Where Should I Store Precious Metals in My House?
Customers often worry about the security of their precious metal investments. Luckily, there are numerous methods available to you for protecting them.
SchiffGold recommends private, non-bank, fully allocated and insured class-3 storage facilities as an effective means to withstand crises while diversifying geographically with your holdings. In addition, dedicated storage protects you from breaking one-confidant rule.
Safe Deposit Boxes
Many banks provide secure deposit boxes to rent, providing high levels of protection for metals that could otherwise be stolen or damaged by thieves or vandals. However, access is only possible during business hours and insurance coverage may differ between locations.
Your precious metals can also be stored safely at home in a fire-resistant personal safe that provides multiple forms of protection, from environmental to fire risks. Just make sure you take note of your security needs and space constraints, ideally hiding your stash somewhere hard for others to locate.
Mylar capsules or containers provide the ideal way to protect precious metals at home from corrosion and tarnish, while dehumidifiers will trap hydrogen sulfides that contribute to tarnish and spoilage. Audits should also be an integral part of home or bank safe deposit box storage – these ensure accountability as well as help determine fair value if ever making an insurance claim.
Private Storage
Some individuals prefer taking control of their bullion storage themselves and moving it to their home, saving money by eliminating bank safe deposit boxes or private storage companies as sources.
Storing bullion at home presents its own set of dangers. First and foremost, you need a quality safe that is both fireproof and waterproof so thieves won’t easily gain entry.
Home storage of bullion exposes it to natural disasters such as fire, floods, tornadoes and earthquakes that could quickly wipe out your physical wealth in seconds. Even with safe or secure hiding spaces available to you, these disasters could potentially destroy all that you own in mere minutes.
Also, your homeowner’s policy may not cover your precious metals; so investing in a camera security system with alarm can provide invaluable proof that a theft occurred and that it involved your bullion.
At-Home Storage
Customers who prefer keeping their precious metals at home have multiple options for storage: small amounts can be stored in drawers and closets while larger quantities may need to be buried on their property. Care should be taken when burying bullion as too deep of an excavation could expose it to flooding risks; keeping metals inside also exposes them to risks from fires, tornadoes and earthquakes.
Another option for protecting metal investments is storing them in a safe or secured cabinet. A third-party storage provider may offer improved security and convenience by offering 24/7 access, professional security measures and insurance coverage – they usually charge a fee. IRA holders may find some dealers offering full-service IRA custodianship as a solution that meets IRS regulations as well as allocated storage programs that ensure purchased bullion is kept separately from others’ purchases.
Insurance
Home storage can provide customers with peace of mind knowing their precious metals are right where they live. But keeping bullion at home requires several important considerations, including who knows about its location (less people is better), security of your safe, and whether or not your homeowner’s insurance covers valuables.
At home storage can come with increased risk from both theft and natural disaster. To safeguard precious metals at home from these risks, decoy safes with extra jewelry or cheap coins hidden throughout the house may help. Furthermore, having an understanding of fair market value ensures your investments remain in their optimal state at present value – this can be accomplished by consulting credible resources as well as keeping abreast of global events that might alter prices.
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