How Do You Store Gold at Home?
Home storage offers investors easy access to their bullion investments. But it can also pose risks.
As soon as you decide to go the home route, it is essential that you remember to secure your valuables by purchasing homeowners insurance with precious metal coverage. Not all policies cover precious metals.
Safe
Home safes are an efficient method for at-home storage of bullion. Their added advantage lies in protecting its location – something vital when developing wealth strategies. Only one confidante should know where you store your gold to ensure proper protection during an unfortunate accident or death.
Some clients opt for bank storage in the form of safety deposit boxes or depository, which offers maximum protection. Unfortunately, however, access may only be possible during business hours.
Other investors become creative with their storage methods by strategically hiding bullion in locations they think burglars won’t likely search, such as an attic or under floor boards. Unfortunately this approach can be risky; should you forget where you put it or someone discovers your secret stash then the investment could be gone forever without coverage by traditional homeowner policies.
Vault
Many investors prefer storing gold at home rather than in banks or vaults for several reasons, including having more control of accessing their precious bullion as well as saving storage fees and insurance premiums.
Investment and storage of physical precious metals is one of the best ways to defend against inflation or economic crises, however it’s essential that a secure storage method be chosen.
Home storage of gold can be achieved through several means, but depository services provide the ideal option for larger amounts and those looking to avoid storage fees.
No matter what method you select for storage, it is imperative that your investment details remain private and safe from prying eyes such as children, domestic workers or plumbers. An easy way to do this is with a floor safe concealed between carpet and floorboards.
Security Boxes
Most homeowners opt to store their bullion at home in secure boxes that are both tamper-proof and sealable, ideal for keeping bullion bars, rare coins and expensive jewellery protected and out of sight from prying eyes. There is an array of sizes to suit individual requirements – and these containers tend to be much cheaper than safes or vaults!
Bank safe deposit boxes offer additional security, and can be accessed during banking hours for accessing. However, larger items might prove more costly and the bank does not insure them against theft or damage.
Storing gold at home requires an appropriate safe, home security system and insurance that covers precious metals – which may not be covered under standard homeowners policies. Furthermore, natural disasters could easily wipe out investments held at home; additionally, if someone knows you own gold bullion they could easily steal it away from you; keeping this information about your investment confidential is of utmost importance.
Other Options
Home storage of precious metals can be an appealing option for gold buyers as it saves on storage fees while offering easy physical access. But before making this investment decision, there are certain risks you should keep in mind before deciding on at-home storage as a method for your precious metals.
First and foremost, keeping bullion at home exposes your investment to theft. To safeguard it from thieves and to preserve its value for future investment purposes, select an unobtrusive hiding spot that won’t attract their attention – fake cookie jars or under-bed storage bins shouldn’t be your go-to solution; consider investing in a fireproof home safe instead or choosing another spot within your house where no one would easily discover your gold stash.
If you store gold at home, ensure to purchase a personal articles policy to protect it. Many homeowners’ policies only provide limited coverage for jewelry or valuables – extra coverage is often necessary – which is why GOLD AVENUE provides free storage with secure resale capabilities and instant reselling opportunities.
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