What is the Best Way to Store Gold and Silver?
Gold and silver should be stored safely in an accessible home safe or other secure area on your property that’s hidden from view so as to deter potential burglars from breaking in. By keeping its location hidden, burglars won’t be lured in by tempting offers to break-in and steal valuables from you.
Customers sometimes prefer bank storage facilities for their bullion storage needs, which provides additional benefits like top level security and being accessible during business hours.
1. Secure Storage
Based on your short and long-term investment goals, keeping some bullion at home could be beneficial. But this approach comes with its own risks; for one thing it can be hard to keep hidden precious metals secure from family members at home and humidity control can also prove challenging.
Depository storage firms like DDSC and IDS of Delaware may provide secure vaults with 24-hour access and full ownership for precious metals stored there, in addition to independent audits, insurance policies and 24/7 access. Although such arrangements come at an extra cost; as standard homeowners’ policies often don’t cover contents stored in safe deposit boxes.
2. Airtight Containers
Many of our customers frequently inquire as to the optimal way of storing bullion. It is an essential question as precious metals represent significant financial investments.
Home safes may seem like the obvious solution when it comes to protecting valuables at home, yet they may also present risks when it comes to theft and burglary. For example, if a burglar enters your house and finds gold bars stored in a home safe they could potentially consider it as an easy target.
Safe deposit boxes can also be an effective means of storage; however, you should keep in mind that access may only be possible during bank hours; not ideal if an emergency arises that requires accessing your bullion immediately.
3. Fireproof Containers
No one-size-fits-all method exists for storing bullion. But there are certain techniques which provide better storage solutions than others.
Home storage of bullion is ideal for smaller quantities; however, larger volumes could be at risk in an earthquake or natural disaster. Gold and silver stored at home isn’t protected against fires, floods, tornadoes or earthquakes that could destroy it regardless of how secure its safe or secret hiding spot may be.
However, homeowners’ insurance typically does not cover the value of precious metals stored at home unless specifically purchased as “personal articles.” Furthermore, disclosing too many details about where your gold is stored increases the risk that someone could steal it, thus nullifying any purpose to store it at home in the first place.
4. Coin Flips
Precious metals have long been recognized as academically and historically sound investments, yet only when stored securely can they provide that protection. While there are multiple options for storing bullion safely, finding an optimal solution ultimately depends on each collector’s unique situation and comfort level.
Some investors choose to store their precious metals in a depository, bank safety deposit box, or at-home safe; others opt for private storage companies instead, with more flexibility but additional risks and limitations than depository or bank safe deposit box options – most notably possible theft and fire risk for privately-owned vaults compared with government facilities.
Many individuals choose to store their gold and silver at home as it can be less costly than professional storage services, though there may be risks related to burglary or robbery as well as difficulty keeping track of it all.
Silver, like bronze, can become easily damaged by water or heat damage. By adding dehumidifier packs to your storage containers you can help regulate humidity and ensure tarnish free silver pieces!
If you do decide to store precious metals at home, be sure to do it safely and discreetly. Consider hiding your valuables behind fake cookie jars, books with holes carved out for them or even an indoor floor safe as potential hiding places and tell as few people as possible where your valuables can be found.