5 Tips To Properly Store Gold And Silver Bullion

| January 25, 2018 | 0 Comments

precious metalsIt’s important to make your investment portfolio more diversified, so a good step would to be buy gold and silver bullion.

Buying gold and silver online should be a pleasant and safe experience, but once it gets to your house, you will have to take care of it and provide a proper and secure place to keep it.

That’s what we’re talking about today…

Keeping Your Bullion Safe

First of all, it’s important to keep it in a fireproof space, because gold and silver melt easier than other metals. Even if it will not reach the point of melting, it can still be damaged.

A fireproof safe at home or at the office could be a way of storing it, but it will compromise personal security and your insurance costs will increase.

You can opt for a safe deposit box to keep your bullion at the bank. However, this will limit your access to only during business hours and the insurance costs will increase.

There are also depositories that are especially made to store gold and silver. They will insure all the gold or silver you store there and will also safely deliver your holdings whenever you demand it. This comes at a high price, with annual fees that typically go for more than 1% of the value of your stored holdings.

Tips for Storing Gold and Silver

Here are the most important tips to follow when you are thinking of Storing Gold & Silver.

After you’ve decided where to keep your gold and silver, you will need to consider some other things. Let’s discuss those things and go over some pro tips.

  1. You Will Need Enough Secure Space. Storing bullion is easy, since it comes in small packs. A cubic-foot steel safe will be enough to hold 1,200 pounds of gold. But if you want to get more than that in the future, and add some expensive wine or art, you will need a hidden safe room – either at the office or in your home. If you chose to keep them at the bank, they usually have different sizes for their deposit boxes.
  1. Keep it a Secret About Where or How You Keep Your Holdings. We know it’s difficult not to brag about your new shiny things, but the location of your holdings is something to be secretive about. This may seem obvious, but many people have made this mistake. Your spouse should be the only one who knows these details. Don’t move the location of your holdings while others are present.
  1. Get a Security System. If you opted to keep your gold and silver at your house, then you should invest in a good security system. It should be automated and controllable through a mobile device. Add CCTV systems or other similar devices to have recordings of any disturbances. If you have a house situated on a remote and larger property, then a front gate with alarm and motion sensors are a must.
  1. Insure Your Holdings. Another critical detail is insurance. Insurances will differ, depending on where you store your bullion. In a depository, they will cover what you store on site, but make sure that it’s kept separate from other people’s holdings. If you keep it in a safe deposit at your bank, most banks don’t insure what you have inside your box. You will have to get a separate insurance policy to cover it. If you keep it at your personal property, then you must talk to your homeowners insurance provider about it to know whether it’s covered or not.
  1. Don’t Even Think of Self-Storage Facilities. This is not a safe place to store your bullion. It’s not as safe as the bank and these places are prone to be the focus of burglars, because they’re much easier to rob than a bank vault. This is especially true for standard storage facilities, but even the facilities that claim to be “high security” typically don’t offer any insurance or accept any responsibility for your belongings. That makes you wonder how secure it really is in the first place.

Be smart about storing your precious metals.

There are multiple ways to do it, but the important thing is that your belongings are safe.


Note: This article originally appeared at MoneyMiniBlog.

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Category: Precious Metals

About the Author ()

Kalen of MoneyMiniBlog.com is passionate about helping you master your finances and maximize your productivity. He defies millennial laws by having no debt and four children. You can get his two ebooks, plus two personal finance classics (yes, all for free) right here (http://moneyminiblog.com/free-moneyminibook/).