How to Safely Store Precious Metals

The range of possible safe and secure places in which to store precious metals is not wide. Keeping them in your residence or your place of business even in the best of available safes nevertheless involves the risk of inviting theft. Still, some investors — and many collectors — desire immediate access to their precious metals. For them, safe storage involves a combination of security measures.

Difficulty:

Moderately Easy

Instructions

1. Rent a safe deposit box in a bank or credit union. Depending on the size of the deposit box, the average rental fee for a safe deposit box ranges from $30 to $50. Banks normally give the renter a key and retian a key. Both keys are required to open the box.

2. Place precious metals in a home safe. Those safes intended for home use are available in several sizes and shapes with varying opening mechansims, including keypad and number combinations, key locks and fingerprint scans. It is best to purchase a safe that is both waterproof and fireproof.

3. Install a home security system to complement the use of a safe.

4. Store your precious metals in separate locations if possible. This might involve the use of two or more safes, or keeping some precious metals in a home safe and some in a safe deposit box.

5. Show your precious metals to no one and do not disclose the location where they are stored.

6. Memorize combinations and change them routinely. Establish a security routine to protect keys.

References

• Wilson Safe Company: Residential Safes
• Bankrate.com; Anything goes in a safe-deposit box; Laura Bruce; Aug. 15, 2003