Where Should I Store Precious Metals in My House?
As an investor in precious metals, protecting their value should be top of mind. But how can you store bullion safely and securely?
Use large garden pots with altered bases to create hidden compartments for your bullion stash. Or try concealing it behind electric radiators or even an artificial wall.
Safe Deposit Boxes
Safe deposit boxes offer one way of keeping bullion close by for a minimal annual fee. While renting one from your bank or credit union offers security, its hours may be limited and if it were ever to fail or go under your metals could potentially be confiscated if necessary.
For some investors, taking on this risk may not be acceptable. One option would be to store their bullion at home where they have direct control of it; this option offers direct control and immediate access, yet poses risks like theft, fire and flood hazards, high humidity fluctuations or sudden temperature shifts that expose it more quickly to tarnish than when stored elsewhere. If this option appeals to you then consider installing a security system with video recording/monitoring as well as confidant access only knowing where your metals are stored.
Bank Vaults
Customers often feel nervous storing precious metals at home due to theft or burglary risks, so another alternative would be storing their valuables in a bank vault for added protection from thieves with advanced surveillance cameras, armed guards, round-the-clock monitoring and alarm systems in place.
Third party storage facilities and private vaults often employ similar high-tech security measures as banks, including biometric scanning, surveillance cameras, armored transportation and security guards who monitor the premises around the clock. They typically also offer segregated and allocated storage options so clients can store their precious metals separately from those belonging to other customers.
As an added benefit, some depositories offer their clients insurance that exceeds the limits of their home owner policies. Access to precious metals stored at depository may be restricted during business hours and there may be fees charged for the service.
Private Storage
Some investors who wish to maintain full ownership of their bullion may prefer home storage; however, theft risks are much higher compared to third-party solutions and special insurance may be necessary to cover losses or damage.
One way to combat this issue is by installing motion sensors or alarms around your home, as this will deter thieves and notify you if someone attempts to gain entry. For added peace of mind, hire armed security for extra peace of mind.
There are various creative methods of concealing bullion in your house. False ceilings make excellent hiding places for gold; hollow drywall may also work well – just make sure that you utilize multiple locations and diversify your stash to avoid forgetting where it’s hidden or giving its location away to close confidantes.
Burying your precious metals underground may also be an option; just make sure that the depth of the hole you dig allows a metal detector not to detect them.
Home Storage
Investors in precious metals understand the importance of safeguarding their investments by finding an appropriate storage solution.
Home storage may be an attractive solution for some investors, offering easy and immediate access to their gold and silver bars or coins stored there. Unfortunately, this method carries certain risks such as theft and natural disaster.
As with other jewelry, sterling silver can become discolored if stored improperly. To preserve its value and prevent further tarnish build-up, keep it away from any abrasive materials and in an environment free from humidity or extreme temperature changes.
Storing silver or gold in your china cabinet drawer, for example, is an effective way to keep it out of sight and mind while simultaneously limiting access. Unfortunately, it can also become hard to remember where exactly you stashed your treasures if they get misplaced; once they are gone they are lost forever!
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