Where Should I Store Precious Metals in My House?
Storing precious metals safely and securely is one of the key aspects of owning them, helping prevent tarnish while making them easy to access.
Many buyers often have queries regarding where and how to store precious metals. Here are four effective and straightforward approaches: 1. Home Storage.
1. Safe Deposit Boxes
Many people believe bank safe deposit boxes to be the optimal method for storing valuables such as gold bullion. Not only are they relatively affordable and secure, they also allow quick access to investments without needing to declare them to the IRS.
But this storage method does have some drawbacks. First, banks charge fees for safe deposit box rentals which can add up quickly over time. Also, your precious metals could be at risk in case the bank collapses – a phenomenon called “bail-in”, as seen during Europe’s debt crisis when large account holders were required to surrender some or all of their holdings with failing banks.
Staying safe when storing precious metals involves keeping them at home. While this offers maximum convenience and security, there may also be increased risks such as theft or fire exposure if your investment is left in an exposed place such as your safe. Also be sure that it can safely protect them.
2. Bank Vaults
Bullion vaulting companies provide clients with an exclusive and highly secure storage service, offering clients the choice between having their bullion segregated (held apart from other investors’ metals) or pooled (where all investors’ metals are mixed in the vault) vaults. Both options feature around-the-clock surveillance, armed guards and multiple layers of security protection to guarantee client assets are kept safe.
Though at-home safes or secret storage options can work for some investors, most prefer bank vault or depository storage for its ease of access and increased peace of mind. These third-party depository warehouses exist solely to store precious metals on behalf of clients entrusting them with them.
Security for precious metals stored at home can vary; theft and natural disaster damage could pose risks associated with home storage options. To reduce risks associated with at-home storage options, The Royal Mint suggests purchasing adequate home insurance policies. Also try not to share where your gold is kept with anyone other than necessary!
3. Home Storage
Home storage of precious metals can be one of the easiest and least-expensive ways to store precious metals, enabling easy access when the time comes for selling. But remember, keeping precious metals stored at home doesn’t come without risk.
Storing gold and silver at home leaves it vulnerable to theft, so experts suggest telling only as few people as possible about where your private safe is located and keeping a portion of them both at home and in a bank safe deposit box.
No matter where they’re stored, traditional strategies like hiding them in a secret safe or burying them in your backyard don’t provide sufficient security for precious metals. Instead, consider installing motion sensors or alarms at home to secure the area where you store precious metals – this can discourage theft while giving you peace of mind. If storing gold and silver at home is your preference, we advise using a fireproof safe.
4. Private Storage
People who store their precious metals at home typically do so because they want easy access. While this can be beneficial in an emergency, this also puts their metal at risk from theft and damage without proper storage, since standard homeowners insurance does not cover gold and silver theft/damage claims.
Bank vaults provide additional security than can be provided at home, however they come with the drawback of only being accessible during regular banking hours and often charge high storage fees depending on their location.
Private third-party storage provides an affordable option for those who want to store precious metals safely but without incurring bank or vault costs. Most third-party storage providers provide affordable prices, full ownership of assets stored, as well as strict anti-money laundering rules that require identification documents, background checks, and an evaluation of financial standing before providing services.