Whatever form that they take — jewelry, coins, or bullion — your precious metals are, quite literally, treasures. Obviously, you want to keep your investment safe, secure, and in top condition.
There are many security solutions out there. The storage option you choose depends upon on the size and value of your precious metals collection. You must also consider how quickly and easily you may need to access your precious metals as well. Many experts suggest diversifying your storage methods and locations for optimum security in the case of unexpected events.
Here are a few storage options for your precious metals:
Secret hiding places
An old-fashioned method, but many people still rely on carefully hidden stashes of precious metals around the home. It may be the least secure option, but it gives you quick access to your assets in an emergency. If you choose your hiding places carefully, your precious metals may be less of a target to thieves than a more obvious safe. A wide range of diversion safes exists on the market today, made to resemble common household objects such as power sockets. When appropriately placed, a robber might likely overlook them in a robbery. Other methods include hiding valuables under floorboards or even burying them. The ultimate security of these methods is debatable, and they are probably best limited to small amounts of precious metals intended for emergency access.
The traditional guardian and storage space for precious metals throughout the years, safes remain a solid option. You can purchase a wall safe or free-standing safe for a few hundred dollars or pay thousands for premium models. All safes are not created equal, so please do your research. Make sure that the safe is waterproof and that it can survive a house fire. Remember that a small, portable safe may actually put your precious metals at risk in a burglary, allowing thieves to just walk away with the whole thing to crack at their leisure. The most secure safes are built-in or bolted to a wall or floor.
Safety deposit boxes and third party storage
Entrusting your precious metals to a bank or a certified bullion vaulting service is an extremely secure way to store your precious metals. You gain a huge amount of added security and convenience: you can just drop your valuables off and go. There are certain considerations to keep in mind, however. Your access limits to the facilities’ open hours, which means if you need your precious metals in a hurry, you could end up frustrated. In rare cases, the contents of a safety deposit box can be seized by the IRS or creditors. If you are looking at a private vaulting service, be aware they generally deal with larger volumes of precious metals. The vaulting service will charge you a certain percentage of your deposit annually — which could cut into the appreciation of your investment.
Preserving and protecting your silver, gold, or platinum requires forethought and planning, but it’s worth taking the time to consider your options carefully. No matter how you decide to store your precious metals, you’ll sleep more soundly knowing you’ve put in the effort to protect your investment for the future.