So you’ve finally decided to invest in precious metals like gold and silver as a hedge against inflation? If so, you’ve made a wise choice. However, now that you have your metal, be it in bullion or coins, you should be asking-how do I protect my precious metals investment?
Storage is one of the most important aspects of investing in precious metals. It isn’t just enough to own gold or silver. You also need to be able to ensure its safety and protect it from wear and tear.
Fortunately, you don’t have to own a massive high-tech vault with an alarm system to store your bars or coins. Below are three common and easy ways to safely store gold bullion, silver coins, and other precious metal investments.
What most people like about storing their bars or coins in their home is that is gives you complete control and access to your precious metals. Personal safes are the most popular way to store precious metals at home.
There are plenty of secure safes you can purchase-some cleverly disguised as plug outlets or concealed in a bookshelf. The best personal and commercial safes are UL rated at UL-15 or higher, and secured or fastened to the ground or wall so it cannot be removed. If you enjoyed this short article and you would such as to receive even more details regarding Buy Gold Bullion kindly go to our own web-site.
Safes offer valuable protection to all forms of natural damage, such as flooding and fire, as well as theft. However, a good quality safe can cost several thousand dollars, so depending on your budget this may not be the most economical storage option.
In a Bank Vault or Safety-Deposit Box
If storing your gold or silver in your home doesn’t appeal to you, you may try using a safety-deposit box at your local bank, or the bank vault. Safety-deposit boxes come in various sizes and are relatively inexpensive (generally $50 to $200 per year depending on size). Also, you can rest easy knowing they are in a safe place. If available, a bank vault is even more secure.
A downside to storing your metals in a bank vault or safety-deposit box is that you can only access your coins or bars during bank hours. If there is some sort of bank holiday, then you won’t be able to get to your investment until the bank re-opens.
Another disadvantage with bank storage is that the government could technically confiscate your gold or silver in the event of a national emergency. Even though this scenario is highly unlikely (read more about the 1933 gold confiscation to learn why), it is a possibility nevertheless.
In a Depository or Third-Party Storage Firm
Lastly, you have the option of storing your precious metals in a depository or another third-party storage company. Companies like Brinks, Delaware Depository, or Diamond State Depository will store your bullion or coins in a safe and secure location for minimal fee. For many investors, especially those with significant holdings, third-party depositories are the most secure method of storing their gold and silver.
Of course, like banks, you don’t have immediate and constant access to your metals like you would if they were stored at home. Furthermore, depositories are often far away from where you live, so there may be a delay in retrieving your holdings.
As you can see, there are a number of ways to safely store your precious metal investments. Which option you should choose depends on several factors, including why you decided to invest in gold or silver in the first place, and the pros and cons of each storing method.