Where Should I Store my Gold?
The physical possession and control of your bullion is one of the main benefits of investing in physical gold bullion over electronic or paper gold, however you must consider where to store your gold. There really is no one correct answer, the truth is you can do with it as you please and can store it where you like; it really is down to personal preference. Storing physical bullion really isn’t anything new; people have been successfully storing gold and silver bullion for centuries. On a basic level there are three different options; a bank safety deposit box, a home safe or, be a bit more creative. All three options offer a variety of pros and cons and should be investigated before making a decision as to how to store your gold bullion.
Storing Gold - Bank Safety Deposit Box
A safety deposit box within a bank offers great peace of mind as you will benefit from the general security measures taken by the bank. However it is worth noting this service will require a monthly fee and if in the unlikely event the bank was robbed and your personal deposit box was compromised, you would not be insured as you don’t declare what is within your safety deposit box. It is worth noting this is probably the safest option available to investors, however as well as the associated costs, the availability of deposit boxes within banks are not guaranteed and are often difficult to obtain.
Storing Gold - Home Safe
Home safes are a popular method of storing your gold investment. When storing your gold bullion at home whether with the use of a safe or not, it is advised that you don’t share this information freely with people including family members, friends and acquaintances. This seems like obvious advice but the fewer people who know you are in possession of bullion at home, the better. However with home safes it is important one other person has the information to access your bullion if anything ever happened to you. Home safes can be hidden within your home in a bid to add an additional security measure to protecting your wealth including floor safes, wall safes, or hiding your safe in the loft or basement of your home. Some investors have even been known to store gold bullion in their gardens underground within their premises. In addition to hiding your bullion safely it is advised that you declare it on your home contents insurance to ensure you are covered in the unfortunate event your house was burgled. You can expect an addition premium to be added to your insurance if you do decide to insure it which will vary on the value of your bullion.
Storing Gold - Be Creative at Home
If you are a relatively modest investor of physical gold and / or silver bullion bars and coins, then a popular and cost effective method of storing it is at home. Again, if you do opt for this method of storing your bullion at home, then be creative. Hide it somewhere unusual, somewhere where if you did encounter an intruder, they would not stumble across it by accident. The loft, basement, under the floorboards, within the wall etc., perhaps hide it in different places, just be mindful you know exactly where it is. Again, it is crucially important you are discreet and keep the number of people aware to a minimum. It is not a good idea to tell friends and colleagues how much money you’ve made this year on your gold whilst dining in your local restaurant, you never know whose listening or who the information could get passed onto.
When making your decision where to store your bullion and whether to insure it or not, always consider factors such as the physical size of your bullion collection, the value of your bullion and the percentage of your net wealth it constitutes. These factors should help you decide which option you are personally comfortable with.
Please note here at Bullion by Post we always advise investors to insure their gold and accept no responsibility for bullion once the customer has paid for and taken full receipt of their order.
If you have any questions please feel free to contact our knowledgeable and friendly sales team on 0121 554 9914 who will be happy to talk your through any queries you may have. Alternatively, you can e-mail us on: sales@bullionbypost.co.uk and we will get back to you as soon as possible.
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