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Gold is a valuable asset. Precious metals are popular because they have a high value and liquidity. Ideal for emergencies or if you don’t trust government money.
Storing gold is not as easy as it seems. If you bought your first gold coin and need advice on how to store your gold safely, this is the article fo you.
Here are ten tips for storing gold safely, so you never have to worry about being robbed of your most valuable possession.
Tip #1: Educate Yourself on the Different Types of Storage Options
There are many different types of storage options for your gold. Depending on how much you have to store and the facility's security features, you can choose either a personal safe or a bank deposit box.
Personal safes provide more safety than most banks since they're harder to break into, but there is usually an annual fee associated with them as well.
On the other hand, a bank deposit box offers quick access when needed at no additional costs aside from fees that may apply if you use it frequently.
Tip #2: Make Sure You Have Insurance
If you're storing a large amount of gold, it's a good idea to have insurance if something happens. Your homeowner's or renters insurance policy may not cover your gold if it's stolen, so make sure you speak with an agent about getting specific coverage for your valuable assets.
You can often simply add a “valuables” rider to your home insurance, or you may need to buy a separate “personal articles floater” type policy depending upon the replacement value.
Tip #3: Do Research on Different Storage Facility Options
There are many different storage facility options available, so make sure you do your research on each one before signing a contract.
Some facilities allow you to access their boxes while others require appointments, and some may charge for certain services like in-and-out shipments or insurance fees.
Tip #4: Don't Be Too Obvious About Having Gold
If you're going to store your gold at home, don't go around telling everyone about it.
Keep it hidden in a safe place and only tell people you trust about it.
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Don’t ever broadcast a vacation on social media. You’re asking to be robbed when doing this.
Tip #5: Make It Difficult to Get To
If you're storing your gold in a personal safe, make sure it's hidden and challenging to access. The difficulty will help deter thieves from trying to break into your safe.
Try layering your hiding place, like a floor safe under a dresser or bookcase. You can also store your gold in a false compartment behind the wall to make it difficult for thieves to find.
Tip #6: Use Decoys to Fool Thieves
If you're storing your gold at home, make sure it's not too easy for thieves to find. Use decoys or fake coins as a distraction, so they won't know where the real valuables are.
Most thieves cannot tell the difference between real and fake gold. If it shines, they grab it.
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Tip #7: Use a High-Quality Safe
Make sure you use a high-quality safe when storing your gold. A high-quality safe will help protect it from being stolen by burglars or taken in an emergency if you need to get into the box quickly.
Tip #8: Consider a Safety Deposit Box
If you're not comfortable storing your gold at home, consider using a safety deposit box at your bank. A safety deposit box is a secure way to store your coins and can be accessed anytime you need it.
Tip #9: Store in Multiple Locations
If you have a lot of gold, it's best to store some of it in different locations. You can choose different safe deposit boxes at banks or even use a personal safe at another residence. Better to lose 50% of your gold than all of it.
I like the bury in the backyard method myself.
Tip #10: Think About Having Your Gold Professionally Vaulted
If you have a large amount of gold, it may be best to hire a professional company to store your coins. There is usually an annual fee associated with them as well.
Tip #11: Confirm Your Insurance Coverage Before Vaulting
Before using a vault service, make sure their insurance coverage matches what you need if anything happens to your valuables while they're there. You don't want to invest in something that won't protect all of your assets adequately because then this would defeat the purpose of having them professionally handled for you.
Tip #12: Have Cameras Set Up Near Your Safe
If you have a safe in your home, it's good to have cameras set up near it. Cameras deter thieves from trying to steal your gold and also provide evidence if they do rob you.
Tip #13: Use an Alarm System
An alarm system is another excellent way to deter thieves from breaking into your home and stealing your gold. If they hear the alarm go off, they'll know that there's a high chance of getting caught, and they'll likely flee the scene.
Tip #14: Bullion Depositories
If you have a large amount of gold, consider investing in a bullion depository. A depository is an excellent way to hold your coins for multiple reasons securely.
They're insured against theft and damage, so this will provide additional peace of mind knowing that your valuables are protected more than the vaulting service provider.
Tip #15: Always Use a Deadbolt
A deadbolt does not guarantee your safe will be secure, but it’s a good line of defense. Thieves want things to be quick and easy. The deadbolt may deter them.
Where is the best place to store gold and silver?
The best place to store gold and silver is in a safety deposit box at your bank. You can also use a personal safe or even have them professionally vaulted by a company if you don't want to keep it at home.
What are some ways I can protect my coins?
Many people choose not to invest their money into storing their coins, but this doesn't mean they're entirely unprotected from theft.
Multiple options will help provide additional security, such as using cameras near the safe, alarm systems and alarms on safes themselves, bullion depository services, etc.
If you take these steps seriously when protecting your valuables, then there's very little chance of anything happening to them over time.
Are there any other precautions I should take?
Aside from the ones mentioned above, keeping your gold and silver coins in different locations is a good idea. Diversifying locations provides an extra layer of security if something happens at one location.
You can also choose to have them professionally vaulted, so you don't have to worry about them yourself. Just make sure you confirm that the vaulting company has adequate insurance coverage before doing so.
What kind of safe should I use for my gold?
When storing your gold at home, it's best to use a high-quality safe. A high-quality safe will help deter thieves and protect your coins in an emergency situation where you need access to them quickly. If you're not comfortable keeping them at home, then you can hire a company to do it for you instead.
How much does vaulting cost?
Vaulting your gold and silver will usually require an annual fee of some kind, which depends on what type of insurance coverage they offer and the amount of money invested into their services. Keep in mind that there may be additional fees if you need access to your coins frequently during this time, so make sure to confirm everything before signing anything or committing any money toward them. What is “stored” but not “vaulted”? Storing something is different from vaulting it because when storing valuables, they're kept somewhere accessible by yourself, such as a personal safe. In contrast, they're usually kept in a locked and inaccessible room or container with vaulting. This is an important distinction to make if you're considering investing in a vaulting service because it means that you'll still have some access to your coins in case of an emergency. Still, they'll be much more secure from potential thieves or damage.
What are the benefits of using a bullion depository?
There are many benefits to using a bullion depository service, such as ensured insurance coverage, 24/365 access to your coins, professional handling and storage, etc. If you have an extensive collection of gold and silver coins, this is likely the best option since it will provide you with all the security and convenience you need.
Comingled vs. Allocated: What's the difference?
Your gold storage options can also be either commingled or allocated. Comingled means that your coins are mixed together with other people's, whereas if you choose an allocated option, yours will be separated from everyone else's and identified by serial number.
When choosing between the two types of storage, decide which one is best for you, depending on how much you have to store and what kind of security features they offer.
As a certified credit counselor and syndicated writer at MaxMyMoney, Max has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.