How to Store Precious Metals


How to Store Precious Metals

August 6, 2010

You’ve invested a lot of money into your collection of precious metals. It is important, then, to make sure your precious metals are stored safely. You don’t want to lose your investment to such incidents such as theft or natural disasters, and you also want to make sure that your coins remain in the condition in which you purchased them. Fortunately, you have a few options.

Storing at Home

One option you have is to store your gold coins and other precious metals at home. Since this is potentially the most vulnerable of your options, you need to take extra care and be extra safe if you choose this option. The first step to ensuring that is by choosing a good safe.

When choosing a safe for home use, choose one that is both fire and waterproof. If you’re going to protect your investments from potential robbers, it is only smart to also protect them from natural disasters such as fires and floods. Additionally, the size is important. A large safe is most effective at deterring would be robbers.

You’ll also want to keep in mind where you’ll be placing the safe. A concealed location is best. It is also a good idea to bolt the safe to the floor. If you have a location where you can bolt your safe to concrete, that is the best way to go.

Storing with a Safe-deposit Box

Storing your precious metal investments at a bank in a safe-deposit box is a smart idea, because you are leaving the security to someone else. The cost of a safe-deposit box is dependent on the size, and can range from as low as $30 a year to as high as over $200 a year. You will often get multiple keys to your box—store these in separate locations so that if you lose one, you will still have another.

Precious Metal Storage Facilities

With this option, your gold is stored at a depository that stores precious metals for many individuals. Because this is what their primary business is, you know that your gold coins and other precious metals will be safely guarded. The downside to this option is that you don’t have physical possession of your precious metals.

Whatever option you choose, precious metals and gold coins are a great investment. Contact us today for prices and our current inventory.

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