How to Properly Store and Protect Your Gold / Silver / Precious Metals
People buy and collect gold, silver, and other precious metals for a combination of reasons, and one of the biggest of those is for security in uncertain financial times. Indeed, the solidity of the metal and the confidence its possession gives the owner has provided a visceral response throughout history. Kings and queens hid their booty behind the walls of castles and palaces, religious leaders beneath their altars, and pirates on distant, uninhabited islands.
For the modern day collector of precious metals, figuring out how to store and protect their gold and silver horde is as important today as when the first prospector retrieved the glittery substance three millenniums ago. If you are in the market to purchase precious metals, give these hiding places some consideration when it comes to securing your wealth.
Precious Metal Storage Factors
After buying your gold and silver, determining where you want to store your investment is dependent on several factors. Fortunately, the solution does not need to be overtly complicated, but it does need to address the main concerns of investors. Specifically, you must consider the following factors:
- Security needs
The key to determining the correct place to store your precious metal valuables depends on the importance you attach to each of these factors. Balancing each of these important factors, investors can arrive at the ideal storage solution for their precious metal collection.
The Secret Hiding Spot
By far, the simplest storage solution for collectors holding small to medium amounts of precious metal bullion, is locating a secret stash spot to hide your fortune. Whether utilizing a hollowed out book, a crawl space in the closet, the eves of the attic, or a patch of garden on the back end of your lawn, this method is both cost effective and provides ready access to your precious metal valuables. As Benjamin Franklin famously noted however, “Three can keep a secret if two of them are dead.” Although a rather macabre assessment, the nation’s first Postmaster General was correct in his rather jaded belief. As such, to avoid any untoward legal issues, it is best to keep the location of your secret stash exactly that, secret. Once your secret spot is general knowledge, it will be nearly impossible to secure your collections against prowlers and burglars.
A Secure Home Safe
A more secure form of home storage than a hollowed out family bible, purchasing a safe to secure your gold and silver collection is an excellent alternative to relying on subterfuge. Indeed, a well-appointed home safe, remember to purchase an Underwriters Laboratories (UL) rated safe of UL-15 specifications or higher, provides optimum protection against fire, floods, or theft. Also, be sure to tell your insurance company that you have bought a safe for your home because you might well see your monthly premium decrease as a result. Highly secure, most safes require a combination, key, or digital code to access the contents. Additionally, their weight and dimensions make for a cumbersome theft effort should someone decide to steal your gold and silver collection. As such, safes are both highly secure and provide regular accessibility to your investment at anytime of the day or night. Depending on the model, a safe might set you back hundreds or even thousands for a one time expense aimed at keeping your precious metal collection secure.
Whether storing in the bank’s central vault or utilizing a safety deposit box, banks provide a highly secured environment for your gold and silver bullion collection. The central vault, for those unconcerned with storing their valuables along with other customers, is an excellent option for those with larger precious metal collections. Offering a more private option, safety deposit boxes give investors an option for secure storage at a slightly higher premium in storage fees. Alarms, guards, and cameras all offer a solid and integrated security throughout the building and around the premises, so chance of theft or damage is extremely remote. Indeed, while the primary claim to fame for using a bank vault to store your precious metal collection is security, that peace of mind comes at a price in the form of monthly fees and restricted access since you can only enter the bank during prescribed operating hours.
Precious Metal Depositories
Precious metals depositories share the same characteristics of being highly secured installations that place the safety and protection of their customer’s precious metals and bullion collection at the heart of their security protocols. Common security measures include:
- 24-hour surveillance
- Armed guards
- Computerized entry and exit logs
- State-of-the-art security equipment
Clearly, with these types of security provisions in place, threat of loss or theft is extremely rare. These measures make these facilities very attractive for investors looking to secure their precious metals. Keeping your investment within the close confines of a depository vault, you maintain the value of your collection because they retain their certified status. Gold held in private hands immediately loses some of its value owing to the fact that any reputable bullion dealer would need to go through the recertification process, known as assaying, to guarantee the high purity standards of what’s referred to as “investable gold.”