Crime is anticipated to rise as the American economy stagnates and potentially reaches a point of not recovering. Gold thefts have already made news in the United States and beyond.
One story describes a man who had $200,000 worth of American Gold Eagles stolen. Another man invested all of his life savings in silver, only to have almost $1 million stolen from him.
You might wonder where is the best place to keep money to ensure that nobody - not even a renegade regime - can take it. After all, not everyone has the resources of Fort Knox.
Let's look at some of the top methods for gold storage.
Of course, there are benefits and drawbacks to each option that you should be aware of. In this article we will examine those risks and help you understand the best option for your gold storage.
Before we jump in, let's do a quick recap of some important things to remember regarding gold storage.
Gold storage is the term used to refer to preserving gold and other precious metals, whether in coin or bar form.
Around the turn of the century, the price of gold and several other precious metals soared dramatically.
This fact, along with an IRS decision allowing a few restricted kinds of precious metals in self-directed IRAs as assets, has significantly increased the amount of money invested in gold and other precious metals.
Investors must have a place to store their purchased precious metals, as opposed to stocks, which don't require physical storage.
If you own stocks, you may record your ownership electronically or on paper, but gold and other precious metals require storage in a secure area that is protected from theft.
There are also regulatory limitations on how your gold and other precious metals can be stored if you intend to set up a Precious Metals IRA.
It really all comes down to the old saying, better safe than sorry! You want to make sure you do your research and store your precious metals with a reputable company your can trust.
The importance of storing gold in a safe place seems obvious, but before we cover the best places to store precious metals, let's cover some common pitfalls into which new investors frequently fall.
This may be a no-brainer for some people, but it's a real fact that people still try this technique.
Unfortunately, many brokers have stories of customers who said they wanted to bury their gold in the garden without any source of protection.
Despite all the stories of hidden wealth throughout history, this form of storage has no insurance if it gets stolen or lost.
According to FBI estimates, in only a few years, theft of precious metals and jewelry soared by more than 50%.
In fact, some thieves are increasingly invading homes while wielding metal detector wands.
Depending on the soil conditions, a burglar in your garden may easily discover metal from the surface to fifteen inches below ground.
Be smart about investing and store your precious metals in a real safe with professionals.
While some may think it is obvious that you are not supposed to shout from a mountain that you have gold in your house, there are times when these things can easily slip out during a conversation.
Also, keep in mind that home storage might put you and your family in danger if you decide to take this route.
Depending on your broker's shipping technique, the delivery may make burglars aware that you have valuables in your house, increasing the likelihood of theft and posing a threat to your safety.
Even ordering or having a safe built might alert thieves to the presence of valuable items.
If you're going to have valuables shipped to you, do it discreetly if at all possible.
Bullion storage, in its most basic definition, relates to the preservation of actual amounts of gold, silver, platinum, or palladium.
These precious metals require storage, be it in the shape of coins, rounds, or bars. Many individuals often keep their gold in a vault or secure container in their houses.
You want to preserve the appearance of your precious metals while in storage; thus, you'll want to avoid things such as moldy or mildewy areas, places where rodents or birds can get in, and where other objects might scratch or corrode your precious metals.
Given that there are no third parties involved, this makes it easy to access and you will always know where your precious metals are.
However, not everyone finds at-home gold storage to be a good alternative. Many people lack the physical space needed to store their gold. They could also feel uneasy about storing their gold on-site if they have unreliable roommates, live in a hazardous area, or have other security-related concerns.
Below are a few options you can try along with home storage to store your precious metals:
There are a few ways in which you can store your gold in your house.
Some individuals feel safe simply by keeping things quiet and taking great precautions on insurance. After all, the fewer people who know you have precious metals, the better. Always avoid divulging too much information to someone you might not trust.
So where to store it?
Many gold owners utilize safes to keep their precious metals, but even the safe providers recommend using caution with this strategy.
There are higher-end safes available, with prices ranging from a few hundred dollars to many thousands. These safes have to be delivered despite their weight, which can draw attention to the fact that you are planning on storing something valuable.
Plan to choose a company that can deliver and install your new safe discreetly.
In comparison to keeping gold at home, a safe deposit box at your local bank branch offers more secure storage. It makes sense to store valuable jewelry, rare and collectible coins, and bullion in the same place you keep your money.
To safeguard your precious metals against theft, loss, and damage, there are a few things to keep in mind. First, make sure the partner you choose is reliable and in a secure location or building.
Next, make sure that you have access to your precious metals, bars, and coins at all times, and that you have the option to withdraw them as needed.
Find a trusted bank, ideally the same one with whom you have an account, ask about their storage options, and if all goes well, then rent a safe deposit box for your precious metals and valuables.
A bank's safe deposit box is generally one of the most safeguarded options for storage due to their high security and precautions against theft, damage, and loss. Most are also well insured in case of a loss or natural disaster.
Do your homework to find the right storage facility for you. When a company is entirely open about their financial condition, it's a good sign to invest with them. Make sure they have a solid reputation and will likely stay in business for a long time.
A depository is also an excellent idea for bullion storage because of its high level of security. In fact, all they do is guard valuable metals.
Private security firms that specialize in the storing and transportation of bullion are known as bullion depositories. In fact, the state of Texas has their own.
Typically, they are well insured and employ industrial-grade steel for their vaults. This is the most secure option for large gold holdings due to the safety measures they take.
Delaware Depository and Brinks Global Services are the two biggest bullion depositories in the United States.
Most self-directed IRA custodians are required to keep bullion in the company's depository from which they bought their precious metals.
Your bullion dealer can be instructed to transport your precious metals straight to the depository where they will be verified and added to your stored holdings.
You can also keep your bullion abroad in depositories in other countries as well.
There are several foreign gold suppliers that exist. When choosing one of these, consider the stability of the nation, if it has an effective depositor's protection system, and the distance you are willing to store your gold from where you reside.
All of these tips should help you in making a safe decision for where to store your precious metals.