After buying precious metals, customers are faced with the question of how to store and protect their new investments. Finding the proper storage for your gold or silver should be a crucial decision given the value of your items. Fortunately, it does not have to be a complicated one.
Customers have many options when it comes to storing their precious metals, so they need to take into consideration some factors before finalizing on the storage space.
Some questions that always need to be addressed are how much money do they want to spend; how much security they might require and how accessible their valuables need to be. To meet these matters, listed are four storage options for your valuables along with potential advantages and disadvantages.
House Storage
Keeping your valuables in your home is the easiest and cheapest route to go when storing gold. This is a good idea for someone who has a small amount of gold, silver, etc. and does not want to have to deal with the hassle of using an outside source. Putting your items in a secure hiding spot somewhere on your property will keep it out of reach of guests and also out of the hands of burglars, while still allowing the owners easy accessibility. Common ways are either using a hollowed out book or burying your jewelry in your yard.
Safes
Safes offer more security storing precious metals in your home since they require either a combination code or keypad code to open. Additionally, because of their weight and size, they are tough to move much less steal. Safes can also protect your valuables from any potential damages incurred by floods, fire or other natural disasters. The price of a safe can range anywhere between several hundred to several thousand dollars.
Banks
Many people are not comfortable with the idea of keeping precious metals in their home because it can make them potential targets of theft. If this is where you stand, use a bank and their storage options. By turning to a third party facility to fulfill their needs, people relieve themselves from the responsibility of having their valuables at their home. Banks offer top level security both internally and externally, so they can assure customers that their gold and silver possessions are well protected.
There are two ways to store your valuables at a bank: safety deposit boxes and a bank vault. Safety deposit boxes are reserved for the private use of a single customer. For customers who don’t mind storing their valuables with other people, bank vaults are an ideal place to store larger investments.
Unfortunately, there are some drawbacks to storing your precious metals at banks. First, customers are required to pay fees for these storage services. The second drawback is the limited accessibility. For someone to view their valuables, they must visit the bank during its business hours, which typically is similar to most people’s work schedules. These time restrictions can cause large problems for a customer in the event of a financial emergency.
Precious Metal Depositories
Placing your valuables in a depository has the most advantages when it comes to storing and security. Not only do they boast the most space for your collection of gold, but most spaces also have climate-controlled rooms so the moisture levels are always correct.
The main reason why these depositories are sought after so heavily is because of the security that is in place. Almost always, these facilities are under 24/7 surveillance. Whether it is video, audio, or armed guards, robbery is very rare. With such extensive security measures, customers can rest assured that their valuables are in safe and capable hands.
Conclusion
Investing in gold and other precious metal is something that millions of people do. In the future, more and more people will seek to invest in things that retain valuable. Because gold will always be sought after, make sure that you are always taking appropriate measures when storing your valuables.
