How Do You Store Gold at Home?
No matter the type of precious metals you own – be it bullion, coins or both – storing them at home is an economical and secure solution, yet requires careful thought and planning to achieve its fullest potential.
As is often the case, homeowners’ policies do not cover jewelry and valuables stored at home; furthermore, such storage makes it hard to quickly sell precious metals should their prices spike quickly.
Invest in a Safe or Vault
When it comes to protecting gold at home, investing in a safe or vault is the optimal method. These options provide high levels of security with features like fire protection and insurance against theft or damage.
Suitable for customers with smaller to medium sized collections of precious metals, this storage method allows them to securely conceal their bullion stash somewhere on or near their property and easily access it when required.
A key disadvantage of using this form of storage is if word of your plan gets out, it could make your house vulnerable to thieves. Most homeowners policies don’t cover jewelry and valuables so, if this route is taken, it is highly advisable to purchase extra insurance to protect your investment and inform at least one confidant about it, should something happen that might require their help in retrieving bullion from storage.
Many people choose to store some of their bullion at home as it can be more cost-effective and accessible than bank storage, yet if this is the case for you it’s essential that your precious metals are safely protected against economic or political turmoil or disruptions.
Storing precious metals at home in a safe or vault can provide the highest level of security, however additional measures such as alarms and motion sensors can further protect them against theft. Arming security services might also offer this extra level of protection but this option can prove costly.
An alternative way of protecting precious metals at home is purchasing a security box. These containers are intended to be secure against entry, and can be fastened directly onto walls or floors of your home for secure storage. They provide similar levels of protection as a traditional safe while offering more.
Bank Safety Deposit Boxes
Many investors in gold opt to store it at home. To do this effectively requires purchasing equipment like safes and desiccants to reduce humidity levels as well as taking additional measures to safeguard it from potential burglars.
Bank safe deposit boxes offer another viable solution, although items placed inside will not be covered by FDIC insurance and access may only be available during bank hours.
Home storage of gold bars or coins may also be an option; just make sure it’s secure with high-quality safes. Keep in mind, however, that most homeowners’ insurance policies don’t cover jewelry or valuables, necessitating additional payments for a personal articles policy. Furthermore, their weight makes transport difficult.
Home storage of gold may be an efficient and secure method for some investors, yet it does carry some inherent risks. Home-stored gold doesn’t enjoy the same level of protection provided by banks and depository facilities – thus increasing its susceptibility to wear-and-tear damage and environmental factors as well as theft.
It is crucial if you decide to store gold at home that no one knows its exact location. Doing so puts it at risk from theft and can make selling at a fair price more challenging if more than one person knows where your gold is stored. Furthermore, many standard homeowners’ policies don’t cover precious metals so investing in a safe as well as additional insurance may provide peace of mind if storing your precious metals at home.
Categorised in: Blog