Storing gold is serious business, and should be treated as such. Examine the facts, weigh your options, then act on the safest location that meets your gold storage needs.
What’s Your Best Option for Storing Gold?
So what’s the best place to store your physical gold? Well, your choices boil down to three: store your gold in a safe deposit box, in bury it, or at home. Each method has pluses and minuses.
Below we outline three of the most popular ways to store gold and silver :
Critical Criteria For Safely Storing Gold
– Choose a storage with the highest security and in a most secure location.
– When considering storing gold, investors should always ask if their investment is being held on or off of the holding company’s balance sheet. If that’s the case, they should understand that their investments are co-mingled with the assets of that company, and they will become general creditors in the case of the company’s bankruptcy.
– Investors should be certain their metals are in an account titled in their name, so in the event a company fails its records will show who owns what. Metals must be stored under your direct and unencumbered ownership.
– If your gold is store in private vaults outside the banking system, make sure your metals are insured and audited by an independent third party.
– Make sure you can get your gold delivered or picked-up at any time without delay.
– Investors should always know whether their holdings are insured and, if so, under what type of policy. Are their precious metals simply covered by a general liability policy of the company holding them, or is there a specific “all risk” custody policy in place ?
– Keep assets outside of the country you live in and in a safe jurisdiction where property rights are respected and the power of politicians is limited.
– If you are storing your gold in safe deposit boxes keep a close eye on your country’s economic and political situation. An unexpected event (bank holiday, financial crisis, natural disaster) might keep you far from your gold.
– However you store your gold, let just one person know the details. It needs to be someone in whose honesty and discretion you have complete confidence. It will be that person’s job to access the gold if you are incapacitated or die.