Storing Precious Metals – A Guide for New Investors

Storing Your Gold and Silver

Investing in gold and silver has always been a popular option for those who choose to hedge against inflationary periods. Historically speaking, this has proven to be a wise choice but then there comes the matter of how to properly store your precious metals. Let’s consider some available options.

Home Storage of Your Precious Metals

A quick and easy solution when it comes to storing your gold and silver is to simply lock it all up in your home by way of a secure vault. This does allow some sense of security as a result of the proximity to your precious metals. It’s all right there, immediately accessible. 

However, this is as vulnerable as it gets when it comes to storing precious metals. Home vaults can be tricky to crack but when it comes to aggravated burglary of a home, a potential burglar might force the investor to simply hand over his or her gold and silver. Therefore, most investors look for more secure options. 

Storing Precious Metals in a Safety Deposit Box

Though banks are also susceptible to aggravated burglary, it’s a far more rare occurrence. Even if a bank is burglarized, thieves know to be on a tight schedule and generally won’t bother with safety deposit boxes as the two-key security system would require the leaser to be on the premises at that exact time. The point here is that the theft of your stored precious metals would prove to be a timely and logistical nightmare. 

One thing to note is that banks do not provide for insurance as it comes to storing precious metals like silver and gold. It would be up to the investor to purchase insurance through the bank in order to absolutely secure these investments. 

One last con in this area centers around the fact that access to your stored gold and silver is limited by your bank’s hours. If you have any need whatsoever of your precious metals during evenings or federal holidays you would most likely be out of luck. 

You Can Store Your Precious Metals in a Depository

A more recent option comes by way of what is called ‘Vault Storage’ or depository. Like a bank, access to a depository is limited to its hours of operation. However, unlike a bank, your precious metals would be stored in a sterile environment designed to protect your gold and silver from elements such as extreme heat. As well, depositories typically accept responsibility for insuring the storage of your precious metals. 

How Will You Store Your Gold and Silver

Ultimately, it comes down to which option gives you the most confidence. Some due diligence can go a long way here. So, examine your needs, the nature and value of your precious metals and choose the storage method that works best for you and your family.