Can You Keep Gold in a Bank Safe Deposit Box?
Many investors have questions about storing their gold investments. They want a safe, secure place to store it as well as an effortless method for liquidating when necessary.
Bank safe deposit boxes may provide adequate storage, but for rare and collectible coins or jewelry they don’t provide enough security or care. Private storage facilities and depository services specialize in offering these features with high levels of care and protection.
Safe deposit boxes are a convenient way to store gold
Home or bank safe deposit boxes provide the safest environment to store gold and silver. This method allows easy access, and works for bullion, rare collectable coins, and expensive jewellery – although you should keep valuables out of sight and inform as few people as possible about where you store them.
Utilizing a bank safe deposit box may seem convenient, but it comes with significant risks. Notably, no insurer covers its contents unless investors purchase individual policies; although such arrangements can be more expensive.
One solution for protecting precious metals is storing them with a reliable dealer who owns weatherproof vaults with excellent security features such as care and insurance coverage – making this service the perfect alternative to home storage or safe deposit boxes.
They are secure
At first glance, it may seem like a great idea to store physical gold at home, but this can prove problematic. Storing your precious metals at home requires investing in a safe, purchasing desiccants and dehumidifiers to protect the gold from moisture damage, subscribing to a security system and possibly purchasing additional insurance policies; plus the risk of theft is increased significantly if kept close by in an at-home vault.
Another potential risk associated with home storage of gold bullion is exposure to extreme conditions and temperatures, potentially diminishing its value due to damage. Furthermore, this method doesn’t make your investment liquid should you wish to sell it later on.
Gold bullion can also be stored safely by placing it in a vault designed specifically for this purpose, which typically come equipped with advanced security measures such as video cameras and alarm systems to provide optimal protection from natural disasters such as earthquakes and flooding.
They are insured
Some banks offer safe deposit boxes to their customers at various costs and locations. Check with your local branch for details; they should have information on box sizes and annual rental rates as well as space availability. Call ahead if necessary!
Safety deposit boxes can be rented either alone or jointly from banks, and each party will typically receive their own key from them. They can only be accessed during business hours and identification is usually required to gain entry. Later additions of co-lessors is possible by visiting them and providing ID.
Do keep in mind that items stored in a safe deposit box are not covered by the FDIC, which only insures bank accounts. To protect your items against loss or theft, consider getting a policy through a property insurance agency or adding a rider onto your homeowners or renters policy.
They are easy to access
Safe deposit boxes may provide quick access to gold in an emergency, but only during bank business hours. If an incident happens at midnight or beyond these times, then your valuables might never come out!
Storing gold at home is another popular method, but it should be kept in mind that keeping precious metals at home puts them at risk from theft, fires and other disasters; not all homeowners insurance policies cover lost gold either.
One secure way of storing gold is in a vault. Bullion storage companies provide high-end security features like armed security guards, private vaults, round-the-clock surveillance and independent auditing – ideal solutions for collectors or investors. However, such options can be costly.