Where Should I Keep My Gold and Silver?

Physical gold and silver bullion investments provide peace of mind. But to remain secure, your precious bullion must be stored away safely.

As less people know where your bullion is stored, home storage may be safer. Below are a few other alternatives you should consider.

Home

When it comes to storing physical gold and silver bullion, your options for storage include keeping them at home or renting a safe deposit box at a bank. While storing precious metals at home may be cheaper, but this also comes with increased theft risks.

As many homeowners and renters’ insurance policies don’t cover precious metals, if you store gold and silver at home be sure to purchase additional insurance coverage to safeguard your investment.

Keeping precious metals at home requires purchasing a safe designed specifically for this task, or other means such as storage devices that can be placed discreetly under floors and cabinets or disguised to look like books, cans of food and electrical outlets. You could also opt for spreading out your bullion across different rooms of the home to make it harder for would-be thieves to locate it all at once.

Bank

Safe deposit boxes at local banks may be convenient options for storage of precious metal investments, since banks tend to be closer to home than precious metals depository facilities. Unfortunately, safety deposit boxes aren’t covered by FDIC insurance and only permit access during bank operating hours (when you may need access).

Purchase of a non-bank vault can provide several additional advantages when it comes to gold and silver storage, including secure insurance coverage as well as being able to sell at any given moment.

Home storage of bullion has its downsides; space is taken up and other people know where it is stored (possible theft and tarnishing). If you opt to store precious metals at home, be sure that your homeowner’s insurance covers it adequately, while keeping only those closest to you aware they’re there.

Private Storage

Private storage may provide customers who feel uneasy storing their bullion at home with an alternative option: some larger bullion dealers offer depository services for precious metals for a monthly fee, which gives customers peace of mind knowing their valuables are secure while removing theft and robbery risks associated with keeping valuables at home.

No matter which storage method you select, be sure to store gold and silver bullion separately from other valuables in your home, as too much moisture could damage its value. Also keep in mind that less people knowing about its location is better: keeping it hidden will make it more difficult for thieves to access as well as protecting both yourself and those closest to you from potential danger. It would also be wise to consult your home insurance provider so that any emergencies or disasters won’t compromise it!

Depository

If you require more robust protection for your precious metals than can be provided through your bank’s safe deposit box, consider depository storage. Third-party firms offer this service and charge fees to store bullion in specially constructed facilities designed specifically to handle them.

Home storage options tend to be much safer than in-home ones as they’re not exposed to the same risks that threaten a typical residence (unless of course you live like Fort Knox!). At-home storage requires special safes and additional insurance policies since your bullion could become susceptible to heat or moisture damage during a stay at your house.

Some individuals prefer hiding their precious metals in secret compartments, the floor, or a concealed bookcase for easy and cheap storage solutions. Although this method offers quick and simple solutions, it limits access to investments and may lead to forgetfulness about where you hid them; additionally it may attract the attention of thieves as well as potentially damage coins by leaving nicks and dings that reduce value over time.


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