Choice of where to store your precious metal investments is an extremely important decision, and not one that should be taken lightly. In this guide we talk through some of the options you have in how and where to store your precious metals.
The main decision you have to make is whether you wish to store you investment yourself, or find a third party that specializes in precious metal storage.
If you opt for the later, you must be 100% sure that they are reliable and trustworthy, and that they can allow you access whenever you require it.
1. Option – Safes
Choosing to store precious metal in a safe is one of the most popular options people choose; not only can safes make it relatively difficult for burglars to make off with your investments, but they can also protect from damage that occurs naturally, such as fire or floods.
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Safes obviously vary widely in price, however you should take a safe purchase seriously, do you really want to trust a $100 safe to looks after your thousands of dollar in gold?
2. Option – Secret Storage
Many investors get creative in keeping their metal investment safe. From having a secret area behind a wall or fire, to burying it in their back yard; generally speaking the more creative the better.
Today there are even specially made, waterproof capsules that are designed specifically to store and bury precious metals. As long as no one sees you during the burying, or perhaps follows you home from the capsule store, then your investment is extremely safe. If you choose this option you should be sure that you do not tell anyone about where you have hidden your investment.
3. Option – A Banking institution
Banks prove a popular choice for not only storing precious metal, but all manner of items that are valuable; popular items include precious gems, personal belongings, family heirlooms and important documents.
If you chose to store at a bank there will be a set fee, but for the piece of mind a bank can provide it is more often than not worth the money. However, it must be stated that some people hold concerns in relation to banks, and whether or not their investment is truly safe.
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There is obviously the concern of a bank raid, and additionally the investment is only as safe as the bank employees that watch over the safety deposit boxes. Lastly you would need to tell the bank in advance as to when you want access to your belongings.
4. Option – Depository
For those that have an extremely large amount of precious metals to store, a depository service may be the most suitable option. This is usually necessary for investments such as IRAs. Depository generally has the same advantages and disadvantages as storing in a bank.
Wherever you choose to store your precious metal investment it is vital that you are safe in the knowledge that your investment is secure; you should do extensive research on your options before you decide what to do.