Where Should I Keep My Gold and Silver?
Some investors choose to store their bullion at home in a safe. Unfortunately, this option entails security risks that are usually not covered by homeowners insurance policies.
Other investors may opt to store their gold and silver bars in bank safe deposit boxes for extra security; this solution allows access during banking hours but may be time-limited.
Home
Many people opt to keep their gold bullion stored at home in a safe. While this allows easy access, this storage method does pose security risks; thieves know to look out for home safes. Therefore, only those closest to you and any trustworthy next of kin should know exactly where your precious metals are kept – recording its location in your will is also wise.
Bank safe deposit boxes offer additional security, though this limits accessibility and may not insure its contents. Some private storage companies provide insurance on bullion values; however, this can increase costs associated with storage. Alternatively, you could buy an add-on coverage rider for your homeowners policy that covers jewellery and gold coins separately.
Bank Safe Deposit Box
Some investors opt to store their precious metals at home because this offers both convenience and some attractive financial benefits, including lower storage costs.
However, there are risks to keep in mind. Home storage is usually less secure than depository or bank safe deposit boxes and standard homeowners policies often don’t cover gold and silver in full if stored at home; additionally, only you and a trusted next of kin should know where they are kept.
Care should also be taken to protect precious metals from moisture and excessive heat; placing them in an attic or beneath a bed, for instance, can expose them to moisture that causes dings and nicks that reduce value over time. A discreet location that makes it hard for intruders to find your treasure is recommended.
Professional Storage Facility
At times, professional storage facilities may be the ideal place for gold and silver bullion to be stored. While home safes can easily be accessed, professional facilities usually have restricted access and require appointments for retrieval of bullion from them. Furthermore, these locations tend to be located in secure countries that pose lower risks of political unrest or economic disaster.
However, keeping bullion at home poses risks. First of all, most standard homeowners’ policies won’t cover your precious metals if their value increases over time. Furthermore, only one confidante should know where your bullion is stored to reduce theft risk or natural disaster incidents and protect children who might tell their friends where you keep it causing problems in future years. Therefore, many investors opt for private vaults which usually come at a premium cost.
Third-Party Storage Facility
Home storage may not be ideal since many standard homeowners insurance providers do not cover gold and silver under their policies (you may require an expensive personal articles policy for such items). Furthermore, having your bullion stored at home puts it into the hands of many people whom you may not trust as much – your children, housemates, neighbors, work colleagues etc. If you decide to store gold and silver at home it’s wiser if as few people know as possible as this increases security. If storing at home becomes necessary then make sure that as few people know as possible and the sooner everything can go back into storage if required!
Bank safe deposit boxes may provide another solution for storing precious metals safely and reliably; however, access is only possible during banking hours and in times of war or crisis; banks also may close at unpredictable moments which would leave your precious metals exposed. Furthermore, you should consider that in a worst case scenario local government officials could confiscate it as well; choosing a high quality professional storage facility as your safe haven may provide greater peace of mind and protection of your precious metals.
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