How to Store Precious Metals
People should buy silver and gold, not leave money in their savings accounts. While gold takes time to mine, dollars are easy to print.
Even at a normal rate of inflation, every dollar anyone keeps in the bank gets less valuable each year. Gold will always be worth money, and it may be worth a lot more in the future if inflation makes everyone buy gold.
People with gold need a safe place to store it. There are different ways to keep gold safe. Some people hide it or use a safe to protect it; other people trust the bank or a third party company with it.
How to Store Precious Metals at Home
It is not necessarily foolish to store gold or silver in your home. If a homeowner takes the right precautions, they are mostly safe from theft.
Some homeowners rely on secrecy to protect their valuables. If no one else knows where their gold is or even that they are storing any gold at home, no one can steal it.
They might bury a box that has valuables in it. If no one sees the owner bury the box, and no one can look at the ground and tell that anyone buried anything there, no one will find it.
While hiding valuables at home is not the best way to protect gold, many homeowners prefer this method because of how cheap it is. People don’t want to buy a safe or pay a bank to keep their goods safe.
A robber might be able to break into a safe, but they might not find valuables that are securely hidden. Nonetheless, this is not the safest way to store gold.
If the wrong person gets too much information, they might be able to rob someone who hides or buries their gold. One shouldn’t talk about their hiding spot – people can’t keep secrets about where someone’s valuables are. The wrong person might hear something.
Safes are quite hard to break into or move, so even if a robber finds a safe, they might not be able to break into it. Safes require a combination to open, either an ordinary combination lock or an electronic lock that requires entering a code.
A good safe has a secure lock, not a cheap one. A robber may know all sorts of ways of opening a cheap lock.
Lock picks will defeat key locks, and there are ways to crack cheap combination locks. Possibly, criminals can use magnets to open bad digital locks. Make sure the safe you are buying has an excellent lock.
With a good lock or a digital lock, it is not easy to break into a safe. Safes are sturdy – many safes can withstand axes and other common tools. If a criminal has as much time as they want, they can open a safe, but they may not have much time.
Safes are not cheap – they cost at least a few hundred dollars – but it is still worth it to protect your valuables. Higher-end safes are especially tough to open.
Safes can protect your valuables from disasters. If something like a fire, flood, or tornado wrecks your home, your valuables might be fine. A safe needs to be held in place securely.
Use Security Cameras
Some people use multiple methods to protect their valuables. They might put their valuables in a safe and hide the safe somewhere no one would look. The more things a precious metals owner does to protect their valuables, the better.
People also use cameras. One might make the camera noticeable and obvious to scare the thief away. You might also use security alarms and other devices to deter thieves.
Use Your Local Bank to Store Precious Metals
Even with security measures in place, someone might still find a way to steal someone’s gold. A safe won’t always protect it during a natural disaster. Banks offer a higher level of security.
People can ask the bank for a safety deposit box. With a safety deposit box, their goods are in a separate box only for them. The bank never stores them in a box that contains other people’s property as well.
Another option is to use a bank vault. While the customer’s goods are stored with other people’s stuff in a vault, banks take security seriously. A bank vault is safe enough.
If banks are more secure, why would anyone use a safe? The drawback of storing goods at the bank is the fees – a few hundred dollars per year, not worth it unless the gold is worth vastly more.
Sometimes, a bank will offer a small safe deposit box for 50 dollars per year, although it won’t be big enough to store much. Precious metal depositories are usually better.
Banks are only open at specific times, which can be a hassle for people who are working during the bank’s hours. People who have their gold at home can get it at any time.
Precious Metal Depositories
Precious metal depositories are purely for storing people’s valuables. They have excellent security, enough room for any person to store plenty of gold and silver, and excellent insurance policies.
Precious metal depositories have guards and excellent surveillance systems. Day and night, the valuables are always watched and protected.
As is the case for banks, you can choose to have your valuables in a separate box with no one else’s gold. This is not necessary – the goods are very secure even in a communal box. However, one can buy a private box if it makes them feel better.
Precious metal depositories also do everything they can to keep track of how much gold they have and who it belongs to. They double-check everything and won’t make an error about how much gold anyone has.
Are Precious Metals Depositories Expensive?
They can be cheaper rather than more expensive than banks. A minimum yearly fee for storing a small amount may be less than $100. It gets more expensive if you store a lot more.
A depository may charge well under 1% of the gold’s value each year. The storage fee might seem high to some people, but the security is excellent, and gold may become more valuable in the future.
Store Your Gold With a Reputable Company
It can be safer to buy real gold and silver than to buy certificates for gold and silver bars. When the company IMF global went bankrupt, people lost more than a quarter of their money. Much of the gold and silver disappeared, and people who bought these certificates lost a lot of their money.
Read my GoldCo review to find out why GoldCo is one of the best places you can work with to store your precious metals. They are the classiest operation in the business.
People should always be careful to protect their money. People should make sure their metal depository companies have excellent reputations. No one should buy a safe that may not be of high quality or tell other people where their gold is hidden.