How to Store Your Precious Metals
Why is it Important to Properly Store Precious Metals?
Gold and silver are valuable assets and as such must be protected. Storage of these precious metals is one of the most important components of ownership. While keeping precious metals at home offers absolute control over your asset, it is imperative that you protect them from environmental degradation as well as from thieves.
Store Your Precious Metals at Home
Your precious metals are going to be in storage far more than they will be out for inspection, so how you store them is one of the most important decisions you will make about your investment. The first step in planning for storage is to determine how much space your collection will need. The second step is to determine where it is to be stored.
Precious Metals Safety
Remember that secrecy equals security. Limit the number of people who know about your investment. If you have chosen a safe for storage, make sure it is a heavy one. Take extra precautions such as bolting the safe down, hiding it under floor boards or within walls or buried in the yard. There are also many products available in which to hide your gold and silver - clever containers that mimic other items like books or soft drinks. If you choose to bury your metals, be sure to remember where; do not visit the site often and be sure to bury them deep enough, at least 4 ft. or more, to foil a metal detector.
Regardless of where or how you choose to store your precious metals, your storage environment should be fire and water proof. Because excessive heat or moisture can have an impact on the value of your assets, the space should remain cool and dry.
How to Store Coins Vs. Bars
While flip-books and coin albums are a convenient way to store one-ounce coins, they aren't completely airtight which can lead to discoloration. To protect your more valuable pieces, coin slabs, the hard plastic cases used for coins graded by a guaranty service, or air tight capsules or other containers are a good choice. For storing bars, look for air tight containers that have slots to keep the bars from touching. There are several brands available that offer holders designed for 20 one-ounce gold or silver bars.
Protecting Physical Gold & Silver Is Crucial
While the prospect of storing your physical gold coins or bullion may seem daunting, taking a few well-thought out steps will go a long way in protecting your physical asset. Carefully selecting a location and those privy to that information and making sure that your bars and coins are in an air-tight, temperature-controlled environment will help ensure the safety of your collection.