How Do You Store Gold at Home?
Home storage of gold is an increasingly popular trend among investors. Unfortunately, however, it comes with its own set of challenges related to space and security concerns.
One of the main challenges associated with bullion investment is keeping its whereabouts secret, particularly among family and friends. If possible, try not to tell anyone where your bullion stash resides – including yourself!
Invest in a Safe
When investing in gold bullion or jewelry, it is vital to secure its storage effectively. Home storage may be tempting but consider investing in a secure safe with accompanying insurance to safeguard against theft or damage to ensure that your investments remain safe.
Some individuals opt to store their bullion at a bank’s security deposit box, though this method can be more restrictive as you must visit during its opening hours and be insured by them alone. You also cannot gain quick access to it as quickly.
Storing gold at home can be challenging, as you must devote considerable effort into finding an appropriate hiding spot that won’t allow thieves access. A false ceiling could provide the ideal cover from which to hide gold.
Hiding Places
As the economy deteriorates and stories of gold theft become more frequent (such as one man who invested all his savings into silver, only to have it stolen for $1 million), many individuals are searching for ways to store their bullion safely at home. A common approach involves concealing it in places thieves would typically look, such as large flowerpots or non-functioning plumbing pipes.
Some savvy home storage investors have gone so far as to build an entire room into their house to hide their precious metals stash. If this option appeals to you, be sure that as few people know as possible about its existence so your investments don’t become targets of crime.
Other less obvious hidden storage solutions may include placing it within an immovable furniture piece or beneath a floorboard. Collectors have even taken to hiding their gold bars or coins in their garden by wrapping them securely before placing them among bushes or flowers in order to create an earthen burial.
Insurance
When it comes to home storage of gold bullion, it’s essential to understand its risks. Your precious bullion could be stolen, lost in a fire, damaged by flood, earthquake or any other natural disasters; depending on your risk tolerance you might consider paying a bank or private company for secure storage instead.
Some individuals also store their gold at home in safety deposit boxes; however, these are uninsured and can only be accessed during bank operating hours.
Storing gold at home has its advantages, including easy access to your investment. However, many homeowners insurance policies don’t cover bullion investments such as gold bullion. As such, special policies must be purchased in order to protect it and this can be expensive or time consuming; additionally, selling home-stored bars and coins when looking to cash out could prove challenging.
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