Where Should I Keep My Gold and Silver?
Many investors in precious metals opt to store some of their bullion at home while others use professional storage facilities for all or some of it.
Home storage offers peace of mind, but can be costly and insecure. Furthermore, most standard homeowners insurance policies don’t fully cover precious metals.
At Home
Some gold investors opt to store their bullion at home rather than bank or 3rd-party storage facilities, for a number of advantages including easily accessing their investment when necessary and being able to store other precious metals such as silver alongside their gold bullion.
Keep in mind, however, that home storage poses additional risks. Make sure that you secure your possessions with appropriate insurance, and consider installing motion detectors around your house to detect any suspicious activities.
Many investors use home security boxes with tamper-proof seals to deter thieves from accessing their valuables. Other creative methods for hiding gold include filling large flower pots with fake stones for extra concealment. Finding an area which will remain out of sight from thieves is key when hiding gold at home.
In Your Bank’s Safety Deposit Box
Bank safety deposit boxes offer one obvious choice for storing precious metals. While this method is secure, there may be certain drawbacks:
When using this approach to storage, it is best to inform as few people as possible of its existence and location in order to protect it from prying eyes and potential thieves. Furthermore, safe deposit boxes may not be suitable if you require accessing assets quickly in an emergency.
Banks do not specialize in protecting precious metals from damage, making specialized depository facilities such as DDSC and IDS, two privately-owned services specializing in physical precious metal storage, more suitable as a long-term option. Both have highly secure facilities that undergo regular audits. SchiffGold recommends depository services like these.
At a Depository
If you prefer keeping physical metals away from home, there are multiple storage solutions available to you. Most precious metals dealers can arrange secure depository facilities that specialize in housing bullion. Such facilities typically feature private vaults with armed security guards and round-the-clock surveillance as well as independent audits to assure they meet industry standards, and insurance against theft, natural disasters or any other risks.
Many investors opt to store their precious metals at banks’ safety deposit boxes. Although this option can be more cost effective than alternatives, it also comes with some significant downsides – not least of all being that gold stored this way is not protected by FDIC insurance and must only be accessible during normal business hours.
Floor safes provide a discreet and safe way of storing gold and silver, though they cannot be easily moved when you relocate; rather they require a home with strong foundation that can provide support.
In a Private Storage Facility
Many investors prefer storing gold bullion or silver coins at home because it gives them access to their precious metals more easily while eliminating third-party trust issues associated with banks or vault storage facilities. Unfortunately, however, home storage requires a secure safe or vault and extra insurance, plus it may be difficult to move large amounts without assistance.
Private storage facilities offer numerous advantages, such as advanced security measures and 24-hour surveillance, regular audits, expertise in handling precious metals and convenient solutions for larger amounts of bullion. SchiffGold provides its clients with options like DDSC and IDS which offer state-of-the-art facilities in Delaware, Zurich and Toronto respectively, at nominal fees – making these the safest choice.
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