situations.
By placing your bullion with a third-party storage company, the risk of confiscation by government agencies or civil forfeiture increases, while in the case of bankruptcy your metal will become part of its balance sheet and may lead to unfavorable tax implications.
When choosing to store precious metals at home, be sure to install motion sensors and a security system in the area where your gold is kept. Also purchase fake jewelry and cheap coins to deter thieves from targeting your gold stash. For large investments stored at home, hire full-time or as-needed armed protection to safeguard it all.
