Storage at home involves additional costs due to needing a safe, security system and additional insurance policies to guard against theft and natural disaster – making the cost more prohibitive.
As much as possible, it is advised to keep the location of your storage spot confidential to avoid unwanted attention or potential robbery.
Security
Storing gold bars and coins at home may pose serious space and security issues, so investors should carefully assess these risks prior to storing their precious metals at home.
Storing gold at home requires you to keep it well concealed from others – this may prove challenging if you have children in the household. Furthermore, it would be wise to limit who knows about your bullion holdings as soon as word gets out it can increase your risk of theft or robbery by criminals.
As home storage of gold can tarnish over time, its resale value decreases. To avoid this risk, it should be placed in an airtight safe or protected by tubes or cases. However, keeping precious metals at home may increase storage costs should you require extra insurance and could offset any gains from purchasing gold.
Insurance
Home storage may be suitable for small amounts of bullion investments, but for investors holding larger quantities it is crucial they store it away from the house as much as possible; safes are an ideal solution here; just keep in mind that even these high-security containers may still fall victim to natural disasters like floods, tornadoes and earthquakes which could threaten to wipe out their wealth in an instant.
Storing gold at home also opens you up to privacy risks. Once word gets out that you store bullion at your residence, anyone could share that information freely with anyone they choose – meaning if something tragic were to occur and you became incapacitated or died unexpectedly, these individuals could gain access to your assets.
Professional storage may cost more, but its worth it for peace of mind and increased security. Reach out to your gold dealer now to inquire about specialized vaults or storage offers in their area.
Liquidity
Gold owners typically take great pains to conceal their bullion at home, from placing coins inside fake books on shelves to planting bars in drywall studs. While such measures may reduce theft risk, they also make bullion less accessible and might not protect investments during natural disasters.
Shared knowledge of home-stored precious metals increases the risks of theft and fraud, and may reduce opportunities to sell quickly should prices surge rapidly.
Many investors turn to bank vaults or third party storage options for additional security and convenience, but these solutions can often be costly and take time to access, not allowing onsite audits. GOLD AVENUE provides safe bullion storage that’s more convenient with free insurance and instant resale at any price – eliminating additional fees or hidden costs as a result.
Taxes
Home gold storage comes at additional costs: buying a safe and taking out insurance coverage are necessary, while they must also avoid disclosing their investments via social media or any other medium as this may alert thieves of their precious metals stash.
Some gold investors opt to store their bullion behind electric radiators or large appliances in their home, while others might use old furniture or bury it in their garden as a form of storage. It is important to remember that such methods of storage could be vulnerable in times of natural disasters.
Professional depository services provide many advantages to those investing in physical gold and silver bullion, including security, accessibility and liquidity. Buyers should keep in mind that storage fees add up over time and may eat into returns on investments. Also note that private companies that manage depository accounts may not be federally insured.
