Inflation has soared to 40-year highs. In such a market, it’s highly recommended to purchase precious metals, like gold, to hedge the rising prices (and stay ahead of them). Lots of Americans are purchasing gold as a measure to protect themselves, and you can, too.
But before you do, you need to figure out how to store gold safely and securely so your investment isn’t threatened by theft, burglary, or other deviants. Keep reading to find out more about the various storage for precious metals available.
1. Home Storage
This is one of the potential ways you could store your gold. Many people do this, as they don’t trust banks or other storage methods and prefer to keep their precious metal investments close at hand.
But as you can imagine, it’s quite unsafe to store gold in this manner. Not only are you more vulnerable to theft and burglary even with a home security system, but what if your home gets affected by a natural disaster? You are not going to have enough time to haul your gold out and take it with you wherever you go.
Especially if you have bought gold in bulk (which is recommended since you save on costs this way), then it’s going to become even more difficult to transport or move your gold investment around.
2. Bank Deposit Boxes
If you own a deposit box at a consumer bank, you could consider storing your gold there. It’s more secure to store your gold at a bank rather than at home.
But remember that you will only be able to access your gold during bank hours, you have limited space in a safety deposit box, and your gold storage isn’t insured while it sits in a deposit box. If you have no other option, then go for a bank deposit box, but keep the negatives in mind when you do.
3. Bullion Bank Vaults
When you purchase gold from large bullion banks, which are involved in the purchase, sale, lease, or lending of bullion (physical gold and silver of high purity), then you can store your gold investment with them as well. These only allow large amounts of gold storage in bar form.
They do insure your investment and have better security than your home or a consumer bank. But you will need to have a minimum amount of bullion to store your gold with them.
4. Bullion Depositories
These are private security companies involved in storing and transferring bullion. The largest bullion depositories in the US are Delaware Depository and Brinks Global Services.
Even though storage fees are higher with these depositories, they provide the highest security for your gold storage. They also provide independent auditing and insurance on your storage and have no minimums or maximums on how much you can store.
How to Store Gold Safely and Securely
From all the gold storage options above, the safest and most feasible one seems to be the bullion depositories.
If you purchase gold from Only Gold (a subsidiary of CMI Gold & Silver Inc, America’s Gold & Silver Specialist), we can help you figure out how to store gold in the best way possible. Contact us today to get started on your gold investment journey.