Where Should I Keep My Gold and Silver?

Where should I keep my gold and silver

Many investors who have invested in gold or silver are uncertain where they should store it, with some considering burying their bullion on their property, while others opt for cheaper and discreet storage methods such as hidden compartments in the floor.

Others opt for private depository storage facilities, which tend to be less costly and provide 24-hour access. But security and insurance must always be considered before choosing any storage method.

Safe Deposit Box at Your Bank

Banks and credit unions typically rent safe deposit boxes with dual-key systems that only permit access during bank business hours. Box holders cannot gain entry at other times.

An original birth certificate, property deed and car title are essential documents that need to be safely kept, along with precious metal coins, jewelry and valuable collections like family keepsakes or irreplaceable photos. A financial institution will determine its safe deposit policy regarding what items can be stored inside and if liability insurance will cover theft or fire hazard claims in case they happen.

Keep a list of the contents of your safe deposit box in another location, such as an electronic file or notebook, to provide your heirs with information should an item become lost and file a claim with their insurance provider. Also consider adding personal articles floater coverage for your homeowners or rental policy to cover them as well.

Depository or Third-Party Storage

Many of our customers prefer using an independent depository or service that offers secure storage of bullion. This enables them to save themselves the hassle of keeping track of precious metals themselves and focus on other aspects of their financial portfolios.

Depositories offer secure storage facilities with stringent security protocols and auditing procedures to keep your investments safe. They often offer lower storage fees than banks; however, you will sacrifice some privacy as your precious metals will be stored alongside those belonging to other investors under an allocated or segregated storage model.

Storing bullion at home is simple, convenient, and cost-effective – however there can be risks involved. Intruders could gain entry to your home through any window or doorway, and items could become misplaced during their transport or storage. Furthermore, many homeowner insurance policies do not cover contents stored in a safe. Some creative people even bake gold into bread loaves for extra security or hide it inside fish tanks to hide their gold and silver bullion at home.

Raymond Banks Administrator
Raymond Banks is a published author in the commodity world. He has written extensively about gold and silver investments, and his work has been featured in some of the most respected financial journals in the industry. Raymond\\\'s expertise in the commodities market is highly sought-after, and he regularly delivers presentations on behalf of various investment firms. He is also a regular guest on financial news programmes, where he offers his expert insights into the latest commodity trends.

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