How to Store Your Gold and Silver

So now you have purchased a hoard of gold and silver coins and bullion, it has arrived at your home. What do you do? This "How To" article will explore the most used options for safe storage of your precious metals and the various risks involved with each one.

The first rule of precious metal storage is not to tell anyone, even family, that you own or where you store precious metals. If word slips out, make it widely known that you do not have it at home but in storage in Switzerland.

Things You'll Need

• Gold and silver
• Depends on your choice of the options provided.

Instructions

1. 

   Numerous options are available for you to store your precious metals. Defining your level of risk and trust is important.

   The simplest method is to purchase through a dealer that also offers storage at a "secure" facility. Your metals are registered, numbered and stored for a fee at such facilities. Fees are generally defined by the amount you have in storage. I have included the following web site for more exact costs and locations associated with this type of ownership.

   http://www.bullionvault.com/

   Of course the downside to this type of ownership is that you never see the physical metal. It is entrusted into anothers care. While I am not aware of anyone losing their investment with this option, there are those who entertain worse case financial meltdown scenarios that would much prefer access to their assets if they are needed. Also any possible government confiscation issues virtually assures a paper trail with your name on it.

2. Safe deposit box option. Cost is dependent on the size of the box, but you can expect costs to be in the neighborhood of $100.00 per year. Safe deposit boxes are generally located inside a bank. It is a good idea if you are considering this option to walk into the bank you are considering and ask the bank manager what the bank policy regarding your access to your safe deposit box in the event of a bank closure or a run on the bank. Will safe deposit customers be given access to the inside of the bank? I did this little excercise and was quite amazed to find out that the bank manager did not know what the bank policy was or if there even was a policy. What is in your safe deposit box is not insured so no guarantee exists in the event of robbery.

3. 

   Storage at home. While I am sure the last place anyone might look is under your mattress, you might feel more vulnerable with this option unless you create something that gives you a strong sense of security. If you intend to purchase over $10K in precious metals and you want to store it at home, a good idea is to purchase a large safe and have it bolted to the floor (concrete is best) in an out sight location. A house alarm security system gives any intruders a short window of opportunity to excavate a securely attached safe weighing several hundred pounds or more.

   Advantages: you are in possession of your savings if they are needed, With a safe you can store other important artifact or documents.

   Disadvantages: you may feel it is more vulnerable than the other options of storage.

Tips & Warnings

• After giving thought to the idea of what is secure, it seems to me a very subjective question each one must ask themselves. Are my investments safe? Are my retirement accounts safe? Will my bank go out of business? Will my house get robbed? Do I want to be in control of my own destiny? Do I trust a bank to guard my money?