Storage issues often come into play for those purchasing precious metals in coins and bars, especially during times of political or economic upheaval. Many investors stockpile gold to protect their portfolio.
One popular method is to store bullion at home. Some individuals take such measures as burying it while others opt for investing in a home safe that offers protection from theft and fire.
1. Safe Deposit Boxes at the Bank
Customers purchasing gold and silver must make a critical decision: how to store their precious metal investments. Some may opt to bury or stash their investments somewhere unsafe; most prefer safe storage in an FDIC-insured bank or SecurePlus accredited vault.
Safety deposit boxes at banks are an attractive investment option for many investors due to their affordable rental costs (usually $50 to $200 annually) and substantial security benefits. Unfortunately, banks do not insure the contents of safe deposit boxes so any theft from one is your sole responsibility.
Bank vaults may only be accessible during bank hours and could be exposed to extreme temperatures. When storing precious metals at home, homeowners’ policies may not cover them – so be wary if deciding to store bullion there yourself as this could make accessing it more likely for potential visitors. Invest in a high-quality waterproof and fireproof safe if deciding to do this; discuss it only when necessary as this could make accessing it more likely than expected.
2. At-Home Storage
People looking to store precious metals close at hand often purchase safes for home storage, however this method could expose the precious metals to theft as well as environmental conditions that could compromise them, such as excessive heat or humidity levels that could wreak havoc with them.
Stored at home, valuables may become vulnerable to theft or being found by accident by other individuals who might stumble across them. Furthermore, some homeowners insurance providers do not cover precious metals stored at home.
Some customers opt for unconventional methods to store their bullion at home, like placing gold in a fish tank or baking their bars into bread. Although these approaches have their charms, they lack the security and accessibility that most investors require for their hard-earned investments. Furthermore, such measures could prove risky during a financial crisis as governments could seize private assets or impose extreme taxes – to mitigate this potential danger, investors would do well storing assets with non-bank storage providers like GoldCore that provide specialist vault storage services.
3. Third-Party Storage
Holding precious metals at a depository or bank provides top-of-the-line protection, and some individuals prefer this method over keeping their precious metals at home. But before making this choice, be sure to conduct extensive research on its partners and safety measures.
Some depositories, like Texas Precious Metals Depository, offer private vaults, armed security guards, and around-the-clock surveillance to meet clients’ bullion storage needs. Furthermore, they insure their inventory against theft or natural disaster.
If you choose this option for storing precious metals, be sure to notify only a select few about its location (it is best to be safe than sorry!). Additionally, consider investing in a homeowners policy that covers both gold and silver as an asset class.
No matter why you purchase bullion–whether for pleasure, investment purposes or to help protect your family in times of troubled finances–stashing it correctly is an integral component of the process. With careful management of precious metal storage solutions at your fingertips when needed.
4. Safes
Safes provide a cost-effective and safe method of storing precious metals at home, but beware that your homeowner’s policy might not cover these assets if lost; to protect them properly you may require extra coverage to safeguard them.
If you plan on installing a safe at home, be sure to do it in an out-of-the-way spot where it won’t be easily accessible. Avoid disclosing their existence on social media as stories of homeowners being robbed for gold and silver are unfortunately common and could put both you and your family at risk. Alternatively, try hiding them somewhere discreet at home such as behind radiators or beneath beds; just ensure they’re deep enough underground that metal detectors won’t pick them up; to be on the safe side it would also be wise to plant something over their hiding spots should you forget where they were!
