Can I Store Gold and Silver at Home?
Gold and silver investments offer an effective defense against inflation and political uncertainty; however, their safety depends on you alone.
While many investors opt to store their bullion at home, there are certain precautions they should take prior to doing so. First and foremost is investing in a secure safe that makes access difficult for burglars. Moreover, you will require finding an adequate hiding spot that offers minimal access for thieves.
Safe Deposit Boxes at the Bank
Many collectors and investors of precious metals prefer storing their assets at home rather than at banks. Popular methods include burying coins and bars in their backyard, squirreling them away in an attic, or mixing them among lesser valued items such as electronics or tools.
While at-home storage options can be convenient and inexpensive, they also pose significant risks. Notably, at-home storage spaces may not offer as much security than those provided by banks and reputable private companies.
Even though some standard homeowners’ policies cover the value of gold and silver stored at home, their coverage tends to have low limits. If you decide to store your precious metals at home, make sure only trusted family members know where it’s kept; choose an inaccessible spot in your house that burglars cannot easily gain entry. Furthermore, invest in an appropriate safe or vault for each precious metal you possess for maximum protection.
Safes or Vaults
Safes or vaults provide an ideal way of protecting large amounts of gold and silver at home, with their array of locking mechanisms providing maximum protection. Furthermore, most are built into floors or walls making removal or access more challenging.
Gold and silver investments can be expensive, so investing in a high-quality safe or vault is essential to protecting them. Unfortunately, many standard homeowner insurance policies don’t cover such precious metals; however, you may be able to purchase a special “scheduled personal property” endorsement specifically designed to cover them.
At home, it’s wise to inform as few people as possible about your bullion storage, since too much knowledge could lead to gossip or thieves finding it. Burying is also not advised; doing so may damage or wet out the metal; instead consider finding an alternative hiding spot such as a drawer or closet and considering the length of time it would take someone to find them!
Safe deposit boxes at banks are an increasingly popular choice for storing precious metals, offering convenient access during normal bank business hours and being insured against loss, but can also pose risks during natural disasters or bank holidays when their doors may close to prevent accessing your precious metals.
Another option for protecting bullion is a floor safe. These devices are very discrete, as they’re virtually impossible to move without damaging the foundation of your home, yet are expensive enough that adequate insurance should be purchased on each bullion item stored within it.
Insurance of silver at home can be costly and most homeowners’ policies do not provide coverage for high-value items like gold bullion. While certain insurers provide separate policies covering personal articles, this may not provide sufficient coverage in case of loss. Avoid telling others about your bullion storage as this could attract unwanted attention and put your assets at risk.
Burying Your Bullion
DIY storage methods offer numerous ways to secure precious metals at home. From hiding coins behind speakers to burying them in the backyard, there are endless ways you can be innovative when it comes to protecting them.
At home storage is risky; theft is always possible and homeowners insurance may not fully cover your metals if their value increases over time.
If you decide to bury your metals, make sure they are placed in an airtight, waterproof container that is resistant to erosion. Furthermore, consider placing decoy valuables above your bullion as decoys to deceive thieves using metal detectors and deep enough so as to avoid changes in terrain as well as being protected from floods or natural disasters.
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