Which Option is Best for me?
Generally we prefer non-bank-owned storage options and would question how independent a company can be if they provide both sales of bullion and security deposit services. The key for most investors is to remain anonymous and have complete control over their precious metals. Points worth considering include:
- Your own security-risk profile/tolerance for risk
- Your physical location and accessibility of your storage location
- The space and costs required to safety store your metal
Most retail customers choose to store items at their home, however we recommend considering a few points related to home storage:
- Do you have an appropriate safe? There is no upper limit on what you can spend investing in a safe to store gold. Most cheap home-safes are not worthwhile and you should consider talking to a specialist provider. Things to consider are the weight of the safe, it’s capacity, suggested cash rating, grade, price and fire-rating.
- Is your property protected by a monitored alarm? A simple monitored alarm solution can be a good deterrent to burglars and will provide you notifications when the alarm has been triggered.
- Will you also list these items on your insurance? Paid Safety Deposit Boxes are not covered by insurance, meaning you have the same consideration when keeping items in a residential location. You will need to declare every high-value item on your contents insurance policy separately to be covered.
- Who really needs to know you own gold? Consider telling no one that you own gold and silver. While it’s tempting to bring out a few gold coins or silver bars when friends are visiting, this exposes you to unnecessary risk. The less people know, the better for your security.