How Much Gold and Silver Should I Keep at Home?
How much gold and silver you store at home is highly personal. Experts agree, however, that your precious metals should be stored safely – either within your own home or a secure vault that protects from theft.
Size
Gold and silver rings come in various designs and thicknesses; simple bands may weigh five to 10 grams while intricate designs with stones could exceed 20 grams.
when selecting an appropriate amount of gold and silver to own, it is important to take your personal preferences and circumstances into consideration. Some individuals prefer owning more gold than silver; whereas, others may prefer having less of both metals in their portfolio.
Another key question when considering where to store precious metals is whether a person’s home is an appropriate location. While home safes may provide convenient protection from natural disasters such as fires or floods, homeowners could find themselves facing difficult consequences should their gold be lost or stolen while being stored there – for these reasons it’s often best to opt for secure facility that can provide insurance against such risks instead. There are various options available for precious metals storage.
Weight
If you purchase gold and silver to protect your savings against financial turmoil, they must be easily accessible at any given moment. While storing them in a sock drawer or cookie jar might provide temporary solutions in an emergency situation, such methods do not provide peace of mind when it comes to precious metals investments.
Precious metals depository storage offers more secure solutions, especially for larger items. Depositories typically offer private vaults with round-the-clock security and independent audits as well as theft and natural disaster insurance policies to provide further peace of mind.
Home storage options such as a safe or locked attic are great ways to protect coins and bars; however, standard homeowners’ policies typically don’t cover their full value if something happens that necessitates replacing precious metals stored at home; in this instance, an extra premium may need to be paid; something you wouldn’t need to worry about with depository or bank storage options.
Purity
How much gold and silver to hold is difficult to answer as each person’s financial goals differ, yet investing a portion of your portfolio in precious metals provides diversification benefits as well as security against sudden market movements.
At the same time, it’s also essential to remember that your bullion must be safely stored. Home storage may work, provided no one knows about its existence – however ideally only one trusted confidant should know and it should be housed within an effective, high-grade safe.
Take some time to become acquainted with the language surrounding precious metals, including purity and fineness. Purity refers to how much gold an item contains while fineness refers to how much silver an item contains – for instance a gold item might have a purity rating of 92% while its silver equivalent might feature fineness 925.
Security
Purchase of precious metals provides not only an investment safety net but also provides insurance against financial and economic disaster. As with life or fire policies, it would be wise to store gold away from home in an unattended safe.
If you store bullion at home, it is critical that more than just yourself has access to its storage area. While stowing valuables away in a garage or burying them beneath a garden may seem like a good plan at first, an organized criminal will quickly find what they’re after regardless of how well-hidden it may seem.
Not to forget, precious metals are less liquid than many other investments; should you require quick cashing-in of your metals on short notice, most banks or precious metals depository facilities will likely require up to several days for completion of transactions.
Categorised in: Blog