What is the Best Way to Store Gold and Silver?
After purchasing precious metals, customers are frequently faced with the difficult decision of where and how to store their investment. Home storage provides convenient access but may become an easy target for thieves.
As part of protecting wealth through gold and silver ownership, it is wise to inform at least one trusted person where your bullion is stored in case of illness, accident or death. Failing to do this would undermine its purpose – safeguarding wealth through investing.
Safe Deposit Boxes
Gold and silver have long been recognized as academically sound investments that provide a secure haven. But their optimal storage methods depend on each investor’s specific situation and storage needs; no single solution works perfectly in all instances.
Home storage of metals can be the least costly solution; just place them in a home safe or somewhere that few know about. However, this leaves your assets vulnerable to theft, fire and natural disaster risks.
Another option for storing precious metals is placing them in a safety deposit box at a bank or private company that offers storage services, although this can be more costly and restricts access during bank business hours only; additionally, insurance may not always be offered with this method of storage.
Home Safes
If you prefer keeping gold bullion and coins at home, it is essential that you understand the risks. Protecting these valuable possessions against theft as well as insuring against damage and fire can be tricky business; so be mindful when keeping precious metals stored away at home.
Many investors employ decoy storage methods, such as placing their gold into fake cookie jars or books with cutout pages. Although these strategies can be effective, for maximum protection it is wise to store three layers deep so a potential burglar would have difficulty in locating your metals.
If you plan to store gold at home, it is a wise move to diversify your holdings by holding both bullion and collectible coins of different sizes – this will reduce theft risk while making it simpler if necessary for you to sell your precious metals on.
Jewelry Boxes
Jewelry boxes can be an ideal way to keep your collection neatly stored away and prevent items from getting misplaced or mismatched. When selecting one for yourself, be sure that there’s enough storage capacity to meet your individual collection – for instance if your collection focuses heavily on rings then ensure it includes separate compartments for every type of piece in its storage capacity.
Jewelry boxes should also feature soft linings free of lint that could scratch gold jewelry. To test if the lining meets this ideal standard, open and touch it before purchasing the box. Solomon advises arranging jewelry based on frequency; placing frequently worn items near the top of your box to remind yourself to wear them more often and lower risk of tarnishing or damage over time.
Safety Deposit Boxes
Home storage of precious metals is often the least costly solution, making this an appealing option for customers with smaller portfolios who desire peace of mind knowing their metals are secure and protected from potential theft.
Customers using this storage method have immediate access to their metals without paying a storage fee, though customers should keep in mind the risks posed by theft or damage and regular handling may be necessary for larger portfolios. Homeowners insurance typically only covers up to certain value of investable bullion so additional coverage may need to be obtained for larger portfolios.
Some customers opt for more discreet ways of storing their gold and silver, such as fake cookie jars or books with cutout pages. Although this provides some measure of protection from burglary, this also makes it easier for thieves to locate them and moisture can cause corrosion (although not with gold). It can also make it harder to remember exactly where your precious metals were stored.
Depository or Third-Party Storage
For those without the resources or space necessary to store large stacks of metals at home, other storage solutions exist – although these will cost more money, time and effort in terms of purchasing protective equipment such as dehumidifiers or desiccants.
Keeping them at your bank requires taking into account limited access hours and security measures, which could require advance notice – which would not be ideal in an emergency situation.
An outside storage facility provides the optimal combination of security and cost efficiency, specialising in precious metal storage with features such as blast doors, 24-hour surveillance, metal detectors, biometric scanning technology and easy accessibility.
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