Safest Places to Store Your Gold: Protect Your Gold Investment
When you think of investing in gold, you also have to think of where you will store your gold. Gold is a type of financial asset that will boost your nest egg.
Gold owners have a major worry regarding gold storage and security concerns. There are several gold storage options that individuals can implement to store their gold safely. Each specific option has its benefits and drawbacks that one should be aware of so that you can make an informed decision accordingly and not regret it later.
The safest place for gold storage might differ for each individual depending on their current circumstances, lifestyle, and other personal preferences.
This article has highlighted some of the ways you can safely store your gold and what are the advantages and disadvantages of each way.
The Importance of Storing Gold Safely
Storing gold safely is important because if you don't, you will lose it, or it might get stolen, and this will be a huge setback from your investment portfolio that you might have been saving into.
Taking a wise decision when it comes to what kind of storage option you need to choose is also very important. If you have spent enough money to buy gold but aren't able to place it somewhere securely, then your investment has gone to waste. It is also important because not everybody has the privilege to store the gold at home and not worry about anything. Rather, proper gold storage will not make you feel like you're standing on eggshells. Rather, you will feel much more secure.
What are some of the safest places for storing gold?
There are three major gold storage options through which you can store actual gold. You can either store it on your own at home or through professional storage.
You can store your physical gold at home, but not somewhere it is visible or right in front of everybody's vision. Rather somewhere, it is not prominent at all and is properly hidden. The advantage of keeping your gold at home is that you will know its location at all times, and it won't cost you apart from one standard initial cost of buying a safe box to keep it in. Moreover, keeping your gold at home allows you to decide what kind of environment you want it to be in.
You can let your extremely trusted loved ones know about the location of the gold if you want to. It is not ideal to let many people know about the whereabouts of your gold. Especially ensure not to give any storage details to people you might not be close to. Otherwise, you will be threatening the security of gold yourself. By storing gold at home, you can physically have your gold at any time you want.
Consequently, with home precious metals storage, gold is easier to access. So if any emergency arises and you need to use the gold, you can do so easily without travelling any distance. You will not be subject to any storage fees or custodian fees.
Home storage also provides you with the benefit of not worrying about a third-party storage service scamming you or turning out to be unreliable.When you store the gold at home, you need to ensure that the metals are stored in the correct place and won't be affected by environmental factors and end up corroded. Moreover, it would be best if you had insurance covering gold or other valuable items such as jewelry.
However, there are some issues with storing gold at home, too, as you might not have a lot of storage space to store gold at home. Moreover, if you keep gold in very large amounts at home, your security risk of thefts may also increase. And as the price of gold rises, you are more at risk. Additionally, your gold will be prone to risks from natural disasters and catastrophes such as fire or any damage to the house.
You will also have to spend extra to get material that provides your gold assets with a protective layer, so they remain in the condition you bought them. And plans regarding home insurance may not cover the gold value well if gold prices rise by a huge margin.
It is best to remember that selling home-stored gold is a challenge as you must first find a reliable store. Next, they will weigh and analyze your gold content to find the value of the gold, and lastly, you will have to get an idea from different dealers to get the best offer. This is a tedious and cumbersome process and not very fun. In contrast, banks and other financial institutions that store gold for you might ease this process by providing you with the best dealer to sell gold to.
Safe Deposit Box Storage
If the idea of storing your gold at home does not sit right with you, then you can store it in a safety deposit box. You can store gold bullion, gold bar, coins etc.
With a security deposit box, you will first have to select a dependable and reputable associate who will keep your gold secure from the dangers of being stolen, damaged and lost.
It would be best if you got it stored in such a safety deposit box through which you can also access it easily, and you don't have to get through much hassle.
The advantage of storing your gold in a safety deposit box is that the bank or any other institution will provide you with protected storage. And this safety deposit box will save your commodity from dangerous threats.
Additionally, safety deposit boxes are not very expensive; as a standard, you only have to pay annually. However, as banks generally provide safety deposit boxes, the times when you can visit the banks are limited, so your gold will not be accessible to you at all times. Hence the gold will be accessible to you only during bank hours. Safety deposit boxes, at times, might not be enough to store huge amounts of gold bullion.
Banks that provide safety deposit boxes don't normally provide an insurance policy for what is contained inside the boxes. Hence, it will be costly if you additionally buy separate insurance. And in the worst-case scenario, if the bank goes bankrupt, the chances of getting your gold back are extremely low.
High-Security Vault - Depository
Storing gold in a security vault, also referred to as a depository, is a great option to store your gold safely. Through a secure private vault, you can safeguard your gold efficiently, and you also have accessibility and ownership that is direct. Moreover, insurance is also guaranteed.
The experts at the depository will keep your precious metals safe and secure. And the precious metals will be secured from factors such as extreme temperatures.
Keeping your gold in a secured vault has more benefits. The vaults are completely insured and are audited by some third party to ensure everything's proper. There is heavy security as no one can enter the vaults casually. The vaults are heavily protected with metal detectors, security guards and complete surveillance 24/7 to ensure no security breach.
You can sell your gold anytime you want to and get the money through a bank wire transfer that day too. Hence, you do not have to go through the process of finding a reputable seller.
Your gold can be easily shipped to you whenever you require it. The delivery time is between a day and a few days, depending on your location.
Even though access in a secure vault is quicker than in safety deposit boxes, there is no direct physical access to the gold. Moreover, as a security protocol, you will not be allowed to enter the vault in most cases. Rather the bank or the vault services will deliver the product to you. This means that one huge bar of gold might be co-owned by more than one person.
You might not be the only owner of the physical gold through the vault storage but will share it.
Gold is a commodity many people want to invest in for several reasons. Gold is a great hedge against inflation, remains stable, and retains its value during market losses. Many people invest in diversifying their investment portfolio as well.
Once you have decided to invest in gold, you also need a place where you can store it. Storing gold is an integral part of the entire investing in gold process. As gold has a significant value, you wouldn't want the gold to be in some unsafe place. Therefore, finding a place where you can store your gold safely is very important too. It would be best if you didn't hesitate to spend a little extra to provide your gold with added security, as this investment will help you in the future.
We hope you can choose wisely when choosing what place you will be storing your gold!
- The Most Purest Gold Coin in the World
- Does the Government Know When You Buy Gold?
- Difference Between Investing in Gold and Gambling
- Gold Market Bubble: Breakdown
- Could the Government Confiscate Your Gold?
Was this resource helpful?
Disclaimer: Content on this website is not intended to be used as financial advice. It is not to be used as a recommendation to buy, sell, or trade an asset that requires a licensed broker. Consult a financial advisor.