The Best Way to Store Gold and Silver
Once they’ve purchased gold or silver, customers often face the challenge of how best to store it. While a home safe may seem like the perfect solution, it comes with its own set of issues including restricted access and not being insured against loss.
Other methods, like hiding bullion in an unattractive location or bank safety deposit box, present similar difficulties.
Home storage is an attractive solution for those who want to secure their gold coins and bars close by, either privately or with family knowledge. Some opt for traditional places such as the attic or under floor boards, while others take additional measures like hiring security to safeguard their investments; although such options can be more costly.
Home storage comes with some disadvantages, including less security than banks and an increased risk of fire or flood. Furthermore, most homeowners’ policies don’t cover gold and silver at their full value; therefore an addendum policy may be necessary.
Avoid touching or rubbing precious metals as this can degrade their value over time. PVC sleeves or flip files shouldn’t be used to store gold as these materials degrade when exposed to heat and light, releasing hydrochloric acid that damages coins.
Bank Safe Deposit Box
As gold is an investment worth keeping safe, how you store it will depend on your personal situation and comfort level when it comes to keeping precious metals at home.
Store gold at the bank is an increasingly popular storage solution. Banks typically offer safety deposit boxes at a nominal annual fee for this purpose, making this method convenient and easily accessible; many numismatists favor it over alternative storage solutions due to ease of accessing precious metal assets. Nonetheless, some may see it as less secure.
Another drawback of storing gold at a bank is that it could expose your assets to theft and natural disasters, especially if you live in an earthquake- or flood-prone region. Furthermore, some numismatists prefer alternative storage methods for their bullion.
Numerous numismatists take comfort in knowing their precious metal investments are easily accessible, but keeping gold at home or in a bank safe deposit box may not always be wise or practical–especially if you live in an unsafe neighborhood, or rent your property.
Good news is there are other options. Third-party storage services or depository are a great solution for those who prefer not to keep their silver bullion stored at home but would still like it easily accessible.
One drawback of self-storage facilities is their higher costs and limited accessibility – potentially making gold and silver difficult to access quickly in case of tax debts, court orders or potential financial crises that might force a bank holiday. Furthermore, these facilities tend to be more costly than bank safe deposit boxes or at-home storage options.
Burying Your Bullion
There have been countless stories of miners and prospectors burying their gold to protect it from thieves, but whether this approach remains feasible for 21st-century San Diego silver bullion collectors depends on several factors. First and foremost, diversifying storage locations helps ensure that one robbery or natural disaster won’t destroy your entire portfolio.
Finally, to protect your silver from tarnishing and corrosion it’s essential that it stays away from sulfur compounds which are found in fossil fuels, foods, rubber/latex products as well as many household chemicals.
Home storage, bank safe deposit boxes and third-party bullion storage programs are all viable solutions for storing precious metals. Which one is right for you will depend on several factors including how much bullion you own, security requirements and budget constraints – ultimately the ideal method will depend on which method best serves both yourself and your family.