One of the first questions would-be investors ask when they are thinking of investing in gold & silver bullion is, ‘where should I store my coins & bars?’ The answer to this is there is no correct answer, you can store it where you like, it is all down to personal preference.
There are various options to consider when it comes to keeping your bullion safe and secure.
Storing Your Bullion at Home
A home safe is a popular method of storing your investment. Ideally, a safe secured to the floor is best. The location of the safe in your home is an important consideration- and there are many creative safe storage options such as wall or floor safes and even hidden safes available.
The main disadvantage of home storage is the risk of fire and flood, and we would always advise investors to fully insure their gold and silver. This may incur an additional premium to be added to your home insurance.
In-Home Hiding Spots
There is always the option to be creative with how you store your gold and silver. You can easily utilise a few clever hiding spots such as the attic, under floor boards, behind the refrigerator, etc. An effective hiding place can be one that is in plain sight and one that a burglar is more likely to ignore.
Another option that some investors use is a long-term storage solution, which is to place your coins or bars into an airtight, waterproof container and bury it deep in the ground. Find a place, on property that you own, that is easy for you to remember, but isn’t obvious to others. This method provides your gold and silver bullion greater protection from theft and fire. Just don’t forget where you put it!
Storage Outside of Your Home
Safety Deposit Box
One method of storing your bullion is in a safety deposit box held within a bank. These are a fairly popular choice and offer both convenience and security. However, the drawbacks to this option include a requirement by the bank to declare what is contained.
Allocated storage offers bullion investors a safe method of storing their gold and silver. This usually means placing your bullion into segregated storage with all of you details attached. This remains the full property of the owner until such time as you care to remove it.
However you choose to store your physical gold or silver, it is crucial that you are discreet and keep the number of people aware of your bullion to a minimum. It is a good idea to let one other person know the details of where you have stored your bullion. This should be a person you have complete trust in, as it will be that person’s job to access the gold if you become unable to access it for yourself.
Each method of bullion storage has its own benefits & drawbacks, and it is completely down to personal preference when deciding which method is best for you. Also, a good tip to remember is not to overlook the possibility of using more than one of these storage methods.
In some cases Atkinsons can offer its customers bespoke secure storage solutions. For more information please contact the friendly Atkinsons team on 0121 355 0620.
Please note- This information is provided as a general guide only. Atkinsons advises investors to fully insure their gold and silver bullion, and if in any doubt, to seek professional advice on keeping your bullion investment safe and secure.