Where Should I Keep My Gold and Silver?
There are various options available to you for storing gold and silver. Some opt for home storage because it is convenient; however, this could pose risks.
Burglaries often target wealth when precious metal prices increase. Home storage does not offer the same chain-of-custody protection provided by banks and third party storage services.
One of the easiest and safest ways to store precious metals at home is in a secure safe or by burying it on your property, though this method can be risky as burglaries or home invasions could occur, as well as you losing track of where your bullion was hidden.
At-home storage requires investing in both a high-quality safe and additional insurance to cover their investments. They should also take precautions against gold’s malleability and silver’s tendency to tarnish by purchasing protective layers, cases or tubes in order to preserve its pristine condition.
Other investors opt for bank safe deposit boxes as an affordable and secure storage option for their bullion, yet it remains subject to government oversight and can suffer from risky lending practices which can compromise its balance sheet – factors which necessitate finding alternative storage solutions.
Bank Safe Deposit Box
Customers purchasing precious metals often question where they should store it. This decision can have far-reaching ramifications as its impact will impact how easily and quickly bullion can be accessed in times of emergency.
One option for protecting gold and silver at home is purchasing and installing a safe in an inconspicuous area of your house. While this method tends to be the least costly, theft or loss could still occur; plus it limits access and requires keeping quiet about owning such valuable assets at home.
Another option for secure storage of bullion is bank safe deposit boxes, though these are only accessible during regular business hours and they do not cover losses like cash deposits would. Furthermore, in times of national emergencies it may be hard to gain access to bullion; SchiffGold works with private storage providers such as Delaware Depository Service Company (DDSC) and International Depository Services Company (IDS) who offer safe, insured bullion storage options that offer guaranteed access.
Allocated Storage allows investors to secure specific amounts of metal that will represent them without taking delivery of actual bars and coins. It’s ideal for investors who wish to have representation without taking delivery themselves.
Gold stored at home or in a bank safe deposit box may seem protected, but that may not always be true – many homeowners insurance policies specifically exclude precious metals or have low caps on coverage.
Renting a private bullion depository is one option for storing large holdings of silver and other metals; however, this can become costly with large holdings. Kinesis provides allocated physical gold and silver bullion storage at a fraction of the cost – our secure network is located all around the globe with secure insured facilities offering safe storage solutions – click here for more details on this. Please be aware that in order for an IRA-eligible bullion investment to remain eligible, it must only be stored within an IRS-approved facility/trustee not at home or bank safe deposits.
Third Party Storage
As precious metals require careful storage to remain safe and accessible, it is typically not advised that large amounts of gold or silver be stored at home.
Home storage presents additional risks. Aside from theft, additional measures need to be put in place such as an expensive safe or even insurance that protects against break-in. Furthermore, having limited bank opening hours means accessing coins or bars could prove challenging when necessary.
Third party storage allows you to put your bullion in the hands of professionals whose sole job is protecting it from theft and loss. Many Euro Pacific customers opt for third-party storage facilities in Switzerland as this historically stable country offers full allocated storage where each ounce deposited at their facility remains physically present – an invaluable advantage for investors concerned about political unrest in their home nation.