As an insurance against an economic meltdown or to diversify your portfolio, investing in gold bars and coins is an intelligent choice. But to preserve their value and prevent theft or accidental breakage, proper storage must be observed for optimal results.
First step to protecting precious metals should be locating an easy-to-use safe that can secure and store them safely, along with an anti-theft code to deter would-be thieves.
Safes
Safes provide an ideal means of protecting gold bullion bars and coins. Available in various sizes and specifications with various locking mechanisms, they can easily fit inside closets or other hidden areas for storage.
Floor safes provide another discreet method of protecting gold bullion. Installed beneath the carpet or even behind a loose floorboard, they’re an effective means of safeguarding its contents.
Keep this in mind when storing precious metals at home: security alone won’t protect against theft and natural disasters that could decimate your wealth if left unprotected.
Safe deposit boxes at banks offer some protection, but they’re far less convenient than storing gold at home or in an underground vault. Furthermore, they don’t come with insurance protection and could limit access to your assets in case the bank goes bankrupt or becomes insolvent.
Cabinets
Cabinets can be an effective means of storing gold at home, although they don’t always offer the same level of security as safe deposit boxes or vaults.
Cabinet storage can be an ideal way to securely keep smaller amounts of gold and silver safe. It is particularly suitable for investors who purchase physical precious metals infrequently.
This method of storage is particularly suitable for smaller bars and coins, providing a protective measure against fluctuating temperature or humidity levels that might damage it.
Another effective method for storing smaller amounts of gold and silver is in a drawer or other hidden compartment in an object like an old book. It’s a convenient alternative to safe deposit boxes or vaults, though not suitable for large sums of precious metals.
A sock drawer or cookie jar might seem like an unlikely place to keep gold secure, but they are actually some of the most commonly-used ways for people to hide it away. No one is likely to even realize you have anything important stashed there if someone discovered it; should they discover it however, they could access it by breaking open their lid.
Safe Deposit Boxes
Safe deposit boxes can be an affordable and secure way to store precious metals. While their insurance will protect against losses, vaults offer superior security.
Safe deposit boxes do not offer FDIC insurance protection and therefore do not offer as many safeguards to their contents, yet many people still prefer storing their gold there.
While safe deposit boxes provide an efficient means of protecting valuables, they do present certain risks.
Safe deposit boxes do not fall under the FDIC’s protection; therefore if they are stolen or damaged you won’t be able to recover your money from a federal deposit insurance corporation claim. In addition, separate insurance may need to be purchased separately for precious metals stored inside them.
Vaults
Vaults are secure rooms designed to store money and valuables safely, and can be found in numerous settings including banks and cemeteries.
Vaults are also frequently used for the storage of precious metals and coins, providing more secure protection than safes due to being situated in separate rooms that are more difficult to breach.
Gold investors who store gold at home must be very wary in how they safeguard their investments, especially if they live in an unsafe area or share living arrangements with untrustworthy people.
Some investors opt for housing their gold at home while others use bank safe deposit boxes – each option presents their own set of advantages and disadvantages.
