Storage Options For Your Precious Metals
If you own precious metals, then you need to keep them secure for two reasons. The first is because they are precious metals. They are worth money. People want to get their hands on them. Leaving them out in the open is just asking for trouble. The second is that with some metals if they are exposed to the wrong environment, they could lose their worth. For example; your jewelry may become tainted. Thankfully, it isn’t too difficult to store your precious metals. You have several different methods available to you.
In your home
If you have just a small collection of precious metals, then you can comfortably keep it in your own home. Simply hiding it ‘out of sight’ is going to be more than enough. If people can’t easily see that you own valuables like this, then you aren’t really at risk of theft.
If your collection is a little bit larger, then you may want to invest in a quality safe. This will provide you with the highest level of protection for your precious metals in your home. Sure, a decent safe can set you back a rather sizeable sum of cash, but it is worth it for the protection that it offers. If you do have a safe in your home, then make sure you store it ‘out of sight’ so you are not a target for thieves. This is one of the reasons why you should be buying a quality safe. Cheaper safes can be easier to crack for experienced thieves.
Remember; if you own precious metals, you should always ensure that you have the right insurance for your property. This way you know you are covered if the worst ends up happening.
Safe-deposit box at your local bank
When your precious metals collection starts to get a little bit bigger (or you really do not want to be storing precious metals in your home), then you may want to be talking to your local bank. May offer a safe-deposit scheme. There will be yearly fees associated with this, so if you are looking at your precious metals as an investment, then you will need to work this into your profit/loss.
With a safety deposit box, you will have access to a small box at your safe. You can put anything you want inside the box (within limits imposed by the bank). Only you will have access to this box. You can often access it whenever you wish during the bank’s opening hours.
Obviously, the major benefit of opting for a safety deposit box at your bank is the fact that you will be able to enjoy the bank’s fantastic security systems.
Dedicated depositories
Finally; there are precious metal depositories located all over the world. These places are designed for those who want to store their larger precious metal collections in the best possible environment. These depositories have been designed from the ground-up for precious metals, so the environment is absolutely perfect.
The fees for these depositories are going to be a little bit on the high side, but that is fine. You will only ever really be using one of these if you have a huge collection of precious metal or if you are a gold IRA account holder, and that is going to more than makeup for the monthly fees.
Sources:
How to Store Gold at Home – GoldSilver.com
Home Storage Vs Gold Storage: Which Is Better For Your Precious Metals – goldinvestments.co.uk