How You Should Be Storing Your Precious Metals
One of the most secure assets to invest in, gold and silver investments can be equally tricky to store. If you have decided to store your precious metals investment on your own, your regular homeowner’s insurance policy won’t do.
Insurance Policies Are Not Enough!
Forbes estimates gold and silver coins to have a coverage limit of around $200. This amount falls way short of the net worth of your precious metal investment. Even for theft, the liability limit of a standard insurance policy is around $1,500.You will have to buy a floater policy or an add-on policy to insure your precious metals better.
Banks Are Still a Better Option
Instead of stashing your precious metal in a corner at home, deposit them at a bank. Banks come with secured private lockers and vaults to keep your precious metals safe. Safe deposit boxes are well-protected against damage, theft, and loss.
Safe Deposits Are Affordable
Safe deposit boxes vary from place to place. Investors who can afford gold and silver ingots and bullion can easily afford a safe deposit box. Consider opening an IRA for long-term investment in your precious metals. You can then ask your IRA custodian to find approved gold and silver storage for you to store your precious metals.
Banks Have Limited Accessibility
You only get access to your precious metals during bank hours. This is opposite to the unlimited accessibility you had to your precious metals at home.
According to research published in the UTMS Journal of Economics, asset diversification is important to reduce cumulative damage to your overall investment. Think of asset storage in the same way. Storing all your precious metals together increases the risk of cumulative damage, loss, and theft. Divide and store your precious metals in different storage locations to protect them better.
Storing your money in secure vaults offers a sense of direct ownership and unlimited vault access. You also get standard insurance and high security for your precious metals.
Contact Orion Metal Exchange for Approved Precious Metal Storage Services
Serving as IRA custodians for precious metal IRAs in Los Angeles, we have a fair idea of top-notch, approved precious metal storage services in the vicinity. We create the best plans for your finances and help our customers with private vault storage in the US and abroad. Dial 1-800-559-0088 to learn more about our services.