If you are starting to accumulate a nice stack of physical gold coins or bars, then undoubtedly you will be thinking about the safe storage of your gold bullion. Not a bad problem to have in the grand scheme of things.
There are a number of creative ways to store gold, however, here are the 3 most common ways when it comes to storing precious metal.
Home storage.
Arguably the most popular option to store gold silver and precious metals for smaller investors.
Firstly, no matter where you store gold in your house, the most important thing is to be incredibly discrete about the fact that you even own any physical gold or precious metals. The last thing you should do is start bragging about how much money you have potentially made from investing in physical gold, or casually drop into conversation while out having a meal at a restaurant with friends, how many gold coins you’ve purchased. Who knows who might be listening.
When it comes to storing gold at home, only you and possibly very close family member, should know that you store gold at home.
It would be advisable to get a high quality home safe and have it somewhere completely hidden that isn’t too obvious. Some gold and silver investors even install a dummy safe as a decoy if there was to be an unfortunate break in at your property.
Make sure there are a few layers of protection. Most potential thieves would want a quick grab-and-go situation, therefore, it could be an option to have a safe under floor boards with carpet over the top, or behind a cabinet within a wall.
Diversification is also key. Try not to have all your gold bullion in one secure location. It is usually best to have a few locations to store gold at home.
If the worst was to happen, you would be less likely to loose all your gold due to theft and maybe instead, just a small portion.
Storing gold at home isn’t as easy as you think, you need to be creative with your home storage of gold bullion and most of all, have a home safe.
It is also best to tell your home insurance provider that you have an allocation of gold stored at home so if the worst happens, then you can still claim on your home insurance.
Secure vaults.
Allocated vaulted storage is probably the most secure way of storing gold bars and gold coins.
Having your gold and silver bullion in a private secure vault (using an established and trusted provider), offers ultimate peace of mind to any precious metals investor, as well as having some degree of flexibility when it comes to access your gold stack.
There are online bullion dealers that will offer you the option of holding your gold and silver in these secure vaults, and you can even allocate more or less gold in whatever quantity you want, whenever you want.
With allocated storage you have the flexibility to buy, sell and store your gold all in the same place. Most vaults will have an allocated secure box for each customer within the main secure vault.
There are usually monthly storage fees for storing your gold within secure vaults, prices can vary depending on the volume and value of your gold allocation.
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Safety deposit box.
A safety deposit box is an option to store gold and silver in a small secure space for a relatively small fee.
You could technically store 100’s of thousands of pounds worth of gold in a safety deposit box and still be insured for an annual fee that could be cheaper than your home insurance premium.
Although access can be limited, in most cases you can access your safety deposit box 7 days a week, depending on the safety box provider.
With a safety deposit box, it is secure to a degree, however technically, a safety deposit box could be seized, or the law could change whereby your access is denied.
Make sure you do your research and use trusted branches.
There is no right or wrong answer when it comes to storing gold, it is all about personal preference. Whether you have gold bars, gold coins, gold jewellery, or any allocation of gold bullion, always ensure it is safe and secret.
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