How to Safely Store Gold, Silver, & Platinum Coins & Bullion
Ever feel like Goldilocks when trying to store your gold and silver? This option is too far to drive, this option is too obvious! But this option is just right. Coins and bullion are sound investments but finding a safe and secure place to store it can be difficult. Generally, collectors choose one of three storage options: keeping their bullion at home, in a safe deposit box at a bank, or with a third-party storage firm.
You’re likely wondering of these options, which is the best?
Well, that depends on your comfort level, your unique situation such as the size of your collection, and your level of risk in terms of where you live and overall safety.
Here are some of the pros and cons of each option.
Coins & Bullion Storage at Home
Many investors prefer to have easy access to their silver, platinum, or gold bullion. At-home storage is an effective option for people who inconspicuously hide their bullion. This is not a new or groundbreaking strategy. The key is to diversify the amount you hide in each location. For locations and storage options, your creativity is the only limitation with this option.
If you prefer to store your collection a safe, make sure you
have a TL-15 rated safe that can be bolted down to concrete in obscure or well-hidden locations. It’s also highly recommended that you use only trusted, bonded home safe professionals and that you schedule delivery of your safe during a time of the day or week when most of your neighbors are away at work or off with their families. This will ensure proper security and will likely help to reduce any potential threats to your holdings. Whether you choose to hollow out a dining table leg, install a sub-basement safe or hide your valuables inside a brick wall, make sure to keep the storage environment dry and as humid-free as much as possible. Use of desiccant packs can help regulate humidity and help to keep your coins and bullion tarnish and tone free.
It’s also worth mentioning to keep the number of people who know you own coins and bullion to a minimum. Unfortunately, the highest probability of having your collection stolen is by someone you know such as friends, colleagues, etc.
We do recommend you designate someone as your emergency contact that is aware of your coins and bullion in the event of an emergency.
Coin & Bullion Storage at Banks
Another potential option for people with less sizable collections are safe deposit boxes. These can offer a higher level of security than keeping coins and bullion at home. However, there are downsides to bank storage. The first is that your assets stored in these safe deposit boxes are not FDIC insured!
Plus, your deposit box is also subject to freeze and seizure for anything from taxes due, court orders, a change in the government’s policy regarding gold ownership, or adherence to the safe deposit agreement itself. You can purchase third-party insurance but that can become an expensive add-on. Second, you are restricted to sizes they have available, which can pose some challenges with bulkier and heavier precious metals, such as 100 oz silver bars.
Third, access to the collection is limited by bank holidays and the bank’s business hours since it seems to be more difficult to adhere to the ever-changing hours of operation. During the height of Covid, most banks were closed or were only available by appointment, which was difficult to schedule. Additionally, there may be delays in gaining access to your valuables in the event the bank defaults, is acquired by another bank, or if the government announces a bank holiday (a temporary closure of the banking system).
We only suggest storing your precious metals in a safe deposit box for a short period versus a long-term solution.
Third-Party Coins & Bullion Storage
For collectors who don’t want to store their bullion at home or at a bank, privately-run depositories have become increasingly popular. A good option for people with large amounts of precious metals, many depositories allow customers to store their bullion in multiple locations around the United States, and in some cases, overseas. Many of these facilities can liquidate parts of the collection and wire the owner the proceeds. They also offer full compensation if any bullion goes missing.
Should this be your option of choice, only store directly with private depositories without ties to the banking industry that have a solid reputation and history. However, we don’t advise storing your collection from the same business that sells to you as that could create a few issues. They may not have sound policies and procedures in place, such as guaranteeing that all of your valuables are 100% secured and allocated. This could potentially cause issues if you request physical delivery of your gold and silver and they have failed to properly set aside and store these items for you.
The only downsides are that depositories are the most expensive of the three options and may be more difficult to access, especially if located out of state or the country.
At Atlanta Gold & Coin Buyers, we prioritize the safety of our customers and their coin and bullion collections. By operating in secure locations that allow for privacy and anonymity, our helpful team is here to make buying and selling coins and bullion as easy as possible. If you’re interested in learning more about our services, call us at 404-236-9744 or contact us online.