Where Should I Keep My Gold and Silver?
At Gold Avenue, customer storage is of paramount importance when purchasing precious metals. While keeping gold bars and coins at home can be convenient and cost-effective, there may be risks involved with this method of storage.
Home storage of bullion requires an appropriate safe or vault, with as few people knowing about its existence as possible.
Home Safe
Many people choose to store their gold and silver at home in a safe or vault, which allows them to keep it easily accessible at all times. Unfortunately, it could lose some of its liquidity during an emergency situation.
Risk of theft should also be considered when setting up your business from home, so if this option is selected be sure to secure appropriate insurance policies that remain up-to-date and cover any such potential incidents.
Wherever you store your bullion, it is essential to consider who may know about its location. Limit the number of people with access to your storage location as this reduces the chance that they will divulge any details to others. Purchase a high-quality safe or vault with secure locking mechanisms and tamper-proof features; alternatively consider investing in security boxes with seals that can be locked with key for extra protection.
Bank Safe Deposit Box
Some gold and silver buyers opt to store their bullion at the bank in a safe deposit box for both convenience and security reasons. This storage option gives buyers immediate access to their bullion while segregating it from other assets stored within the vault. Unfortunately, this method requires visiting the bank every time you want access your box as well as being required by them to declare what contents lie within it.
Home safes or vaults are another viable solution, provided you are willing to spend money for quality safes, then find suitable locations that make it difficult for intruders to gain entry. Ideally, at least one other person should know where your gold and silver is kept so they can access it if an emergency arises or you become incapacitated.
Private Storage
As much as it is possible to store bullion physically at home, this option may be riskier than professional storage due to fire and theft protection needs and extra costs associated with handling and cleaning supplies.
Keep in mind that its utility as emergency financial insurance decreases rapidly if it takes two days or more to access. Therefore, make sure that someone close to you knows where the bullion can be found so they can access it if required.
Additionally, you should be wary of disclosing the location of your bullion on social media or to anyone else as doing so can alert robbers or other unwanted visitors to its presence. Finally, extra home insurance to cover precious metals will need to be purchased.
Depository or Third-Party Storage
Peace of mind when owning bullion can be priceless; therefore it’s vitally important that it is stored safely. Depository or third-party storage options like GoldCore vault providers offer secure storage services for investors who own significant holdings of precious metals – unlike bank safe deposit boxes which could leave your metal at risk due to chain-of-custody issues and potential confiscation threats associated with using private bank safe deposit boxes.
One drawback to this type of storage is its inaccessibility quickly, as you need to know where your assets are stored in order to access them quickly. Furthermore, keeping their location secret could be hazardous in case you become sick or incapacitated and can’t manage this task yourself.
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