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How to Store Precious Metals Properly

Several silver bars on the table.

Buying precious metals is a great investment. While many individuals invest in gold and silver, only some pay attention to storing and protecting their precious metals properly. Those who wish to secure their assets for the future must consider a few factors before settling for a storage option. Continue reading this blog to understand how you can store precious metals.

Secretive Storage

Secretive storage is the most affordable and simplest way to store precious metals. It’s ideal for people who keep a small collection of gold or silver. Simply store your valuables in a secret compartment of your house. While this method is easy and offers quick accessibility to owners, it lacks external security and increases the risk of damage.

Safes

Safes are a more secure method of storing your precious metals since they require a digital code or a combination to open. Safes also protect your precious metals from damages incurred by fire, floods, and other natural catastrophes. While installing a safe in your home is a good way to store your valuables, it can cost you thousands of dollars depending on the safe’s size and material.

A person accessing a safe.

Banks

Keeping precious metals at home makes them vulnerable to burglary and theft. Therefore, you might consider banks to store your gold and silver bullion bars. Banks relieve you of the responsibility of constantly guarding your valuables. They offer external and internal security, assuring your valuables are well-protected.

On the contrary, banks require an annual fee for their storage services, which can sum up to hundreds of dollars. Furthermore, you will have limited access to your precious metals and will only be allowed to view them during business hours, which might coincide with your work schedule.

Precious Metal Storage Companies

Consider precious metal depositories to store and protect your precious metals. They offer a large space and have a moisture-controlled facility to protect the precious metals from environmental hazards.

Precious metal depositories also offer an optimum level of security and insurance policies to help prevent loss or theft. Their auditing services record the valuables in each vault, allowing investors to stay confident if anything goes missing from their collection.   

If you’re looking for a reputable gold investment company, contact us at Orion Metal Exchange. We help clients invest in gold, silver, and other products like palladium bullion bars or platinum coins. Contact us today to secure private vault storage at affordable rates.

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