A result of the last year’s gold rush was that it pushed up storage costs. Fees went up, in part, because businesses faced increased costs for additional staff, security, and infrastructural items such as industrial shelving. Also, more insurance was needed. Even if storage facilities hadn’t taken in any new assets, as the value of the metal held rises, the amount of coverage required also rises.
If you want to store your gold in private, segregated vault, fees can range from 1 percent to 2 percent per year, depending on the vault and the stock value. Storage costs include insurance, in case the gold is stolen or lost.
You can also put your gold in a bank safe deposit box, although it won’t be insured because this is considered separate from your bank account. Safe deposit boxes vary in cost, according to size.
If you decide to store gold at home, you must buy a safe deposit and consider installing a home alarm system for further protection. Most home insurance policies won’t cover more than $1,000 of gold, so make sure that your insurance is sufficient for covering your gold collection. If you want to feel really comfortable and secure, you have to buy separate insurance, which can be expensive, and it’s hard to get for precious metals in safe deposit boxes.