Storing Your Precious Metals: 3 Ways to Do That
Storage is a significant factor to consider when investing in precious metals like gold, silver, or platinum. Once you’ve purchased coins, bars, or jewelry, it’s normal to start wondering how to keep them safe and secure.Finding the right storage space is a pivotal decision, and fortunately, it isn’t a difficult one.
There are three ways to store precious metals, and it’s imperative to choose the one that offers the maximum security for your investments.
1. Home Storage
Precious metals are highly valuable, so they need to bestored with care. It’s important to ensure that these assets are hidden and secured. These considerations make a home storage plan critical. Here’s a quick & quintessential checklist for properly storing precious metals at home:
- Choose a secretive spot if you own a small to a medium-sized precious metal collection. Common practices include concealing them in a hollow book or hiding them behind a removable tile.
- Safes are a more effective way of storing precious metals. Their unique pin code option offers extra security and theft resistance. Ensure your valuables’ safety by purchasing a UL (Underwriters Laboratories) rated safe of UL-15 spec or higher.
- Make sure the metals are wrapped in moisture-free lock bags to prevent any physical damage.
2. Bank Lockers
If you’re uncomfortable with the idea of storing your precious metals at home, consider keeping them in lockers at your local bank.
By opting for bank lockers, you ensure peace of mind and relieve yourself ofthe responsibility of safeguarding the assets. There are two ways to store your precious metals at a bank:
- Safety Deposit Box: A single-customer-use box that’s available in various sizes to accommodate customers’ needs.
- Bank Vault: Designed to store bulk bullions that belong to various customers who own large precious metals collections.
You’ll have to pay a fee for availing the storage facility at banks. Another drawback of storing precious metals at banks is that you have limited access to your assets, i.e., only during business hours. You may also face hurdles in accessing your valuables on federal holidays that may coincide with financial emergencies.
3. Precious Metal Depositories
Storing precious metals in specialized storage depositories is the best option by far. The facility is designed for all your precious metal support storage, security, and maintenance needs. Here’s why you should consider the private vault storage option:
- Precious metal depositories have a moisture-controlled climate in the storage vaults to keep temperature damage at bay.
- They offer optimum security and constant surveillance.
- All the activities inside the depository are recorded to maintain a highly secure environment.
- They also offer further protection for your peace of mind with auditing and insurance policies.
Moreover, there are two types of storage options provided at metal depositories:
- Segregated Storage: This option offers a secluded space where customers can keep their precious assets separately. The storage compartment is provided for single-person usage, but the security level is as high as in a shared storage vault.
- Shared/Communal Storage: You can also choose to store your assets in a shared storage area where other customers’ valuables are kept along with yours.
Choose Specialized Metal Storage to Safeguard Your Assets
For full details, get in touch with our account executive today!