Storage is one of the most important dynamics involved in owning physical precious metals. You need to be able to safely store and secure your metals, because after all, your gold and silver is quite valuable. Now, you should note that storage of precious metals is not quite as complicated as it might seem. You won’t need to own a massive vault with an alarm system, not at all. Instead, storage of your precious metals can be as simple as finding a safe hiding place.
In the end, storage comes down to choosing between personal possession or a third party. If you keep your gold and silver in home, you will have absolute control. If your precious metals are kept elsewhere, you will need to find a trustworthy location that also provides accessibility. Below we outline three of the most popular ways to store gold and silver. Your investment is worth an awful lot, and taking steps to ensure its safety is of the utmost importance.
Safes are the most popular way for owners of gold and silver to store their investments. Safes are not only difficult to steal because of their weight, but they will also work to ensure that your gold and silver is able to sustain water, fire, and most all forms of natural damage. A safe is going to most effectively serve its purpose when it is planted in the ground. This would mean screwing the safe itself into your floor, wall, etc.
Safes vary in price, from under $100 to several thousand dollars. Depending on your budget, a safe of any size can be kept in your home, keeping your gold and silver both secure and within reach at the same time. The very best personal and commercial safes have been UL rated at UL-15 spec or higher, so keep that in mind when shopping for your first safe.
A lot of gold and silver owners have a secret spot that they keep their precious metals. These storage options include anything from behind a wall to buried in the yard. If you choose this route, your storage location is up to your imagination.
The benefit to this form of storage is security in that if it can’t be found, it can’t be stolen, as well as the fact that you will save potentially thousands of dollars by not having to purchase a safe. The downside is that your gold and silver will be more prone to damage, and if anyone does discover your secret spot, your valuables are as good as gone. If damage is not a primary concern, and you believe your hiding place will never be found, this is a cheap and simple way to store your precious metals.
Banks are what many people first think of when it comes to storing their valuables, be it precious metals, diamonds, or just about anything else. A safety deposit box at a bank allows you to store just about anything. For a small fee a bank will store your items safely, where no one has access to them but you.
While there are certainly a lot of benefits to this option, there are also some downsides. The primary concerns with safety deposit boxes are accessibility and absolute security. If the government happened to order a bank holiday where they could essentially take your gold or silver without permission, there would be nothing you could do.
Beyond this, if you needed your precious metals right away, the bank might not even be open for business. Lastly, your safety deposit box is only as secure and trustworthy as the bank employees who can potentially gain access to it. While storing gold and silver at a bank is a sound choice, there are always situations worth considering before you put your investment in any type of third-party storage.
While the above scenarios are extremely unlikely, they are possibilities nonetheless. We don’t aim to imply that your gold and silver would be unsafe at a bank, as it almost always will be kept securely and will be readily accessible, but you should be aware of the pitfalls of third-party storage.
The next topic we will cover is how to sell your gold and silver either online or locally, so you know how that works if you ever decide to liquidate some metal.