There are pros and cons for all storage options for gold and silver. You are in the right place for doing your research. It’s important that the storage of your precious metal is your number one priority, after all, once it’s gone, it’s gone. We have researched the best solutions for you to weigh up for keeping your commodity safe.
Bullion Bank Vaults
Arguably, a gold bullion and silver bullion bank vault are the most popular form of storage safety. A vault is a professional storage facility, always maintained by security and staff members. Many reliable vaults offer insurance for the content of the vault in addition to the vault cost itself, which covers you for any damage to the possessions stored inside. Don’t let this put you off as this is a very unlikely occurrence with your gold bullion being taken care of at all times.
Some vaults prohibit access for anybody other than those protecting your assets. For some people, who enjoy their gold and silver bullion for more than just the value, this can be a turning point in choosing where to store their commodity. However, for others, this may be viewed as a beneficial addition to the safety and security of their gold and silver bars, as this minimises the risk of security breech through public access.
Safe Deposit Boxes
Safe deposit boxes are the more economically friendly option for storing your gold bullion and silver. Your items are protected from natural disaster, floods, and fire. This cost-effective solution will keep your valuables protected and safe. One thing to consider is, if you’re looking to reach your valuables quickly, perhaps a safe deposit box isn’t the option for you. These boxes are often kept in vaults and will require more than one person to supervise opening the box, with large forms of identification required first. This reiterates how safe this storage solution really is so perhaps something to consider.
The biggest reason for people storing their gold and silver in their own homes is for quick access. This is beneficial if the market changes suddenly and selling your gold quickly is profitable. For many, having quick access to their collectables is important and brings out the real joy of holding such a precious item.
It is advisable however to avoid storing your gold bullion at home with the increased lack of safety and protection, not to mention the expensive insurance premiums. Ideally you should purchase a safe to store your gold bullion and silver to negate any potential opportunity for theft. Ensure the whereabouts and knowledge of your collection is unknown to most to avoid the temptation for potential burglary. One important tip to consider is to purchase your safe in cash, to make your commodity less traceable, followed by locating the safe in an extremely secure and unknow spot in your home.