The Dos and Don'ts of Gold Storage
The Dos and Don’ts of Gold Storage
A major concern of all physical precious metals owners and investors is safe and effective gold storage. If you have chosen to store your gold (or silver) at home, your goals are essentially two-fold:
- You want your precious metals to be available and accessible to you or to your heirs and
- You want your gold to be as invulnerable as possible to theft, loss, and destruction.
While it may seem difficult to accomplish both objectives, these competing goals can often be balanced with a well-thought out home storage strategy. Here are some home storage tips to keep in mind.
The Dos of Silver and Gold Storage at Home
DO consider installing a high quality, fire-proof safe.
DO think carefully about where you store your safe. A non-obvious or concealed location is ideal.
Anchoring or bolting your safe will also reduce the risk of theft.
DO consider telling someone what you have and where you have stored it so that it can be accessed should something happen to you. Make sure that this person is completely trustworthy and understands the importance of confidentiality when it comes to this very sensitive information.
DO consider having a “decoy” safe in a more obvious location with a few items of lesser value. Costume jewelry and a small amount of cash might convince a would-be thief that he or she has found your stash and then move on.
DO keep track of your precious metals inventory on a spreadsheet; especially if you have diversified your metal investments over time. Recording the purchase date, quantity count and purchase price shouldn’t be left to memory. In the event something goes missing, you’ll have a good document for you or your loved ones to reference.
The Don’ts of Storing Your Precious Metals at Home
DON'T advertise the fact that you are storing gold or silver in your home. This information should be shared on a strict need-to-know basis. However, in some cases, it is helpful to have someone who does know in the event that you are not around. Alternatively, consider including the relevant information with your will and estate documents.
DON’T feel like you need to store all of your gold in one place. In other words, you don’t necessarily want to put all of your eggs in one basket. If your home does not allow for multiple safes, a safety deposit box might be another option for you.
DON’T let the risks of home storage deter you from investing in metals or keeping them close at hand in case you really need them. After all, everything in life has risks. As with investing, you just need to spread and balance your risk. With a little creativity and forethought, you can greatly increase your chances of keeping track of your gold and silver, outsmarting a home burglar, and protecting your coins against a fire.