Where is the Safest Place to Store Gold Coins?
Home storage of coins or bullion may be an appealing solution for some individuals, however this requires having access to a secure safe. Furthermore, only trusted confidantes should know where this bullion resides.
Some individuals opt to store their gold in a bank safe deposit box for greater security; this option, however, does not insure against loss.
If you prefer keeping your bullion, rare coins and other valuables at home, there are various security measures you can take. A great place to begin would be investing in a top-quality safe or vault and choosing an inconspicuous spot in which to store it. As additional protection, installing alarms or monitoring systems might provide added peace of mind; additionally you could hire services offering full or occasional armed protection around where your precious metals are kept.
But keep in mind that at-home storage may expose your gold to natural disasters like fires and floods, burglaries or home invasions that lead to theft of coins, as well as most homeowner and renter insurance policies which don’t cover gold coin losses. Thus, home storage is generally best reserved for smaller quantities of bullion; larger amounts should be stored safely at a bank or similar facility.
Bank Safe Deposit Box
Bank safe deposit boxes offer customers an easy and inexpensive way to store their gold bullion. While this method provides convenient access, there are two key risks with it that should be considered: firstly, it doesn’t offer coverage from insurance and secondly the security at these facilities is often not as tight.
Other customers opt for home storage of their precious metals. Common methods of home storage for precious metals include hiding them in cookie jars or even burying them on their property – though this storage method is costly and exposes precious metals to fire or flood risk.
Other means for discreet storage include purchasing security boxes with tamper-proof seals that can easily be locked up, or baking gold into bread and placing it into the freezer.
When keeping gold and silver at home, be sure to invest in a top-of-the-line safe. UL rated safes with thick steel construction, reliable locking mechanisms, and tamper-proof features are best. Once purchased, store the safe in an inconspicuous place such as an attic closet for maximum protection from potential intruders.
As most homeowners’ insurance policies don’t cover the value of home safes, professional storage facilities often provide insurance.
Private storage offers an ideal alternative to safe deposit boxes for those seeking anonymity and redundant security systems that will keep their bullion safe even during times of political or economic unrest or crises when banks close. Ideally backed by top-tier investment banks with strong industry standing.
Many investors choose home storage because it provides instant, 24-hour access and can often be cheaper than bank storage. However, keep in mind that burglars may target your home if there is bullion visible within your home.
Consider renting a safe deposit box from your local bank as another popular solution. Banks tend to provide more staff members who monitor the safety of your assets than your home does, though bear in mind that bank safe deposit boxes aren’t FDIC insured, meaning bullion should require separate coverage.
Some investors prefer private storage companies such as Delaware Depository Service Company (DDSC) and International Depository Services (IDS), both highly respected in their industries with multiple audits and reviews behind them, fully-insured facilities offering discreet storage options and being open during times of financial and social crises. SchiffGold recommends Delaware Depository Service Company (DDSC) and IDS as recommended storage providers.