You bought gold and silver to help keep your family financially safer in times of turmoil. But now it’s up to you to safeguard your bars and coins until that time comes, which could be in 10 days, 10 years, or some time far in the future.
How you store your precious metals will determine many things, particularly your peace of mind. Here, we weigh the pros and cons of various storage methods to help you choose the right one for you.
Safe Deposit Box
For many holders of gold and silver bars and coins, a safe deposit box at a bank does the trick as a storage option. That’s primarily because safe deposit boxes are, well, “safe.” It’s nearly impossible for anyone but you to open up your safe deposit box.
Before committing to this storage solution, though, double check your priorities and consider the following points.
For one thing, access to your precious metals is limited by the bank’s hours. If the bank is closed, you’re out of luck if you want to quickly grab some of your gold or silver.
Another drawback: The bank doesn’t insure precious metals that are stored in a safe deposit box. That’s up to you. Purchasing insurance on your own can be costly, and that could minimize the financial strength of these assets. Plus, it can be hard to find an insurer willing to cover precious metals that are being kept at a bank. Oh, and don’t forget the expense of renting the safe deposit box.
An at-home safe is the ideal place to stash important documents like birth certificates or wills, but it can also be great for storing precious metals.
Most importantly, an at-home safe keeps your gold or silver out of sight. That’s important if a burglar breaks into your house or some other ill-intentioned visitor starts snooping around. At the same time, your precious metals are always nearby. You can see your gold coins and hold your silver bars. For many people, being able to physically touch their precious metals means security.
However, keeping gold and silver in an at-home safe also means checking that your home insurance will cover the potential loss of those precious metals. You might need to buy extra coverage if you do decide to put gold or silver in an at-home safe.
Storing precious metals in a safe at home can be a good bet as long as you:
- Buy a sturdy safe that’s waterproof and fireproof.
- Install the safe in an out-of-the-way spot in your home (but one that’s not extremely difficult for you to access).
- Keep quiet about the fact that you have an at-home safe loaded with gold and silver.
Depository (Vault Storage)
Precious metals owners looking for next-level, professional security measures might want to consider a depository (otherwise known as vault storage).
The professionals at a depository know how to keep precious metals safe and to protect them from the elements, such as extreme heat. Of course, like a safe deposit box at a bank, access to a depository is limited by the facility’s hours.
Another benefit of keeping your precious metals at a depository is that the facility is usually responsible for insuring them—not you.
A depository will keep a very close eye on your precious metals. Your gold or silver can be held in the same storage area as other precious metals or they can be kept in their own special area. Regardless of how it's stored within a depository, your precious metals always belong to you.*
Did you know? The most famous bullion depository in America, United States Bullion Depository at Fort Knox, holds about 147,341,858.382 ounces of gold! Can you imagine the security?
Yes, you can store gold or silver in many hidden places in and around your home. You can bury it in the backyard. Or stuff it under your mattress. Or tuck it into a box of junk in the basement. Or even hide it in the freezer.
But those storage methods hardly give you confidence about the security of your precious metals, even though you can conceivably access them at a moment’s notice.
On top of that, do you really want to expose the gold or silver you’ve purchased to potentially harmful conditions? And do you want to store your precious metals somewhere you might forget, or for someone to stumble upon them?
Keep in mind that different types of coins might require different storage methods. For instance, you don’t want to store a certified/graded coin anywhere it could be damaged, as its condition is a key factor in its overall price and market appeal. A gold or silver bar is probably the only type of precious metals you can afford to be “rough” with.
Examine Your Situation to Choose a Storage Method
In the end, how you keep your gold and silver safe will depend on the type of precious metals you own, how you live, and your comfort level. If you live in an apartment or a remote area, some storage methods may not be available to you. Or, perhaps your career has given you unique insight and access to special facilities. Your personal situation can open up all sorts of creative avenues for precious metals storage. Examine your life to choose the gold and silver storage method that feels best to you. That's the only way to store precious metals safely.
If you have questions about what to buy or where to store your purchases, let’s talk. Call 1-844-307-1589 for a one-on-one consultation with an experienced precious metals Account Executive.
*U.S. Money Reserve does not guarantee the performance or service of any depository.