First-time silver buyers express excitement at the prospect of their new investment until they think about how to store silver coins at home. Silver bullion is valuable, and one of the most durable metals on the periodic table, but home storage may still seem daunting. Don’t worry; finding a safe and accessible place to store silver at home is easier than you think.
Below, the experts from Oxford Gold Group explore tips for gold and silver investors who want to create secure storage space in their homes.
If you’re reading this post, you might already have a stack of shiny silver bars and coins piling up in your dresser. If that’s the case, you might be surprised to learn that it’s common for new investors to store bullion in random hiding spots, like cookie jars and sock drawers. It makes sense until security issues start to surface, especially as people start building real wealth in silver or gold investments.
Silver coins and bars are shiny, an ideal target for children and some curious pets. These items are also heavy, and moving them around in large quantities can be challenging. If you want to store silver or gold at home, there are a few considerations.
Oxford Gold Group receives numerous queries from silver holders wondering about more practical ways to store their precious metals at home or third-party options. Our first piece of advice is about the metal itself because the most common misconception from precious metal buyers is that silver and gold have identical storage requirements.
It’s true that both metals are unreactive to water, oxidation, and other elements that would cause cheaper metals to depreciate. However, silver and gold have significantly different storage requirements. For example:
The American Gold Eagle is the standard gold bullion coin in the United States. It is a one-ounce piece of gold, roughly the same size as a half-dollar. Buying an ounce of gold in this form will fit inside your wallet so that you can carry it around easily, but an American Silver Eagle coin with the same density would weigh a whopping five pounds (70 of these bullions would fit into a briefcase or backpack).
Comparing the weight of $50,000 worth of silver and equivalent gold will begin to reveal the scope of the logistics involved if you plan to invest in silver long-term. Where the gold weighs three pounds, the silver would be over 200 pounds. An investor could easily store half a million dollars’ worth of gold in a safety deposit box where silver would require a vault the size of a studio apartment.
If you’re thinking about storage solutions for your precious metals, size and weight are two essential considerations. Buying silver in bulk needs two hands to carry it, including a Monster Box of 500 troy ounces of American Silver Eagle coins. Holding silver coins at home is popular and cost-effective if you have the right setting, and being in charge of the bullion gives investors and traders confidence.
If you plan to store silver coins at home, here are a few advantages and disadvantages that may sway the decision:
You’ll need to watch what you say in public concerning your precious metal investment. The most innocent comment can attract security issues.
If children are not old enough to keep secrets, you’ll need to hide your silver coins. It becomes more challenging the more bullion you acquire.
If you have a public-facing job, such as a newscaster, advertiser, or local political role, talking positively about silver and gold might make your residence a natural target for criminals.
If you store your silver items at home, no bank, government body, or online trading platform will know how much you’re holding unless you publicly declare it. Most bullion owners value privacy and keep their activities discreet. In contrast, banks and third-party storage facilities require a declaration of how much silver is in storage for insurance and regulatory reasons.
Most analysts think of silver as a reliable hedge against inflation because its trading price isn’t as volatile as most commodities. If you store your silver at home, all you need to do to make a trade is reach into your vault and sell a few pieces to a bullion retailer. For example, many silver owners participate in time-sensitive foreign exchanges and cryptocurrency trading, hedging against inflationary and geopolitical pressures to balance riskier investments.
Banks’ business hours don’t matter when you store silver coins at home, and there are no fees. Home storage solutions come with no conditions or legal terms, so you will not need to hire accountants and legal advisers to avoid unseen pitfalls.
Storing gold or silver bullion at home is the ultimate exercise in self-responsibility, as insurance companies won’t insure commodities when their market value rises steadily over the coverage period—one of the perks of gold and silver. If you’re ready to move beyond storing silver coins in your kitchen cabinet, gun safe, or mattress, you’ll need smarter concealment methods.
Here are Oxford Gold Group’s Top Four tips for storing silver bars and coins safely at home.
Many silver holders prefer storing their bullion in fireproof safes beneath their basements. However, house fires can rage for hours and reach 2000 degrees Fahrenheit, so you will need to invest in a fireproof chest with a high fire-resistance rating. It is also best to place the fireproof chest at the lowest point of the property as most of the heat should concentrate on the roof and attic.
A safe under the basement is a predictable location, but it also offers the best chance against house fires. The flames typically run out of oxygen before engulfing a basement level, so it is worth weighing the risks.
You should always assume that a potential thief will be smart enough to find your silver collection. Buy a storage unit with multiple protection ratings to counteract any weak points. For example, it might connect to an alarm system with automated police flagging functions to discourage more ambitious criminals.
The following protection ratings are helpful when shopping for a silver chest:
If you’re away from home for longer periods, criminals might have the chance to use industrial tools on your silver storage. The equipment may include straps, dollies, and cranes, as the thieves move your safe into an alternate location for easier opening. There is nothing more horrifying than coming home from a business trip or vacation to find a hole in your floor where your investments used to be.
Safes that weigh less than 200 pounds are easy targets for one to two-person crews. Bigger 300 to 400-pound safes will require heavy-duty equipment and modified vans to carry off, and safes that exceed 500 pounds are impervious to most burglary attempts. However, a vendor delivering a huge safe and installing it in your home will tip off a few people that you’re storing something valuable in large quantities, so you will need to weigh the risks.
All a safe can do is buy time, but a multi-pronged strategy might convince criminals to leave you and your family members unharmed and take the stash. We recommend the Midnight Gardening strategy, the ancient practice of burying gold while nobody notices you digging. Yes, metal detectors can find a safe less than four feet from the topsoil, but you could:
As a precaution, you can assign an executor to point your heirs to the location of your silver if you cannot tell them yourself.
Oxford Gold Group speaks to hundreds of investors who appreciate the privacy that comes with storing gold and silver bullion away from prying eyes.
Talk to our precious metals experts at 833-600-GOLD today for more tips from a leading provider of gold and silver investment strategies.
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