Whether you’re a gold enthusiast or planning on making your first foray into precious metals, one of the essential aspects is how to store gold.
Unlike other valuable assets, gold requires physical storage, which means that you need to decide which option is safest and most affordable. Many gold owners have self-storage systems in their homes. If home storage doesn’t work for you, you can also use banks, third-party storage facilities, and other options.
We’ve developed this blog post to help you understand your options for storing gold. We also take an in-depth look at storing your gold at home — and steps you should take to secure your home-stored gold if you choose this storage option.
To begin our gold storage guide, let’s first assess the primary storage options you have at your disposal. The three most popular choices for gold storage are:
This allows you to keep your bullion near you at all times. Many people use home storage, but this method might not be suitable for a large amount of gold.
If you worry about a single weather disaster or large-scale robbery wiping out all your gold holdings, consider spreading your storage options across a few different locations — such as banks, third-party storage facilities, and more.
So, why do people prefer to store their gold at home? There are many reasons, including:
There are now third-party storage facilities that provide storage for all types of bullion. Many of these facilities have world-class security and the option to purchase insurance for your gold. Do take the time to research any private gold-storage companies before you commit. Ask a precious metals broker, like the experts at Oxford Gold Group, to recommend trustworthy organizations or read online reviews to ensure your gold is entrusted to a legitimate storage company.
Banks offer the benefit of world-class security systems. If you’re searching for a way to store your gold outside of your home, a bank should be one of your top options. Just make sure that you read their policies carefully to understand their terms, conditions, and potential pitfalls.
Also, be aware that it is more difficult to quickly withdraw your gold from a bank. You will be subject to the bank’s business hours, and banks do not offer insurance for gold that they store.
If you do opt for home storage, it’s critical to approach storing your gold with a comprehensive strategy. Below, we’ve developed a few tips that can help you keep your gold at home securely:
If you do decide to store your gold at home, begin your storage plan immediately. The longer you wait to store your gold, the easier it will be for a thief to take advantage of your accessible storage space. As soon as you bring your gold home, you should be developing a plan for immediate storage in a secure location in your home.
While it might be tempting to take your time finding a storage location for your gold, you’re leaving yourself open to having your valuable assets stolen.
While it can be exciting to expand your gold holdings, if you’re planning on storing your precious metals at home, avoid telling people. If you let people know that you have precious metals in your home, you are opening yourself to a potential robbery.
Even if you feel that you can trust the person, they may relay the information to someone else interested in robbing you. If you want peace of mind, make sure to keep personal information about storage, precious metals, and other details to yourself. It could help you prevent theft.
While advantageous to avoid oversharing about your gold holdings, it’s also a good idea to provide one trusted individual with information about your storage location. If something were to happen to you, you don’t want your gold holdings to be too well hidden for your family or friends to find.
If you’re married or have children, choose one of these close family members. You don’t want to be in a situation where your family is unable to utilize your assets because you were not able to share storage location details with them.
If you decide to keep your gold at home, it’s also essential to consider other vulnerabilities. While you might assume that if you don’t tell anyone about your gold holdings, no one will suspect you have gold in your home, this isn’t always true. There are other actions that can give away that you are storing gold in your home.
When you purchase gold, the gold supplier, credit card processor, shipping company, and anyone else involved in the transaction may know that you have gold in your home. Be aware there might be a thief that tracks where your gold is being delivered. This can also happen when you purchase a safe or storage technology for gold storage, so use caution and minimize your exposure when you make a gold purchase.
If you’re planning on keeping your gold in your home, it’s a good idea to leave some decoys that will distract a thief when they initially enter your home.
For example, leaving out gold jewelry or other items that aren’t close to as valuable as your bullion can be a good way to leave a decoy. This can help thieves think they’re successfully robbing your home when your more valuable items are hidden securely.
Thieves are typically on a mission. They want to enter your home and take your most valuable items as quickly as possible. The longer they take to find your valuables, the less likely they are to stick around. Thieves don’t want to be caught.
For this reason, it’s always a good idea to hide your gold under layers. For example, if you’re hiding your gold under a floorboard in your home, it could be under another piece of furniture and a carpet, too. Use at least three layers to make it more difficult and time-consuming to find.
While it can be tempting to find one single location for your bullion, it’s always a good idea to split your home gold storage across multiple locations. By spreading your gold to different areas in your home, you can reduce the risk of a single catastrophic loss in the case of a burglary.
Most gold owners are unaware of the professional nature of many thieves who target bullion. While it might seem easy enough to store your gold in a fake book or a cabinet drawer, thieves are quick, creative, and experienced. Make sure never to underestimate their ability to find precious belongings in your home.
This is especially true if the thief is aware that you’re storing bullion in your home. If they’re aware there’s a big prize somewhere on your property, they’re likely to look very hard.
At Oxford Gold Group, we receive many questions about gold storage options. If you’d like to find the answers to our most frequently asked questions, read below:
The decision to purchase insurance for your gold storage is up to you. Still, this will require you to report how much gold you have, which you may be hoping to avoid. Additionally, it might mean that individuals at the insurance company are aware that you’re holding gold at your home.
Yes. While you can technically store gold in water, it is not an appropriate storage method for all precious metals. Saltwater damages silver, so we recommend that you find a dry location to store your gold and precious metals.
Yes. If you live in an area that is prone to natural disasters, avoid keeping too much gold in your home. A single disaster could wipe out all of your holdings. Consider purchasing insurance if you are concerned about natural disasters such as hurricanes, tornadoes, or earthquakes damaging your precious metals.
Now that you understand the safest ways to store gold and other precious metals, it’s time to consider upgrading your bullion holdings. At Oxford Gold Group, we have years of experience helping our clients access gold at affordable rates. We’re here to help you protect your financial future. Call us today for advice on buying and protecting your gold.
INSIDE THIS INVESTMENT GUIDE YOU WILL LEARN:
• How Gold & Silver can protect your savings & retirement accounts
• Types of Gold & Silver products available for Home Delivery
• How a Gold & Silver IRA can protect your Retirement account