How Much Gold and Silver Should I Keep at Home?
At home, security should always be the top priority when storing bullion. Although gold doesn’t take up much space, you need a reliable safe to protect it from theft and other potential threats (like tarnishing).
Experts advise keeping your bullion stored at different locations to reduce the risk of natural disaster or theft destroying all your wealth at once.
How much do you need?
Gold and silver offer true asset diversification without depending on other markets such as stocks or bonds for performance. In a world characterized by increased uncertainty, it would be prudent to incorporate these precious metals into your portfolio for added protection against market fluctuations.
Gold and silver should be stored as emergency reserves to help secure your standard of living during an economic downturn. This usually amounts to 14 ounces if your income needs supplementing for two years or 90 ounces if the crisis lasts four.
As each individual needs vary greatly, your ideal number will also depend on individual circumstances. Furthermore, consider storage options as buying precious metals isn’t cheap. When selecting a store with which you plan to do business it’s essential that they provide transparent information regarding fees and costs associated with storage fees and costs.
Do you have a plan?
Before purchasing precious metals, it’s essential that you plan for their storage. Gold and silver take up physical space so they must be stored somewhere that is both secure yet easily accessible.
Many experts advise keeping some of your bullion at home. Doing so can be more convenient than visiting banks or depository accounts and gives you direct control of your assets; something which could potentially save both time and money in an emergency.
Storage of gold at home can be dangerous; criminals are quick to spot stashes hidden away in attics or under floorboards and it’s essential that it is well hidden. Furthermore, make sure your insurance covers its value as this could protect it further from loss.
Do you have a safe?
Professional depository or banks offer you the additional benefit of constant security for your gold and silver. Their facilities are monitored 24/7 with surveillance systems in place, plus your bullion may even be covered by insurance, which might not always be an option when keeping assets at home.
One drawback of keeping precious metals at home is their susceptibility to theft if they can’t remain hidden from prying eyes. Furthermore, handling your own precious metals may cause them to tarnish over time so proper storage solutions must be available for them.
One way to minimize risk in your home is hiring armed security services – although costly, this service will provide peace of mind that your investments are safe from harm.
Do you have insurance?
If you intend on keeping gold and silver at home, make sure it is properly stored. Tell only trusted confidants where it’s located so as to reduce accidental disclosure as well as limit who knows about its ownership.
Other options for storing gold and silver at home include burying it on your property or hiding it in secret locations, however these methods are less secure as it makes them hard to access when necessary, leaving your valuables vulnerable to theft, robbery, or natural disasters.
Gold and silver can also be stored in bank safe deposit boxes; however, experts do not advise this option due to not being protected by FDIC insurance and having limited accessibility.
Do you have storage options?
Home storage options that are best for protecting gold and silver include safes and vaults of high-quality quality, however you could also opt for bank safe deposit boxes which do not provide FDIC insurance on their contents. It would be wiser if only a select few individuals were aware of where you kept your precious metals stored.
Burying bullion may not be the most practical choice and could expose it to flood and earthquake damage. An alternative option would be using a third-party professional storage service which offers insurance coverage as well as expertise in handling precious metals storage.
If you decide to store gold and silver at home, be sure to handle it with care and keep its location a secret. Also consider insuring it against theft, fire or natural disaster for extra peace of mind.
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