If you are an owner of gold or silver coins, bars, or any other physical form, you must be thinking about the various options for storing these items. There are a number of options that you can take into consideration when thinking about storing your gold and silver bullions and keeping them utterly secure and safe.
Although the most popular, home safe is not the safest way of storing your gold and silver bullions. Saving your precious metals at home means that they are constantly exposed to the risk of fire or flood. However, if you opt for a home safe, consider the location of your home first and then ideally install it on the floors of your home. Also, always have your bullions insured in case of the occurrence of any of the above mentioned events.
Home Hiding Spots
As mentioned in the previous section, you can use the floor for safekeeping your metals. But other secret hiding spots at your home can also be used. These include the attic, floor boards, behind or under the furniture, and other areas.
Safety Deposit Box or Bank Vaults
A safer option for storing all your gold and silver is at a safety deposit box held by a bank or using bank vaults instead. Safety deposit boxes come in different sizes and price points, and are highly convenient and secure. And even safer choice is bank vaults, where thefts rarely ever take place.
The security provided by these two options is offset by their availability: banks have limited opening hours so if they close up, you cannot access your vault of safety box. A drawback of opting for a safety deposit box can also be that using them requires a declaration list of all items to be submitted to the bank.
Gold and silver storage options are also provided by third party firms or depositories. These organizations offer a safe storage facility for your metals and charge a minimal fee for the service. This can be the safest of all storage options if you have a substantial amount of holdings. Some of these facilities might even be located overseas hence providing an added tax benefit over the other discussed options. This might even protect you against certain economic and political situations of your home country: litigation, repossession of gold, or social turbulence. Austria, New Zealand, Grand Cayman, Singapore, and Switzerland are some of the best countries to store your gold.
According to Gold News Australia, there are two storage types provided by these third parties. Firs is allocated storage where your metals are stored in a shared storage space along with those of other people option for the third-party storage. Second is the segregated storage option where your gold or silver is kept in a private space.
Precisely there are various options for the storage of your gold or silver bullion. However, before choosing any of the above options you should be mindful of whether or not your storage space is cool and dry to prevent excessive heat or moisture, which may devalue your investment by a substantial amount.