If you possess gold coins or bullion bars, it’s crucial to find a safe storage option in order to protect their value and protect your wealth. Otherwise, this could put at risk your wealth.
Store your precious metals using any one of several methods. Depending on where they will be kept, this could include burying them in your yard or depositing them with the bank for safe keeping.
Safe Deposit Boxes
Safe deposit boxes offer one of the safest ways to store gold coins. Not only can you protect them from prying eyes and thieves, but you also enjoy easy access from any location.
There are various safe deposit boxes to choose from, with certain models more suited to certain kinds of coins than others. For instance, there are boxes designed specifically to protect certified/graded coins.
When storing gold, coins should be picked up by their edges to avoid direct contact from fingers; repeated rubbing may compromise its quality and cause its worth to decline over time.
Banks usually require you to provide your signature before entering your safe deposit box, so be sure to keep this information on file should you need access to it in the future.
Costs associated with safe deposit can differ depending on your bank and region; generally speaking, expect to pay anywhere from $20-200 annually.
Lockers
Lockers may provide the safest place to store gold coins. Lockers are commonly seen in public locations like schools, sports facilities, gyms, transport hubs and factories.
Lockers typically consist of multiple tiers, each housing multiple compartments. Their sizes, purposes and construction may differ but typically adhere to standard measurements.
Some lockers feature sloping tops to reduce debris build-up on top, making them useful in industries and medical workplaces where hygiene regulations must be adhered to. This type of locker is frequently found in food-processing environments or medical offices where proper hygiene standards must be upheld.
Lockers can be an affordable solution for the storage of precious metals, providing ample protection. Before making your decision, make sure you consider both advantages and disadvantages before making a final decision on where you store your coins.
Allocated Storage
Allocated storage is widely considered the safest method of keeping gold coins safe, as it ensures your precious metals remain isolated from those belonging to other investors.
Allocating storage can give you peace of mind knowing your precious metals are protected in a vault with an established track record for security, and are protected by multiple redundant security systems.
Allocated storage can cost a fraction of what would be spent on unallocated gold due to banks and other institutions generally charging less for allocated versus unallocated bullion storage.
Some investors choose to store their gold bullion in a segregated account, where they receive exactly the bars, coins and rounds they initially placed into storage. Though costly, segregated storage accounts are sometimes the best choice for precious metal investors looking to hold particular types of coins and bars in their portfolios.
Home Storage
Storing gold coins at home is one of the easiest and safest ways to secure them against theft, only needing an investment safe and an insurance plan for secure storage.
However, this method does come with certain drawbacks. First and foremost, it could increase your risk of burglary and natural disaster damage; additionally it might make reselling gold harder in case its price rises in future.
Due to these concerns, many people opt for offsite storage of gold. This can provide an effective means of safeguarding precious metals from potential threats and to ensure your peace of mind.
