Protect your precious metal investment in 5-ounce silver bars by keeping them scratch free and tarnish free in a secure storage environment. It is in the best interest of even the casual investor to keep bars in top condition. Some dealers pay reduced rates for silver that is tarnished or scratched. Storing silver bars involves preparing the bars for storage and locating a secure place. Be it inside the home, bank, office or backyard, how you prepare the bars for storage depends on the storage location.
Things You'll Need
- Tarnish-proof bags
- Watertight container
- Silica gel packets
- Plastic bags
Prepare silver bars for storage by enclosing several bars together in sealable, tarnish-resistant bags. These are available from a jewelry supply house. If the bars are stackable, place them on top of each other in the bags. Bars like those made by Academy are stackable. Older poured style bars (Engelhard) or bars with a shiny finish (Sunshine Minting) should not be stacked to avoid scratches. If the bars come sealed in airtight plastic covering, do not remove them. Place them sealed in the storage bags.
Locate a storage container. The type of container needed depends on the storage location. For storage in a bank safety deposit box or home safe, place the wrapped and sealed bars in a box with some silica gel packets to control moisture. Old coffee or paint cans make good inconspicuous containers for locations around the house. Make sure the storage location is free of excess moisture and chemicals.
Locate a backyard spot. You can bury the silver bars or hide them in another outside location such as tree stumps. For outside locations, use a watertight protective case or other airtight container to keep out moisture. Hard plastic boxes made to keep equipment waterproof with a rubber seal provide a safe environment.
Place the wrapped bars in another plastic bag and add silica gel packets to the bag. Place the bag inside the watertight container, packing it in tightly to reduce air space. Wrap the watertight container in a heavy-duty plastic bag before placing it outside.