3 Storage Options for Precious Metals
Precious metals are rare, organic metals that usually have a high monetary value, such as gold, silver, and palladium.
Because precious metals have such high economic value, many investors are unsure of where to store their metals. Where is exactly the right place to store precious metals: at home, in a bank, or at a private storage facility? Let’s examine this topic further.
Is it Safe to Store Precious Metals at Home?
Fundamentally, the concept of owning precious metals is to create a measure of security and wealth for your family, so having some precious metals at home is not entirely a bad idea. Experts say that in most cases, that cut-off should be around $10,000 before it becomes a security threat.
However, it would be best if you also accounted for the security and crime rates of the neighborhood or apartment complex. If you live in a high-crime area, it’s probably not good to store any precious metals at home.
The Local Bank
An accessible storage location for precious metals is a safety deposit box in a bank. Generally, a bank is a very safe place. It’s physically secure, and they do have proper protocols in place to ensure things don’t go missing.
Nevertheless, anything can inside a safety deposit box is uninsured by the bank. It’s possible to get private insurance for individual items stored in the bank, but this policy is far from universal.
Secure Storage Facility
The primary advantage of storing your precious metals in a facility designed especially for precious metals is physical security. These are bunkers, Class III vaults, which makes these facilities extremely safe. They’ve got all the bells-and-whistles that will keep any theft or any other forms of crime away.
More importantly, the underlying insurance policy will protect and insure all the assets in the storage facility. So, if something goes wrong, like theft or another disaster, you’re going to be financially protected. Lastly, a storage facility also offers you the chance to liquidate your precious metals.
Are you looking for private vault storage for your precious metals?Reach out to us at Orion Metal Exchange. We’ve been in the precious metal industry for the past 50 years and have helped customers with their precious metals needs. Contact us now for more information.