Storing Your Gold & Silver
Wondering how to store and insure your precious metals against loss or theft?
You can store your precious metals in your home or use a third-party storage facility. Both are safe and secure ways to store your metals; it’s up to you whether you’d like an added layer of protection through a third-party facility or if you feel confident keeping your metals on your property.
If you choose to store your metals at home, you have two main options: secret storage and safes.
Secret storage: If you possess only small amounts of precious metals, secret storage is a simple and inexpensive way to store them. You would simply store your precious metals in a secret place on your property, above or below ground, allowing you to easily access them while keeping them safe from everyone else. However, this precious metal storage method could increase the risk of damage, thereby decreasing the value of your products. More importantly, there is no external security.
You can obtain affordable insurance against theft or loss for your precious metals holdings. Ask your Gold Alliance Account Executive to refer you to specialized insurance carriers for precious metals so you can inquire with them about coverage. Gold Alliance does not receive any compensation for any referrals it makes to vendors that provide services beneficial to our clients.
Safes: Safes offer a higher level of security if you decide to store your precious metals in your home. Not only are your precious metals securely locked away, but the safe itself is also very difficult to move. You also gain increased protection against floods, fires, etc.
Some insurance providers offer lower premiums if you possess a safe. The cost of a safe depends on size, materials, locking mechanism, and other factors. Gold Alliance recommends purchasing a safe rated UL-15 or higher for maximum protection.
Third-party storage facilities
If you’d rather avoid the stress of worrying about keeping your precious metals safe yourself, you can choose to store your precious metals through a third-party facility through two main options: banks and precious metals depositories.
Banks: You can choose to store your precious metals in either a safety deposit box or in the bank vault, depending on your desired level of privacy and on your budget. The disadvantages of using a bank for precious metal storage include high fees and limited accessibility. For instance, you rely on the bank’s opening hours, and, historically, banks were closed during financial crises and emergencies. There is also the concern of theft. You can obtain insurance to cover theft and damage.
Precious metals depositories: Gold Alliance recommends using a precious metals depository for storing and protecting your precious metals. Not only do depositories provide all the space you need, they are also moisture- and climate-controlled to ensure your precious metals are kept under optimal conditions.
More importantly, however, depositories are highly guarded and provide the optimal level of security. Security features include restricted entry and monitoring and recording of all activities.
At most depositories, you can choose between segregated or communal storage. Segregated storage means that you keep your precious metals in an individual, private storage compartment. Communal storage means that you share the storage area with other people. Both options offer the same high level of security.
Many depositories offer additional protection. Auditing and accounting services periodically record and verify the content of each storage compartment to help prevent loss or theft. The depository’s insurance policy will cover anything that is missing, and most policies cover theft and damage that occurs after your precious metals arrive at the depository.
Given all the benefits that precious metal depositories have to offer, Gold Alliance strongly encourages its clients to utilize this method of storage for their precious metal assets if they are wondering where to store them but do not want to keep their valuables in their homes.